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I am waiting on p7 am expecting to fail so not too bothered haha just have to resit. My final exam lol
I have checked the home page on Myacca and mine does in deed says acca number and if my memory serves me correctly it used to say registration number? I checked my ACCA card and that says student registration number on it
BUT in yellow above it still says student and the actual number is still the same????
I dont know it all seems weird…..
@hufckinger said:
My post did say i thought it was reasonable. Thinking i’ve missed something here now!Have had a look at the hybrid March/June 2016 paper and still think that Q1 all you had to do is work out payments on account, class 2 and class 4 NIC – think that was it?!
The rest of the question – i stated investing in inventory will not impact tax and the additional equipment will reduce tax due to writing down allowances of AIA.
Voluntary VAT – thought we needed to see taxable supplies. Unsure. Also mentioned how it would be more expensive if customers weren’t registered.
CGT – worked this based upon a 80k gain and took off the AE of 11k. Then stated the payment date and at 28%. Stated that we needed the rate of tax in foreign company to deduct DTR.
Stated that the additional gift of painting should be made ASAP to utilise loss @ 28%.
Stated shares should be gifted after marriage, but in hindsight should have recommended a part disposal to take up 11k annual exemption.Question 2 – all we needed to do was use the template given and amend figures. A couple of obvious mistakes – use of incorrect indexed cost, dividend of post tax proceeds being calculated using chargeable gain and not the proceeds less tax.
Then, part b, it was just a case of using whatever bottom line figure you got to (think mine was around 350k!!) and then grossing it up for a dividend or using a bonus figure and show the tax difference.The VAT question was tricky, but not impossible. I forgot to disallow the lease payments 15% but did state you could only claim 50% of input VAT rather than the full amount. There was no VAT that could be claimed on purchase outright but there was WDA @ 8% which was available for tax relief. Working out which option provides most tax relief was just thinking about which expenses are available for tax relief.
I did the question about the corporation tax too and felt that it went ok – i struggled with the enhanced capital allowances, but there were three relatively easy marks for the loan, and then explaining how the capital allowances could potentially be claimed wasn’t too shabby, given that there was plenty to talk about.
I’m probably missing something massively here, but everything on the exam was well within capabilities – cue a fail!
Hand on heart I did exactly as you only difference I did class 1 ee and er nic not class 2 n 4 because o thought that was if they were sole trader or partnership I think they were employed?? Also I did write about the deduction of 15% on lease payments. You made me feel a little bit better but still think I will fail.
I thought that but then it said entrepreneurs relief not available so that would rule out fhl?
Vat reg I just went on about historic and future test. Needing turnover for the past 12 months. Amount of expenses in comparisons with sales might put them in repayment situation or if more sales would other schemes like flat rate be better?
List price was standard take 95 divide by 5 add extra 3% because diesel and 12%. private fuel extra 581 charge? Lease wasn’t there something about deducting 15%? Allowable expense brings income
down?
Changing date cash flow issues, overlap profits used up. Only use 3 months of capital allowances. Car special rate pool at 8% over 130 co2?
Yes terrible exam think I’ve done rubbish1. payments on account I just did halfof the tax eg 14/15 due 31 Jan 16 and 31 July 16. interest 100/80 dividends 100/90 worked out to get income tax other years were just interest and dividends no employment income. nic was amount – 7865 x 12%. Capital gains tax just did proceeds minus cost and ae then because high rate x 28%. Shares bit threw me but it was like partial disposal?? can’t remember. Oh not to mention tax credits aswell.
2. ethics question was notify hmrc not acting for client and not giving reasons Acca principles.
used wrong indexation allowance and cost as it should of been original cost. Sse must hold 10% shareholding held them for 12 months. Degrouping charge is charge gain that was avoided as intragroup so gain calculated at start was done 6 years before disposal so therefore degroup charge added on to other gains. other half of mill schedule struggled with. treated as bonus is employment income so worked out income tax. dividends similar but it using 32.5 and 37.5 % no personal allowance due to being higher than 120000. I won’t go through the rest cause I probably bored everyone but I too am expecting a resit 🙁Direct 0.7 x 0.6 is 0.42
Indirect nci is 0.58
25% of the other is associate so need to include investment of associate. The share of profit is takin into account 6 months. That’s what I can remember. Think another resist is on the cardsI put about intangible asset could change to infinite as under ias 8 change of estimate.
Ifrs sme practical I put about staff training cost benefit analysis. More comparable with other entities in the industry, limited disclosures and that its watered down version of full ifrs
ethics question I put about Acca code and spoke why it should be associate and mentioned other aspects of control such appointing temp staff being on the board etc.
Q3 operating leases recognised in p/l explained what finance lease was cr non curt lis and dr assets and Dep under ias 16
Ias10 on one part regarding something I can’t remember now in q3 I think
My statement was out by approx 300
Q4 operating segments in relation to the branches?
Did direct and indirect on group structure.
Cant think of owt else think I mentioned abit on ias 37 in question 1 and did journal entries to show.
Feel rubbish after this exam I really do and my writing was atrocious lol
The only positive is I attempted everything but very confusing paper. 3rd time lucky in June I hope :((
A lot of information to read it could of taken 3 hours alone to get a reasonable understanding of the scenarios. Just pleased I got the paper finished and attempted every question just the dreaded wait now for the results
Question 1 confident on computation part all the fiddly bits I got tied up in and just made assumptions and moved on.
Part b struggled on this question. Part c was OK regarding ethics hoping to get half marksI did question 2 about the licenses I wrote about intangible assets warranty provisions expected values etc, leases which I said was operating lease.
Question 4 reasonable section a should pick up some marks. B can’t quite remember put about deferred income over 2 years. Second part I wrote about construction contracts and a little on ias10.
Very time pressured but first go at it doing self study in 3 hours managed to attempt everything. Feel like it was reasonable effort hope I do enough to pass if not back to the grind
I used the net asset model the dividend model and for the income based approach I want sure and did profit after tax divided by the efficiency yeild I think it was? :/
Ahhh you could be right but in heat of the moment i thought factoring would bring in more sales hence retained profit which would raise finance in the pecking order theory but I could be totally wrong
I am resitting in September will the previous study text for dec14 to June 15 still suitable for September sitting?
Yes 49!!! And if that’s not annoying that’s the second time on the bounce grrrr haha