Forum Replies Created
- Posts
Overall the exam was very different to the past papers and no financial question came up
I had question about Optima.
Q1 really confused me and I did not know where to start. I ended up doing it lastly and all I could think of was divide them by the age, mentioning about the technology. I doubt this is correct.
The VFM I also struggled and could not remember the last E.
The presentation slides I have not done properly I think.Q4 was the only one I felt comfortable with.
Overall I did not use any models and answered all the questions by quoting sentences from the scenario.
I am hoping for 50%!
Yes, I did remember to deduct NIC also, but was worried that missed something as it was very small amount of CT to pay.
I completely messed up the losses question 🙁
How did you calculate the adjusted TTP for the company please? I think they had profit of £80k from which they paid Lucia salary of £70k, so only £10k taxable income?
Also overseas aspects of income and capital gains tax/ PPR relief – my months did not balance, did not have time to go back and recount
Did not have a single aspect about groups! How weird! I was hoping to get groups as was feeling strong with them but nothing!
I did not have Hugo.
Q1 sole trader with losses, chargeable gain, some Vat?
Q2 i think rollover relief and gift relief?
Q3 IHT got muddled with death estate and foreign assets
Q4 SIP snd CSOP shares
In the question about the residence did not say 15 out of 20tax years but years only
Literally every question did something wrongGot muddled with IHT question, question 1 did not do well either.
I was hoping for groups to come up but ut did not in my paperI had the timber question. There were some KPI’s given, but not many. Unfortunately I have not had time to read this exhibit properly, so only said about the operating profit margin. I spend nearly 2h on this question and then was rushing.
Also there were not much marks you could get for materiality in q2 and 3, as there were no figures given to calculate.What business risks did you identified for the q1 on the rainforest trees?
I feel that I did not write enough to pass;/I did not have time to concentrate and think about the answers, if I had more time I could go back and check/correct/add.
I have put a lot of effort and time to study this paper, but it was still not enough.I stated that both NCI and Intangible assets can be measured at FV and that entity has a choice to measure NCI either at FV or proportionate. Question said that the other subsidiaries NCI’s were measured at proportionate method, so for the new sub the entity should follow the same. Not sure if this is correct.
The revision kit questions were easy compared to this one. The cashflow and forex ppe in q1 stressed me out and I gave up at that point. I did not write about the step acquisition as was overwhelmed by cashflow.
Ethics was weird, no conceptual framework.
I know all the current issues about taxes, pensions, policies but got sustainability reporting and integrated report – differences between them. I dont remember seeing this in the textbook.
The exam felt they wanted us to fail, as mostly the same stuff was tested in all questions. Horrible and unfair.
