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Arrrrrgggghhhh! I passed!!!!!!! 81% Can’t beleive it. That Q1 about Duncan incorporating his business seems a LONG time ago now.
I’m done with exams forever!
My biggest tip is to do the practice questions- all of them. It’s all about doing the questions.Q3 – I remember there being a bit about a building being transferred intra-group on a “no gain no loss” basis. The building is subsequently sold at a loss to the group. Therefore you couldn’t use indexation allowance to increase a loss.
Thanks everyone for the workings for Q1, I missed the corporation tax deductions. I read that question about 10 times before it began to sink in what I had to do! Gah.
P.s. I agree the questions are always put in a stupid annoying way. Supposed to make you think and apply the principle – whilst you’re having a massive panic about turning up to the exam, trying not to fail, time off work, running out of time, etc…
I had about £18k in dividends for Q1.
And about £63 ish to relieve DTR in Q3 sounds about right.
Q3 and Q5 were a gift for me too.
Q1 was really finnickity, and I fear a bit of a disaster but luckily I’d memorised the Incorporation relief stuff.
Overall could have been so much worse. I think it was a fair exam.
My last one (hopefully) so I was in tears at the end (of relief).
Good luck to everyone who sat this one!65% pass! All that hard work paid off.
And I changed from the notorious P5 to this paper. So over the moon.
Also did the Audit lectures from Open Tuition – so HUGE thanks to them.I failed P5 with 48% way back (passed all the others first time) and I am regretting enrolling for a retake. I see this whole course as a waste of time and irrelevant to actually being an accountant.
There is no solid subject matter – it’s all abstract theoretical stuff. And it’s removed from real life. This examiner sounds awful.
I also time out of ACCA in 2017, and I am wondering if it’s worth ditching this and doing P6 and P7, or CIMA – any comments?