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@amunonye said:
1 October. A month and a day after.I was confused between these 2 dates, I put 1 october but then last minute, I changed to 30 sep! Darn it!
I put 1st Oct did the question not ask from which date do they need to start issuing VAT invoices? They went over the threshold is Sep so have 30 days to register but need to issue VAT with immediate effect. I’m probably wrong though.
I think it was OK after all. MCQ were tricky and some were easy. Some too were too technical. Anyway thanks to ACCA for providing that hint on the section C NIC question 31. Without the hint, it would have been difficult for me to understand the requirement. I did it thanks to that. Hoping for a good result for us all.
Does anyone remember:
1. Section B Inheritance Tax question –
1st ques was : What is Nil Rate Band available? What was the correct answer? I suppose it’s not £390k (20% of £325000+ £325000)?
For the 2nd one, we had to calculate deductions for the chargeable estate and if I am not wrong we exclude only the “verbal promise to pay..” amount?
The next IHT ques was about: Who is responsible to pay for IHT and By which date?
Was it the “Personal representatives, and the date is supposed to be end of month(that is 30th of Sth)after 6 month period of the death?The last 2 questions were about tax savings on IHT and I screwed up. So, I dont remember the answers.
2. Section B Capital gains tax
Again , screwed up.
3. Section B VAT
1st ques was: Date to notify and register for VAT.
2nd: Output Vat
3rd: Input Vat4th: Date to pay for VAT- was it 1 month+ 7 days? I think 7th May?
5th: I cannot remember the question.
Section C questions :
(1.) We were supposed to calculate the Taxable income, NIC contribution and Corporation tax Before and after the Decision of taking Salary and dividends of £8000?
All I remember is:
At some point, there is no corporation tax to pay and also the NIC is Nil.Although I worked out specimen paper september 2016, I still found it difficult to understand the requirement of the question and hence, wasted time on this one.
(2.) This one started with a 2 marks theory question on why it was not better to use previous years profit to relief loss? I am not sure what I was supposed to write.
Then we had to calculate Employment income or was it income tax if I am not mistaken? Capital allowance had to be calculated here. Or was it another question? I do not know anymore.
Then there was a question on loss relief again. I think my answer was £65k. I barely remember it.
There was one more thoery question which I don’t remember.
(3.) The last question was essentially on Corporation tax/Company.
We had to calculate:
Taxable total profits?
Tax adjusted trading loss?I panicked when I saw operating loss in one question. I correctly started to add back : depreciation , amortisation etc then I do not know what happened! I crossed out my answer and it was during the last 10 minutes. I quickly started to write rubbish and end up deducting depreciation, amortisation and the expenses! DAAMN. WHYYYYYY
I thought that it was a trick question and I was supposed to do the reversal of what we should normally do. The term ‘operating loss’ confused me and hence, I messed up.🙁 Now, I am worried.
@toothpa5te said:
Section C questions :(2.) This one started with a 2 marks theory question on why it was not better to use previous years profit to relief loss? I am not sure what I was supposed to write.
Then we had to calculate Employment income or was it income tax if I am not mistaken? Capital allowance had to be calculated here. Or was it another question? I do not know anymore.
Then there was a question on loss relief again. I think my answer was £65k. I barely remember it.
There was one more thoery question which I don’t remember.
Edit: I now remember, it was about the accounting period/Tax year being 1 April.
I wrote : easier tax planning as it is same as Tax year,
easy to plan pension scheme? eh, I wrote whatever I could remember..What was the answer for section b IHT.. 2Q.. Amount of deductions.. I know verbal promise won’t be considered as deductions.. So the answer is..??
Does anyone remember.. Kindly help..
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