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I am feeling OK about section 1a, think I will be able to achieve 50% here, but the section B questions I am hating. There are so many little rules to remember and different rules in very minor different situations. This is my last one and I am feeling the pressure, I like everyone else, spent alot of my time practicing the consolidations and feel I have jepordised my chance of a pass.

I am also doing UK version and worried about what may come up on this.

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I didn’t as it didn’t say anything about him paying back the bonus, the S455 tax only applies on loans to participators of close companies.

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I got the first year was a loss but for opening year loss as the first period wasn’t 12 months, once I add the extra months on to make it 12 months it stopped it from being a loss for the carry back claim against the three previous years

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Yeah I think it was the Aunty received inheritance from her dad? And as was in the 7 years was entitled to the quick succession relief if it was from the fathers estate

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With part 1a the loss for first year I calculated couldn’t be carried back as pro rata it wasn’t a loss but thinking back hopefully that wasn’t a miscalculation (probably was) I can’t even think of what the second part of the question was. The rest I think I calculated that part A was the most profitable over all

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Think I failed. The question on the property his father lived in through me as well as the share buy back and the eis scheme. The first question was ok but would have been nice to know how the 20 marks was made up! And it got a bit messy. Question 2 was my favouriate. First p paper though so using it as a learning experience as got my timings wrong as well

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Wasnt the salary for the other partner and she got the remaining 60% for those 5 months? and the prior 7 months were 50/50 split. The property income I deducted the £4250 rent a room allowance

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for the other i put the PET first as they do use the Annual exemption allowance and then the others i did in chronological order as whatever came first, not sure of what choice this was though.

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@mikeat91 said:
I may be recalling it wrong but this was on a wedding gift to grandson? Therefore there was a £2,500 exemption available. If you went with the nearest answer to a straight 40% you would have been correct.

Agh yes i remember this part, i removed the £2500 as well and then tapered the rest of it!

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I always thought that PET dont use any of the £325,000 allowance but they do use the £3,000 annual allowances available

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For the property business, i treated it as it was a business rather than capital as their business was property development so it should be treated as a trade. I cant remember exactly what legal fees etc I included, but I definitely deducted the capital allowances. from the profit. As it was a partnership as well rather than a company I also only included the business use in the capital allowances deduction – not sure if this is correct though

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The loan isn’t taxable income – it is capital and therefore i didn’t include it in the earnings.

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@faze50 said:
For the trading profit question, were you meant to take the proceeds and then debit the legal fees in sale, purchase and capital allowances but add the loan?

For the income tax part on part b, I added the salary and property income as this is part of the income tax computation, is this correct?

For her income i took 7 months of partnership profit and split this 50:50 then the last 5 months i took out the salary for the other partner and split the profit 60:40. then I add the profit income but deducted the £4250 allowance from it.

For the loan i cant remember 100% but I deducted the interest as an expense as it was in relation to the trade

[sophiemuzz]

@angelamalta said:
Yes same for me. There was a disposal of 7000 shares, if I remember correctly 4000 of which were in the next 30 days so then I composed a share pool computation and the sale of previous shares had no value next to them which I had never seen. Perhaps these were mean to be bonus shares? I believe I ended up choosing any answer as I was not able to actually get any of the four figures from the multiple choice answers.

The value the previous sales were sold for was irrelevant, you just needed to remove them from the total by dividing the total shares in the pool by the balance and then remove the value per share by the previous disposal. eg. no of shares is 10,000 value of pool is £20,000. If 2,000 shares are removed, then the new no of shares is 8,000 and the new value is £20,000 – (20,000/10,000 * 2,000) which is £16,000. As it didn’t ask you to calculate the gain on the previous shares sold, the selling price didn’t make any difference to the answer. (this is how i interpret it any way so hopefully i was right)

[sophiemuzz]

I always thought the £1000 100% write off was only for pools and the short life asset wouldn’t be in a pool and therefore not entitled to this?

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I thought overall it was a fair paper. I did the same with the ct due dates though – what did people put for the question regarding electing for short term capital allowances? I finished the exam with plenty of time to spare so I hope I didn’t miss anything but none of the questions seemed to test knowledge too harshly. Fingers crossed for a pass

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Surely the share price is irrelevant, as they were asking how many shares on average, so surely the 2mil*9/12 + 2.5mil*3/12 is the answer?

Am I thinking to simplistic, but I was under the impression all of the other information wasn’t needed for the calculation?

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Waiting on F8! Found this so hard to judge how well I did with no calculations that I could self mark. Thought long questions were easy but think I failed on multiple choice! 🙁 🙁 everything crossed for good news!

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What did everyone put for the final question regarding the supervisors responsibilities during the audit and the review as per the ISA?

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Is anyone going to complain to ACCA for the mistake on the question numbering as it definitely took a chunk out of my time and stopped my train of thought when I was interrupted

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I also mentioned that sales team could alter the master file. I hate this exam, the others are easy to compare and have some feeling of how you did but with this one I have no idea!!

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Yeah I struggled to find deficiencies for question 2 aswell. I wrote down seven but whether or not they were all a mark is another thing

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I answered flow chart and narrative notes. What did everyone put for the last question for the supervisors responsibilities during the supervision and review?

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First attempt 63%. I was really struggling to grasp the module with my learning providers kits and feel that my pass is down to the notes and lectures from first tuition so massive thank you – especially to John!

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I got the same as dayoxo. I keep panicking that as the questions were quite straight forward that I didn’t put enough information down to gain all the marks. I pray I passed

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