- This topic has 67 replies, 22 voices, and was last updated 7 years ago by
.
- Posts
Oh sorry I thought you meant the last question on the paper! For the income tax liability, I just used the trading profit figure from part a and then added the salary (employment income) and also property income and deducted it from the personal allowance but this was o for me as it was above 121200. The last part I put the dates as 31 Jan and 31 July and the payment was half of the income tax liability in Jan and half in September. Don’t think it was right though.
@faze50 said:
Oh sorry I thought you meant the last question on the paper! For the income tax liability, I just used the trading profit figure from part a and then added the salary (employment income) and also property income and deducted it from the personal allowance but this was o for me as it was above 121200. The last part I put the dates as 31 Jan and 31 July and the payment was half of the income tax liability in Jan and half in September. Don’t think it was right though.Wasnt that the last question? I guess i got them mixed up, sorry.
What was Lunas salary? I dont think they mentioned it in the question? ‘Cause they mentioned she was employed until the day before the partnership started and tax was deducted through the PAYE system but the amount wasnt mentioned
- Topics: 0
- Replies: 1
- ☆
Very tough exam overall! Inheritance Tax question was fairly simple though with transfers to spouse completely exempt from IHT and CGT regardless of the assets his wife already possessed. Andrew’s transfer covered the entire NRB so that was fully exempt. MCQ’s were very tough too. The badges of trade was fairly simple but I was not well prepared for the partnership section. Just hope I pass!
@msarosh said:
Wasnt that the last question? I guess i got them mixed up, sorry.What was Lunas salary? I dont think they mentioned it in the question? ‘Cause they mentioned she was employed until the day before the partnership started and tax was deducted through the PAYE system but the amount wasnt mentioned
No worries! Was the overall salary £4000? I think the share was 60/40 right? I forgot that part of the question, sorry!
Did you add all of the salary and property income then?
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
I remember one of the first mcq was benefit for diesel motor. So had to work out % plus 3% for diesel.
I think the taper relief one you had to deduct the annual allowances but cant quite remember. I know the answer i got was one of the choices.
There was on that was two in partnership & one started to take a salary in august.
A question on annual accounting scheme & whether it benefited & in what way.
One on flat rate scheme that gave you the exclusive sales figure.
Can anyone remember any others?
Seems a blurr now
Are the CBE questions different from paper?
Oh just remembered some more…
Steps for calculating IHT
Matching some dates due for death tax & lifetime tax.
Moon got salary and his share of the profit. Luna got her share of profit and the property income. Forgot to deduct the rent a room allowance :/
@msarosh said:
Wasnt that the last question? I guess i got them mixed up, sorry.What was Lunas salary? I dont think they mentioned it in the question? ‘Cause they mentioned she was employed until the day before the partnership started and tax was deducted through the PAYE system but the amount wasnt mentioned
I didnt see a salary either confused now maybe we missed it!
@ak2401 said:
I didnt see a salary either confused now maybe we missed it!I re-read the question many times to make sure i didnt miss the salary so im sure they didnt give it. Didnt we need to know the salary for the next question for POAs?
@sophiemuzz said:
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 allowanceYeah you’re right Sophie. From what I remember it was split 60% to 40% I forgot about the rent a room allowance as I used the full salary 🙁 seems an awful lot of work for just marks!
@msarosh said:
I re-read the question many times to make sure i didnt miss the salary so im sure they didnt give it. Didnt we need to know the salary for the next question for POAs?I’m pretty sure there was a salary and it was split 60/40! We needed the salary for the income tax liability and this led to calculating the POA.
I didn’t deduct rent a room as it didn’t say that an election was made. Where rent is above the threshold you need to make an election to claim it. In practice questions re rent a room it always mentions an election being made.
I walked out of the room feeling dejected… i guessed 97% of the multiple choice questions…it seems that i didnt grasp the concepts..feel like quitting..
I made a mistake in nic class IA mcq I added car parking space at near work place cost 2000 to employer it was an exempt benefit 🙁 🙁
Are the CBE exams & paper exams different? Like do they have different questions in them?
@sophiemuzz said:
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 said:
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
I added the loan as money coming in which was a mistake but I also deducted the interest paid and all the legal fees as expenses so hopefully get half a mark or a mark from the proforma.
My only thing was if the trading profit was wrong then you needed it to calculate the income tax for the partner. My only consolation was I did what you did too for the partnership as I would normally do with the amount and I also took away the £4250 for rent a room relief :)) hope to get method marks maybe.
- The topic ‘*** ACCA F6 March 2017 Exam was.. Instant Poll and comments ***’ is closed to new replies.