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Yes bubbly01 after I walked out of that exam I didn’t think I would have passed. However, thinking back I realise now that I kept all answers in section C relevant to scenario and was often triple checking my calculations so not to loose easy marks.
One other thing I recommend in section C to others is that even if your calculation is wrong you should always use forumla to get the answer as the followthrough marks can be awarded.
Off to FR in december, thanks opentuition for all the help.
I had practiced many questions, past papers but this paper was like looking at different exam. It threw me off so much that I just didn’t recover. Question after question just seemed so alien. The extra time spent on trying to figure out what the question was asking made the situation worse. It was spiral from there on and I was hard pressed for time.
From my experience more marks are gained when your answer is in relation to the scenario.
I started my exam, Started reading through the paper and all I saw was theory, theory, more theory. This too worded so differently that I thought I am in the wrong exam. Not a single question on, learning curve, transfer pricing, demand function, minimax,Linear Programming.
The whole exam I was pressing for time, I just just thought I had been preparing for a completely different paper.
Today’s exam was just completely different. I didn’t think exam could be worded so differently.
I just couldn’t also figure out the land and house quesition where 1 acre is sold it just threw me off as I rushing.
There were seeded questions amongst Section A and B but I don’t know which they will mark and which not.
All the Inheritence was easy, and also the VAT was ok.
The question was what amount is exempt under small gift relief, in that case £190 was exempt and £490 to various friends as this not to a single person. This is why it was confusing.
Small gift exemption question was confusing there din’t seem to be a right answer.
Well for the Corporation tax 16 month question the period ending was 28 Feb 2017 which falls under FY2016 so 20% tax liability instead of current 19%. The 4 months were in FY2017 so tax liability under 19%
The loss carry back of 121,000 was that if it was set off against 15/16 than there be loss of personal allowance. If it was set off against 16/17 than loss would waste not only the perosnal allowance but also the cgt allowance. Where if the loss was carried to 17/18 against 250,000 trading profit than this will eliminate tax paid at the addition rate and also lower the tax paid at the higher rate thereby more tax savings.