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ACCA have put the exam paper up online, can a member of open tuition possibly go through it and tell us the answers to put our minds as easy for the next 2 months?
yes my mistake, since reading back what I wrote I realised question 5 didn’t require a CT comp, think I got mistaken, maybe it was one of the MCQ where I saw an associated company in a CT calculation. I think my loss was around 136,000
MCQ
1) Tax evasion is illegal avoidance is not
2) Employer pays Class 1 and Class 1a
3) Output VAT on fuel scale charge of 68 and Input VAT of 100 as 100% deductible
4) Child benefit from memory 30% of 1796 coming to around 530 something
5) Penalty of 10%
6) Payment on account 50% of 13/14 tax and Class 4 NIC = 340 something
7) 70,000 (cap on income 50,000 + capital loss b/f 20,000)
8) Group relief question I can’t remember the question but I put D
9) Question 1 I guessed at A
10) UK resident test I put max of 2 tiesSection B
Q5) I think I got 136,000 then worked out the marginal relief remembering to split the upper and lower bands in half due to the associated company. For the relief I think I did 12 month back which was the 9 month period and 3/12 of the previous year end. I was unsure if to put the delivery van in a special rate pool or if it qualified for AIA, I decided to claim AIA on it
Q6) Only one mobile phone allowable, pro rated to 5/12 and 7/12 for the car benefit and something else, travel and subsistence allowable, annual value + (140,000 + 9,000 – 75,000) x 3.25%, fuel benefit using AMAP
Q4) Worked out flat rate scheme 12% on total taxable turnover, including the zero rated sales. Worked out more beneficial not to use the flat rate scheme.
Q2) Part be I think I just put 16,000 shares x 3.4 + 6.4 as the proceeds or something and part a I think I set out correctly but calculated the indexation’s wrong.
Q3) I frantically scribbled some calculations down at the end of the exam as run out of time, basically just calculated Fergus income tax payable, and scribbled even with Augmented profits still small rate so x 20%. No idea if what I did was right but anything was better than nothing
Q1) Completely left as hate IHT
Touch and go for me I reckon, be good to hear everyone else’s views