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@somewherelse said:
I found the paper was ok although I do agree that some requirements were a bit vague. The tricky thing with ACCA exams is that you are under time pressure. I guess if we were to do this paper at home we will spot a lot more knowledge point than in the exam.I listened to all p6 lectures on OT so massive thank you for OT and the tutor. She stressed in her lectures that when unsure, state your assumptions, spell out what you think it is related to pick up extra marks. She also said that this examiner liked conditions. So I learned conditions of key areas and stated what I assumed in the exam when I thought it was vague.
Q1 I did a brief calculation in the daughter’s income, after tax etc. Then move on from that to additional income. I am sure I have made mistakes in that calculation, but many marks are in methods and approaches, so fingers crossed that I have picked up more than 50%. I used Furnished Holiday Home, and ‘rent a room’ in calculation.
The dividends and capital gain bit, I assumed that 4% was to calculate how many shares to generate the income she needed, and capital of a quarter bit was for if she sells to share in exchange for money??? I might be completely wrong here :-s
Partial exempt VAT was ok. The difference between an overseas branch and subsidiary was okish.
One thing to mention was that I stuck strictly to my time allocation. 1.8 minute for each mark. And when I got to nearly time, I scanned it through to pick up hopefully easier marks and moved on, i.e. transfer pricing, and tax shield for lease payments etc.
And I very quickly did most of the cap gain calculations in Q4?? The transfer of property, and the disposal of loans and shares. As I did this in the last 20 minutes in the exams, I probably have missed some relief which under normal circumstances I would have been able to.I didn’t find the paper easy at all so fingers crossed for a pass!!!
And all the best with other papers guys!
I took the 4% to calculate dividends paid on the total shareholding, then to find out how much the daughter needed I did the dividend income required/dividend on total shareholding x total shareholding. Used the 25% to calculate the cost when working out CGT payable by the mum.
NO idea if that’s right but I was getting round numbers which I thought was reassuring(!) completely forgot about rent a room relief and I have no idea what a tax shield for leases are..!
oh dear
Was it me or was there very little actual tax calculations? In question 1 most of my time was working out how many shares to give rather than the CGT part of it.
Q2 had no idea how they got their CT liability and was weary I was running over time so just ignored that bit.
Q4 can’t really remember it
Q5 was a bit funny in terms of how vague the requirement about transfer pricing was. Wasn’t really sure what he exactly wanted from me.
All in all, not many calculations and some vague requirements!
I am surprised that I found it ok, mainly because I couldn’t do the calculations so the lack of them was to my advantage. Thought some of the wordings of the questions were really confusing and I completey BOMBED 2a, bye bye 15 marks but other than that I hope I was actually answering the questions correctly.
I anticipated it going a hell of a lot worse!
In case anyone wants to email a letter of complaint to BPP for the rubbish revision notes and practice and revision kit that didn’t go over the scenarios and topics that came up in the exam (can’t decide if it’s BPP’s or Holt’s fault) their email address is:
Hopefully they can get their act together before it comes to resits!! Out of interest – did anyone who studied with Kaplan find the exam any better than the BPP students?