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TX*** ACCA F6 December 2016 Exam was.. Instant Poll and comments ***
I done same with pension went back 3 years .. 2 x (50K - 6K) and (40K - 6K)
Put car 1 in as FYA too.
Was one of the PC discarded? Think I left one out. Put other two in an SLA column at allowed 18%.
Paper in general was fair enough. First time I was never stuck for time at end.
What was the advise in the CLT's into the trust? ... I put that he should gift 325K to it every 7 yrs and would have no iht liability as he was fairly young etc
Home Entertainment .. I put cost * 20%
Was it medical insurance or medical bills .. medical bills to return to work are allowable.
What was the incorporated answer .. I said they weren't as all control overseas.
Guessed the ISA one but never realised it overlapped the tax ye.
@suf23 said: A very different style exam.Couldn't agree more.
Yh computer bought on discounted price 400*3 but he also mention computer sold on discounted rate I'm confuse here,computer qualify for AIA nd create allowance of 1200 but after we deduct 1200 from gp as well??
@suf23 said: I was slightly confused about that, FYA is for new cars. So i decided the put 'motor car 1' in the main pool. not sure if right. 18% was the right percentage. I deducted the employee contribution from list price as well.Thats exactly what I did . Hope for best
9y ago#36@rosemene
All the best for 16th Jan! :)
How was the moving expense for taxable benefit? Up to 8000 is exempt and the excess amount will be taken as taxable benefit... is that correct ?
Okay thanks.....
It was an ok exam.....the written parts were cheaper than expected.Unfortunately, I spent too much time on the tricky Objs.
I bet it is better to start with the written questions.
@ritaalbu said: Correct, the remaining 2600 was taxable. The way i ve done it: Alice - 18%, list price less 5000 contrib, fuel 22100 * 18%, mileage allowance not taxable benefit Claude - private telephone exempt, home system cost less 20% * cost (probably not right) Buma - loan ( 30000 plus 18000 )/2 * 3%, less interest paid; 18000 as repaid 12000 throughout the year Denise - 2600 only taxable, medical costs exempt up to 500 per annum Then computed * 13.8% for each to get class 1A Anyone else agrees on the above? Yh did exactly same,home entertainment only 20% cz employer provide employee for normal usage,nor gift nor employee paying back...hope for best
I dont exactly rememeber the % for that i do know that list price was to be subtracted and then the percentage.
Also yea they had mentioned that the cars were second hand right above the "table" for the cars' CO2 emissions
Well 22100 x 20% not 18% lol
and even if it is USED CAR the FYA will still be charged and taken to Capital Allowances.
Friends, can you please write your comments about F6 Taxation (Russia).
How it come 20%?same rate to gp for wda nd u mixing two question,21700 base cost for fuel surcharge nd FYA is capital allowance
@sherrydada123 said: Well 22100 x 20% not 18% lol and even if it is USED CAR the FYA will still be charged and taken to Capital Allowances.
I don’t think whether the car is new or second hand matters for FYA … wonder if it should be time proportioned though as the write down in 100%
The computer probably qualify as AIA but I don’t think I used it.
I allowed all of the moving expenses and medical expenses … think there was a past question with similar figures so don’t think either were over the limit if they both employment related.
9y ago#46FYA is never time apportioned.
Are you sure car doesn't need to be new for FYA?
I didn't time apportion it either ... No mention in the criteria of it needing to be new so i'd say it qualifies.
@gavin23 exactly i allowed and added medical and running cost oh i mean moving expenses
Fya is only available on new unused cars it is not applicable to second hand cars even though it is low emissions I have checked the Kaplan book to confirm this.
To qualify for FYA two conditions apply 1 car must b new 2 limit of co2
@suf23 said: FYA is never time apportioned. Are you sure car doesn't need to be new for FYA?
I see medical is capped at 500 too so messed that up as well as the FYA
Capital allowance wasn't required to calculate for a car because was sold. I think car was not computer. I don't remember question now. I hooe I'll pass. Good luck everyone!
@rishavagrawal, how the hell did you remember all your answers for the multiple choice questions?
Overall I found the exam to be difficult to say the least. I was expecting a lot more working out (calculation) type questions but instead got mainly essay type questions.
At this point I'm just hoping that I pass.
Sale proceed always comes after allowance calculation?not sure of it
@anniee85 said: Capital allowance wasn't required to calculate for a car because was sold. I think car was not computer. I don't remember question now. I hooe I'll pass. Good luck everyone!
9y ago#55@ahmedkhan @laura
yes, that is what i thought. thanks for pointing that out.
9y ago#56see ya guys 16th Jan !
“March on. Do not tarry. To go forward is to move toward perfection. March on, and fear not the thorns, or the sharp stones on life’s path. ” – Khalil Gibran
9y ago#57Sounds pretty much correct to me, although I doubted myself a lot. I put the Medical exp., then took it out, cause I knew its exempt up to $500, but in the end I put it back again.
Ugghh...
@ritaalbu said: Section C, Q31, amount of max additional contribution 94K, as max is relevant net earnings, and 62K c/f in 2016-17? and max limit for ISAs 15,240 (didnt time apportion it as the limit is annual, therefore he could invest max in 30 days, but nothing afterwards?)I think the ISA answer was £30480 (15240*2) They told us to assume the day was 15th of March and he wanted to know how much to contribute in the next 30 days. He could contribute the first £15240 for the 15th March to 5th of April for the 2015/2016 tax year (since he hadn't already done so before) and the second £15240 for 6th April to the end of the 30 days for the 2016/2017 tax year. As for the maximum contribution answer, I totally forgot about the relevant earnings limit. I wrote that there wouldn't be any annual allowance for him to carry forward to the 2016/2017 tax year. That's 5 marks lost. Oh dear.
@gavin23 said: I don’t think whether the car is new or second hand matters for FYA … wonder if it should be time proportioned though as the write down in 100% The computer probably qualify as AIA but I don’t think I used it. I allowed all of the moving expenses and medical expenses … think there was a past question with similar figures so don’t think either were over the limit if they both employment related.I read in my BPP study pack that it DOES matter if the car was new or second hand.
Yes, FYA was wrong call. Also got the moving and medical exps wrong (capped at 8000 and 500 respectively).
Can't remember but were they one or two mobile phones in the question?
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