[joemilburn]

Honestly think my exam must have been corrupted, I was pretty confident I had done enough – even with the two hour exam delays! 49% is an absolute killer I’m gutted

[joemilburn]

Personally, I didn’t think the exam was technically hard, the things that came up were my three more confident areas, I just completely lost it with my exam management , doubting myself on the little mistakes for Q1, trying to find the perfect answer I guess. Spent way too long calculating the NPV, changing it twice after. This gave me very little time to work on the BSOP, analyse and attempt question 2 and 3. (This was my first attempt and perhaps I came into it naively with the time constraints).

For the NPV, I stupidly used the deviation 30% to discount with as I missed the cost of capital amount. My NPV was negative – around (60 million including investment). So I spent ages trying to work out what I had done wrong, changing it twice without really resolving what the problem was.

Year 1 and 4 were both negative PBT values for me. My tax was calculated by adding Sales less VC, FC, TC with taxable capital allowances (machinery straight line depreciation (/4) times 15%.. adding back the scrap value % in year 4). Tax was relieved in the same year so not taken forward.

[joemilburn]

Roll on strategic reporting… how do I start!

[joemilburn]

Hi all,

I’ve also got P2 study books and was hoping to use these for SBR.

I’m also looking to buy the SBR exam kit mock questions book.

Would my current little P2 knowledge and this be enough to pass the course ?

[joemilburn]

Nice to see i’m not alone!

Feel ok about question 1a but the rest of the paper is going to be an absolute disaster.

Worst part is is that the course is changing because I’ve been told it’s going to be even harder 🙁

[joemilburn]

For question 4, it looked to me like one was employed and the other wasn’t.

For the one not employed this would be charged as dividend income.

For the one employed I worked out the income charged and class 1A NIC

[joemilburn]

Feel ok coming out of that, question 1 was good – did anyone include IHT and Capital gains in part B ? When they asked about when the taxes were due ?

[joemilburn]

thanks Chris,

Yes I am taking P6 in March.

Is there a high risk in taking P2 in June? considering there is a possibility of having to retake?

many thanks again for your help

[joemilburn]

Hi,

Emailed you to get in the WhatsApp group, please respond 🙂

[joemilburn]

By going with the brother for the shares she was able to be taxed at capital gain, meaning she could be taxed at ER relief instead of at dividend … i think

[joemilburn]

Same here, put way too much time into this exam and feel like i’ve messed up by not actually knowing what they want in question 1, instead of my knowledge in the module

@cristinadubai said:
Studied so much and I am so disappointed, can’t be sure of a pass . Really so much time pressured….. no time even to think what I wanna write ….

[joemilburn]

I did the exact same up to the FIFO basis and then just completely lost how page 1 connected with page 2 so didn’t know what to do

i was spending way too long reading this question and working out how to get to that part and then panicked and completely left part B and C. I then moved on to the next question with the hope of coming back and then never had time!

I can’t believe how short for time you are it’s more a case of getting everything you know down quickly instead of actually professionally calculating and writing a memorandum

If you don’t write an answer, but produce the memorandum cover note do you think you’d get any professional marks haha?

@ccoda said:
For 1a (what a nightmare!), I deducted the capital losses from the trading profit shown on the left of the page. Strategy A didn’t create a loss in either year, however in the first year of strategy B, I got a loss of £18,000, which I deducted against the first year of his employment income (Fifo basis) and stated that as he will have paid higher rate tax, he would be due a refund at 40%.
The rest of that part, I worked out the salaries of the two employees + the NIC’s due as a result and deducted them from the “pre cash profits” not to be questioned. Then worked out his personal sarary and NIC, before arriving at his shortfall.

I must admit that I you that question totally bizarre and am curious how the figures left of the page tied in with the proforma on the right. Fingers crossed :-/ anyone else do anything similar on that?

Question 2 almost seemed a little too simple for me. I’m concerned at how straight forward it seemed lol

[joemilburn]

For question 1b I’m still unsure what they was even asking us to do for the question. Not sure thought it said mum but don’t think that matters.

Felt like walking out after my time for question 1 was over, literally did nothing of value. Didn’t have time to look at it further, 35 marks down the drain.

@mynameisearl said:
I think I decided it was from his aunty.

Did I ready aunty wrong and it was mum?

[joemilburn]

Part B was in regards to the Inheritance received which was from either the dad’s death estate or the mum

[joemilburn]

Hi Sophie,

The share buy back was in regards to the distribution method I believe.

How did you answer q1 part a and b?

1B I really struggled with and moved on, part A i started and made some working and then got lost as to where the answer was going.

I will be retaking too, my first professional paper and my first fail 🙁

regards
Joe

@sophiemuzz said:
Think I failed. The question on the property his father lived in through me as well as the share buy back and the eis scheme. The first question was ok but would have been nice to know how the 20 marks was made up! And it got a bit messy. Question 2 was my favouriate. First p paper though so using it as a learning experience as got my timings wrong as well

[joemilburn]

Anyone pulling their hair out at question 1?

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