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To me this exam was just crazy!
Section C Q1 – Basically had to calculate 2 Income tax liabilities, NICS and CGT plus theory questions for 10 marks only
Section C Q2 – Taxable income and the income tax liability with confusing capital allowances and question wording and then more theory questions
Section C Q3 – Basically had to prepare 3 corporation tax liabilities. Two for a 15 month period and another detailed one on a 9 month period and more theory questions again
Am i the only one who found these to be too much for a 3 hour exam?
Having to do 2 income tax and 3 corp tax questions was absolutely brutal man. Dont get me started on those capital allowances
How did you guys get interest income in the joint question?
Michael and Naomi only had Property, Employment and Dividend income and the question said to ignore the savings interest incomeAlso what did you get for the tax savings question with Naomi and her husband?
I got 1.3kFor NRB remaining i selected 0 because they asked for the NRB when calculating the chargeable estate.
I assumed that the 25k NRB was used when calculating the Death TaxApparently deducting them was correct and i ended up adding them instead.
Its crazy because i never saw of heard of overlapping profits before
Anyone got that income tax question with overlapping profits? Ive never see that before
What was the taper relief and due date you guys selected for the secion B IHT?
I selected 20% and due 31 Jul 2024
The june sitting was really difficult though, i did the entire exam kit and the questions i got were so different
The recoverable amount is computed as the higher of value in use and fair value less costs of disposal.
Seems like everyone is getting a completely different goodwill
I got 27.72m
Some got 54m others 703k..
Im sure its the net assets calculation that we probably messed up since the Consideration, deferred consideration and the NCI seems to be the same for all of us
What did u guys get for goodwill in the consolidation question( ratios )part?
Where they said that the parent would further pay $1 for each share acquired and there was a cost of capital of 10%??
Honestly, just practice as many questions as you can and master exam technique.
Substantive procedures should always be verb + source document + why
Internal controls varies as such just do question practice.
Audit risk = risk + impact on FS + how can the auditors minimize the risk
If you follow this you will pass
Is it that level 3 papers are easier?
Ive noticed a trend where some people are able to clear level 3 papers easily but are stuck on level 2 papersExam feedback is out
Got 12/20 on variances
13.4/20 on performance management
HmmHey @Sankwww
It should be available sometime this week.
Can you explain why -180 instead of +180?
Overheads were absorbed on labour hours for absorbtion costing it said.
Do you remember which answer you chose for the abc cost?
