[sameera95]

Oh great Emily.
And what about the Balancing payment question ?

[sameera95]

1- There was a question in mcqs about gilt edged securities in IHT. There was suppose to be 2 values under two separte headings. I forgot the first heading but the second was gilt edged securities. The answer was the value right? Its only exemt for cgt right?

2- in one of long question we had to find balancing payment.. we had to calculate iht then just subtract PoA and PAYE thats it? And in calculating IHT we had to deduct PAYE too right?

3- the dates that were asked in long question. The first one was for compliance check i guess, it was 12 months after the filing date i.e 31 january 2019? And for records it shud retain for 6 years ie 31st january 2023?

4- in child care benefit were we suppose to write that the ANI of 50,000 and less gets 100% relief. From 50,000-60,000 = ANI – 50,000/ 2 ??

[sameera95]

Okay, so basically employment allowance will always be available unless its a company and the only employee is the director. (And it is not available if you hired someone for personal work, right?)

Hope i got it right and thank you for helping me out.

[sameera95]

Sorry but I still don’t understand it.

How is it only 1 employee? There are 3 employees; waitress, chef and assistant chef.

[sameera95]

I have problem in figuring out the interest amount.
Looking forward for your reply.

[sameera95]

You have been given some work to complete, which includes a draft calculation of taxable total profits for a client, Trains Ltd.
Your manager has asked you to check the following calculation and make any corrections
necessary.

Year ended 31 December 2016 £
Tax adjusted trading profit   50,000
Property income 6,000
Dividends received from Track Ltd 5,400
Interest received   1,800
––––––
Taxable total profits 63,200
––––––
The amount of interest receivable for the year was £2,000. In addition the company realised a chargeable gain of £12,000.
What is the correct amount of taxable total profits for Trains Ltd for the year ended 31 December 2016?
A £58,000
B £70,000
C £75,400
D £69,800

[sameera95]

In the year ended 31 March 2017, Easter Ltd had £100,000 of tax adjusted trading profits before capital allowances, and received bank interest received of £6,000 and dividends of £4,500. It also made qualifying charitable donations of £3,200. Capital allowances for the year were £2,000.  
Bank interest receivable of £2,000 and £1,000 was accrued at 31 March 2016 and 31 March 2017 respectively.
What are Easter Ltd’s taxable total profits for the year ended 31 March 2017?
A £101,800
B £99,800
C £104,300
D £103,000

Kindly help me with this. Im not sure how to calculate interest receivable.

[sameera95]

CASSO (ADAPTED)
(a) Pi Casso has been a self?employed artist since 2005, preparing her accounts to 30 June.  
Pi’s tax liabilities for the tax years 2014/15, 2015/16 and 2016/17 are as follows:

2014/15 2015/16 2016/17
£ £ £
Income tax liability   3,240 4,100 2,730
Class 2 NIC   143 146 146
Class 4 nICs   1,240 1,480 990
Capital gains tax liab    0 4,880 0
Required:
(1) Prepare a schedule showing the payments on account and balancing payments that Pi will have made or will have to make during the period from 1 July 2016 to 31 March 2018, assuming that Pi makes any appropriate claims to reduce her payments on account.
Your answer should clearly identify the relevant due date of each payment.  
(7 marks)

[sameera95]

Yes I have.

[sameera95]

Yes, i have watched your lecture.

After we get the iso-contribution lines, we draw parallel lines and see till which maximum point it touches within the feasible region. Then, we see which two lines intersect at that point within the feasible region.

Is that right?

Is it necessary that the highest point will ALWAYS give the maximum contribution?

[sameera95]

The mcq I posted above, according to that:
Since Jasper is the manager, and it is within implied authority of manager given by Ravan (owner) to deal with the shop however they like, yeah? That is the reason Jasper is at no liability and hence Ravan has to pay to the cycling supplier?

But Ravan told Jasper not to order anything so it’s not kind of fair but yeah, for the supplier Ravan is liable.

Apart from this, if this case was taken to the court, Ravan would’ve won the case against Jasper, right?

[sameera95]

There is no lecture on agency law. Is there?

I did read about Watteau v Fenwick, but i dont exactly get the concept. The decision is that Fenwick is liable, why?

[sameera95]

wow congratulations.
may i know the resources and technique u used?
did u actually learn something or just practice?

[sameera95]

Oh so the main point is, during the war against enemy, you cant trade with them and they were hidding the fact that they were Germans, yeah?

[sameera95]

Okay thanks alot.

Should i practice from the past papers available on acca website?

[sameera95]

oh how is your prep going?
im appearing next month as well, Eng variant, CBE.
this will be my first ACCA exam so a bit worried :X

[sameera95]

Totally.
Thanks alot. That’s my aim as well – practice! ^.^

[sameera95]

ohh right. Thank you 😀

Thanks alooot. You are doing an amazing job. I’m totally relying on opentuition for my f4 exams and ofcourse your tips, like solve the revision kit again and again 😛

[sameera95]

the result is instant, yea?
and how did you study for it?

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