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Exam was moderately ok.. no question on basis periods and partnerships.. spent a bit of time revising those.. messed up q31.. Higher skills were always a problem for me..
Hope for a pass however.. fingers crossed..
there was not neither any indexation stuff right? …there was a MCQ for rollover relief with indexes but I think they were no need to use them… I’m referring to the UK version
Yes, there was question rollover – it was number 1 for me. as remember I picked up £135000
In general it was ok! I was not sure what to do with loan interest received on Company. and q31 (a) – CGT on the inherited house. Does anyone remember what he/she did.
Was lots of small VAT questions.
It was moderately ok. Skills in CGT, IHT, VAT were absolutely tested. MCQ were somehow technical but straight forward. Passing F6-UK, I will recommend a solid understanding of the whole syllabus. We hope for a good result.
About the loan interest received:
I recalculated it as: accrued at the end plus interest receivable minus accrued interest at the start. I’m not sure about this.In the VAT first question about the fire equipment what did u answer? I answered b – 1445
In the question about Martin and Naomi…
After 50:50 of property income and dividends, the only specific things were:
– increase of basic band of Martin with gross personal pension
– reducing the PA of Naomi
Right?There was a question regarding basis periods, where there was a 9 month opening period ending 30th April right?
You definitely cannot pass if you hadn’t covered the whole syllabus. of all the papers I’ve taken including P level, (F6 was my last F), this particular F6 UK tested majority of all the syllabus areas..
Did anyone find the MCQ rather hard? I found section C not to bad.
Petya – I did the same with Naomi and Martin question so I hope that was all
1- There was a question in mcqs about gilt edged securities in IHT. There was suppose to be 2 values under two separte headings. I forgot the first heading but the second was gilt edged securities. The answer was the value right? Its only exemt for cgt right?
2- in one of long question we had to find balancing payment.. we had to calculate iht then just subtract PoA and PAYE thats it? And in calculating IHT we had to deduct PAYE too right?
3- the dates that were asked in long question. The first one was for compliance check i guess, it was 12 months after the filing date i.e 31 january 2019? And for records it shud retain for 6 years ie 31st january 2023?
4- in child care benefit were we suppose to write that the ANI of 50,000 and less gets 100% relief. From 50,000-60,000 = ANI – 50,000/ 2 ??
hey guys. i wanted to ask whether the number of income tax about jay that involved self employment and employment had in anything about leaving one for another with in the tax year 16/17 where by we had to pro-rate the benefits of employment income. Or it just involved that jay did both employment and self employment at the same time for the whole tax year. please help me. hope we all pass
I did the same as you Sameera in the gilts question as I thought they are not exempt in IHT
I gave the same answer as you in the dates question too
I liked the long question for corp tax.
But the loan interest i was not sure. Pls anyone can tell for sure how is it to be done.
Later in same q I took property loss b f and set it off against total profits. Right?About how long to keep records for business of individuals I think it was 5 years after filing date. Six years is for companies.
Are there different questions for people sitting CBE exams? Or does everyone sit the exact same paper?
Thought so! Thank you
Cause I defo had basis periods and no partnerships. Was panicking ?
Yes just calculated what I thought was due then minused off what had been deducted/paid already – think I was left with an overpayment so a refund due back so don’t think I did that right
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UK Variant – This is what I remember about one of the Section C questions:
PET to someone 300k (ex AE allowance) (>7 years ago)
PET to son for marriage 332k (6 years ago)Q1 What was what was the deductions that would have been available on PET to son.
Q2 Inheritance tax that the son has to pay:
Q3 Value of estate – Property, Chattels <6k, Cash?, Funeral costs, Trustee expenses.
Q4 Value of distribution to grandkids (400k Spousal exemption & IHT figure paid was given.)Last Section C question was the CT comp.
Errors I think are correct / can remember
Trading profits – advertised gifts allowed.
Cap Ex – FYA on low emission car, AIA on Machinery.
Property: 13 months of income, disallowable Cap Ex repairs, Insurance for period required. With losses b/fwd I think the taxable profits were still nil.
Non trading interest – can’t remember.
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