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Yes you can! Federico – Kaplan is fine for foundation level, however for the Professional papers Bpp texts/exam kits are far superior. I failed P6 using Kaplan, switched to Bpp and stayed with them for the remainder – now an affiliate!
For the delayed info – I thought they were unable to complete analytical procedures – therefore Limitation of Scope
And yeah 500,000 so not material
I think the delayed info led to a lack of audit evidence – limitation of scope
The directors report has to be considered in relation to the financial statements – I put Other Matter Paragraph if not consistent
Yes the others were not material/not effect
One of the questions, possibly 4, asked to consider 4 issues and effect on the audit opinion if not adjusted including
Increased Receivable days
Delayed Audit info
Incorrect treatment of operating leases
Directors ReportOne of the questions part b was around alternatives to Creditor voluntary liquidation – administration etc & procedures
Yes Q1 had me chasing time for the rest of the exam, hoovered up the marks on Q1 however so hoping that got me through
Passed P6 – 50% on cloud nine!!
Glad Hershey passed – big contributer to the forum 😉
Well done all!
There was a loan from a director to a company (usually it’s the other way around) – I went on about loan to a participator/close company , pay 25% to HMRC etc.
Anyone write something similar?
Yeah after Q2 went so well, the rest of the exam I was clawing around for marks ;0
Good luck anyways people
Yes hershey, I listed the 4 possible reliefs. Not sure on the other parts – what did you say regarding the arrangement fee?
Might be wrong – on Terminal loss I think I got £24,500, included the trading loss and the overlap profits. Then carried the relief back on LIFO basis
Question 2 – indexation on the shares and also on the Degrouping charge calculation, SSE not eligible, and yeah non trading loan relationship/deficit in part b. Got most of my marks on Q2
Chargeable gain is the amount of gain i.e proceeds over cost.
Capital gains tax is the tax you pay on this gain (after first using Annual exemption £11,000, capital loss etc). 18%, 28% or 10% if Entrepreneurs Relief is available.
Yeah EIS is 30% of the investment. Up to a maximum 30% of £1,000,000, which is £300,000
Lou – yes your right I mentioned transfer pricing as well on the foreign components – adjust for an arms length price in the taxation calculation etc.
Q5 – Was split into 2 parts I think Part 2 – asked you about IR35 and then asked you to calculate his deemed employment income with IR35
Part 1 – was something like furnished property commercial rule and then asked you to calculate including the furnished property rule – I missed most of this out!
Yes Shah thats it Q1- to Fiordi or something in the country of Astro something. The other thing i Just remembered. The transfer to the discretionary trust was eligible for gift relief for CGT as there was an immediate charge to IHT and it was a chargeable lifetime transfer
Cheers Ugras you too. Lou yes 1.86 from lower of average and quarter up method was right. And yes taper relief reduced by 4-5 years. I’m hoping they are generous with these professional marks.
For the foreign sale of components overseas – I mentioned DTR, registering for VAT in the overseas country, remitting income etc.
Between us we’ve got full marks!
Totally skipped EIS calculation – but got the theory on reliefs being withdrawn if the shares were sold within 3 years – you sound about right.
The easy marks came from – 5 marks for ethics acting as tax advisers, nearly all of Q3, Situation around IR35 Personal companies 3 marks, treatment of transfer to a discretionary trust and a few others.
A few of you sound like youve done good – Lou, ugras, malcolm (Heres hoping)
Good luck people have a good xmas!
Missed a few of these mistakes by the tax assistant, but yes recalculated the group as 4 companies and took marginal relief(which was very small – yes). The gift with reservation – Originally a PET, chargeable to death estate, could be removed if she pays full consideration. need another 2? Was the degrouping charge incorrect? – I put he should have added to the sales proceeds of the shares.