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The paper was like a f5 exam..50% of the mcq was guesses..almost every mcq was tricky..
My Answers MCQ:
A, C, B, C, B, D, A, B, B, B, D, A, A, D, D
B, D, A, C, C
C, C, B, C, B
A, B, B, D, AThought the paper was a strange one, but ultimately OK. Plant & Machinery CA one threw me a bit, didn’t know whether Integral Features counted as Plant & Machinery.
Also, buggered the Corp Tax instalments up – didn’t put the day as the 14th… Did the end of the month. Woops. Ahh well.Tough exam compared to previous papers I feel. Clever with the section C question about trading profits for a property company (distorted the idea of capitalisation).
MCQs were fair I thought but difficult VAT questions in section B.
Also felt the paper wasn’t very clear – e.g. working out Hamish and Ivy’s NRB: there is nothing to say about an NRB transfer. Also the car reclaim in the VAT question – it is not clear as to whether it was subject to any private use.
For those who remember all their MCQs options – surely you’re more focussed on getting them right than remembering them to query them on this forum!?
@hjfrost said:
Also, buggered the Corp Tax instalments up – didn’t put the day as the 14th… Did the end of the month. Woops. Ahh well.
Did exact same thing #feelsbadman
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
I assumed the input VAT on the car wasn’t reclaimable. Thought that was the case unless you were selling cars in the motor industry – but I think I’m wrong on that. Might’ve got the correct answer the wrong way.
And I finished 30 minutes before the end (unusually) so spent a few minutes right at the end writing my MCQ answers down for the crazies (myself included) that come on here
Strange section C questions. Not really come across any questions like them in any practice papers or books.
The first question was very vague, hoping I got enough on the corp tax question to make up for that.
Section C question on computing the trading profits.. :o.
I found that challenging and wasn’t really sure about the end figure for the profit. I remember needing that to calculate the next part of her taxable income which sucked. I wonder whether marks are given for following through if it’s the wrong figure to start with? ..
Capital allowance..I wasn’t sure on this but as a 4 marker, I’m hoping to pick up 2 marks maybe..
I agree, the section C Qu inheritance tax wasn’t clear at all. There was no transfer to the wife mentioned so I just had to calculate it normally which now I don’t think it’s right. It was a vague question.
Found most of the Corporation tax, VAT and Capital gains tax Qu’s okay. Here’s to hoping my figures are right though!
Hi all, I found the exam quite difficult. The multiple choice questions were not very straightforward. I wasn’t too sure about the capital gains one and the vat one.
For section B, I couldn’t get the taper relief, but did everyone just deduct the clt for one of the questions? And leave the pet. The vat and cgt questions were rather tricky too!
For section c part a, I calculated the the income tax for the married couple abd the class 2 and 4 nics separately. Will I stil get some working marks? Also for the inheritance tax part inwthis question, were you just meant to do 325000 x 0 and then 9000000-325000 x 0.4?For the next question (trading profit question, I did the proceeds and the loan less the legal costs on sale and purchase, and less the capital allowances. I think this is completely wrong as they weren’t asking for this? So will I get nothing?
Finally for the last question, the short life part, I stated it relates to a depooling election, and if the proceeds exceed the disposals we have a balancing allowance. Also if a short life allowance is less than a £1000 the company will be entitled to a 100% write off. For the final part of the question, I included the premium in the property income calculatoion and put the insurance only up to 31 March 2016, is this correct?
Sorry for rambling on! I’m worried I haven’t done enough to pass
Faze
I couldnt get the taper relief either. It had been between 4-5 years (i think) since the death but no matter what percentage i used, my answer didnt match the options :/
I calculated the tax for Hamish with income tax and NICs and then just income tax for Hamish and Ivy.
The two insurance fees were for whole years, and rent for quarters, so i split them up according to the months.
IHT questions were confusing. And i kinda messed up the last Section C question but i hope i did enough to pass
Hi msarosh, yeah I spent like well over 10 minutes and couldn’t get it like you!
I did the same for the Hamish and Ivy question and the property income questions. Hopefully we get something from that 🙂
Yeah, inheritance tax was really confusing. You’ll get some credit for cooperation tax in the last question.
What were your answers for the second and third questions for IHT from Section B? And the question about interest payable for second payment and indexed cost from Section A?
I think for the second part of the inheritance tax question I put 05/06, 06/07 and then for the other clt 07/08. I just did them in order of which one appeared first. I can’t remember which answer it was.
What was the third question?
For the interest payable I said or is half of the income tax liability and the due dates are the 31st January and 31st July, so half will be paid in January and the rest in July. Don’t know if that is right.
For the indexation cost question, I don’t remember the answer, but the method of working is creating a share and indexed cost and then dividing the shares sold by the total number of shares and then multiplying that by the cost.Is that what you did?
Did anyone think there was some information missing in the share question (no 24 I think) where we had a purchase and then a sale of share but no sale value? Maybe I missed something but there were associated costs for all the purchases but no income for the sale…. thoughts?
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?
Ahh I’ve probably got that wrong then Sophie 🙁 hopefully they give me something for the balancing allowance and that’s an advantage?
@amalhotra said:
Did anyone think there was some information missing in the share question (no 24 I think) where we had a purchase and then a sale of share but no sale value? Maybe I missed something but there were associated costs for all the purchases but no income for the sale…. thoughts?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.
@amalhotra said:
Did anyone think there was some information missing in the share question (no 24 I think) where we had a purchase and then a sale of share but no sale value? Maybe I missed something but there were associated costs for all the purchases but no income for the sale…. thoughts?Was this the question where the father gifted the shares and the died?
@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)
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