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TX*** ACCA F6 June 2017 Exam was.. Instant Poll and comments ***
Post your comments about the ACCA F6 exam below
(comments will open after 5pm UK)Mixed feelings here... It seemed mainly ok (section B slightly tricky) and I found myself trying to find a catch... Fingers crossed I've do enough!
I studied this unit with open tuition and felt very well prepared. Great F6 lectures and lecturer.
Thank you OT! Hopefully got enough to pass :)
What strikes me is the amount of people who said it was okay in the poll above. I just know from my personal experience of practicing questions over and over, thinking I've nailed it and then... oh yeah theres that pit fall, theres this pit fall. I think its a paper that can look easy on the surface but theres always something. Section A was okay though fairly nice.
@joep23, did you sit the exam today? And if so, what do you think the pitfalls were today? I found the exam ok but a bit nervous of not spotting the pitfalls etc.
Thanks.
Yes I did. Very hard to say without actually knowing the answers to the questions obviously. I don't mean pitfalls as in somewhere where they are trying to trip you up per say, more a long the lines of the fact of forgetting to do something, just as a general example, forgetting that the first 500 of savings income is taxed at 0% if you are a higher rate taxpayer and 1000 if you are basic.
What I'm saying is sometimes a question can seem easy and you think you have hit the nail on the head, and you then realise you forgot to do one small aspect that gave you another answer etc... I think that is just a problem with tax not acca overall though.
One I'm aware of is the home carer credit(I think). I'm guessing they wanted us to calculate it, but I didn't do it as I'm not 100% on it so didn't want to waste much time.
I agree with forgetting, or missing parts as there are so many different rules and they're always changing depending on the circumstances.
Did anyone else think Susan wasn't resident or ordinarily resident?
Which variant did you sit KB? I didn't have Susan in any question?!
Irl - Susan was only Irish domiciled by my calcs.
Ah...I did the Irish Variant.
@jdealy. That's what I thought, the question seemed to be worded in such a way as to chose either resident or ordinarily. But definitely belive she was only domiciled. Thanks :)
What did you think of the paper overall?
@kb87 said: Ah...I did the Irish Variant.Phew! That's a relief! I thought I missed something :-)
Nice paper I thought, hope I did it justice as you can never be sure. Didn't think there was hidden pitfalls. Didn't do a great attempt on question 1 - got my self confused I think on the chargeable gains and offsetting losses on these. How did you find it?
The question, with the lady earning over £230k, we weren't asked for the tax liability were we? It was the taxable income right?
The question that went on to ask about pensions and annual allowances?
@alaccountancy said: The question, with the lady earning over £230k, we weren't asked for the tax liability were we? It was the taxable income right? The question that went on to ask about pensions and annual allowances?Yes, that's correct (I hope!) Can you remember your answer to the pension allowance bit?
Im the same really. I felt reasonably confident about passing but netted off the capital loss/gain when I shouldn't have, hope it isn't the difference betweena pass and fail. VAT question was really nice! Started with that and it gave me a bit of confidence.
@juliat said: Yes, that's correct (I hope!) Can you remember your answer to the pension allowance bit?I sod she couldn't carry anything forward, her 2016/2017 allowance was restricted to £10,000 because of her earnings... and with the employer contribution of 30,000 it left nothing to c/f. I said though this was a stupid question... because it didn't say if previous years were restricted (resulting in chargeable pension for this year!) ... anyone else think the same or am I being daft?!
@hannahchynnah said: I sod she couldn't carry anything forward, her 2016/2017 allowance was restricted to £10,000 because of her earnings... and with the employer contribution of 30,000 it left nothing to c/f. I said though this was a stupid question... because it didn't say if previous years were restricted (resulting in chargeable pension for this year!) ... anyone else think the same or am I being daft?!Oh dear... I thought she could use up the 3 previous years and assumed they'd be unrestricted... So I only deducted the employers contribution and I think got 20K as an answer :(
Unfortunately, I missed this up!
I had never seen/just couldn't recall and still can't any questions or material where the tapered allowance has resulted in excess contributions, but on the employer's part!
Anyway, I answered, something like: there's a £40,000 allowance before tapering, however, due to the tapering down, she's down to the minimum of £10k (because her adjusted income exceeds £210k). She did not make any contributions and so she can carry this forward because her employer's occupational pension contributions meant she met the condition of being registered with a pension contribution to secure her entitlement to carry forward her un-utilised annual allowance.
This part of my answer was a mess - I was thrown by the fact that I couldn't recall ever reading what happened when the employer's contributions contributions exceeded the tapered down annual allowance.
@alaccountancy.. u r right.Nothing on the effect for employer contributions.Annual allowance relates to personal pension contribution. Generally.. exam seems hard.most areas were exempted as they know the success rate is high if questions were set on it.
Guess work for section B. How did u treat the accrued income, employment benefits part...and entertaining customers expenses?
When will the result come out?
Well - I'm hoping the accrued income (on the GILTS right?) was just a case of 4/12 (i think I remember them being held for four months) multiplied by the bond rate multiplied by the nominal value of the bond. Although, I think I may have got this wrong, I think, I may have picked up the purchase figure rather than the nominal value - hope I didn't, but probably did!
I said she has accrued income on the gilts of 2,500 (which I think was equivalent to 4/12 of the yearly interest) ...?
But why not 300,000 x 4/12 x 0.03? As long as I remember it was written something about accrued interest over the amount of 300,000.
OMG...this exam was hard on me. Sections A and B was a bit OK but Section C was a mess to me!! I bet will have to sit for another exam in September this year. I just cross my finger. Hope the first two sections will do me a favor.
@ratanasoff said: But why not 300,000 x 4/12 x 0.03? As long as I remember it was written something about accrued interest over the amount of 300,000.250,000 x 4/12 x 0.03 ... the bond was for 250,000 I think it's irrelevant that she paid 300,000 for them
As I recall
The bond was bought on the 1st of July and sold on the 31st October 2017
The bond nominal value is GBP 250,000 with interest rate 3%
The bond was sold by premium for the amount of GBP 302,500
And the interest income was included in the selling price
Acordingly ,
GBP 250,0000 the bond nominal value
GBP 2,500 interest income for 4 months and
GBP 50,0000 capital gains
Thanks
@amanicma said: As I recall The bond was bought on the 1st of July and sold on the 31st October 2017 The bond nominal value is GBP 250,000 with interest rate 3% The bond was sold by premium for the amount of GBP 302,500 And the interest income was included in the selling price Acordingly , GBP 250,0000 the bond nominal value GBP 2,500 interest income for 4 months and GBP 50,0000 capital gains surely there would be no capital gains though, as she bought them for £300,000? bought for £300,000 and sold for £302,500 - so gains of £2,500 which was for accrued income Thanks
she was not a member in the previous years.
she had no annual allowance carried forward
I can't remember that the bond was bought by GBP 300,000
Anyway, if it was bought with the aforementioned amount
For sure there is no capital gains ??
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