ACCA Paper ATX exam was – March 2021 Exam – Instant Poll and comments

How was it for everyone?
I did the UK version and I feel I could have done better especially on the first question

Absolute disaster, not helped by the remote system locking me out because a small program/process on my computer kept starting up in the background which I had to keep turning off in task manager. Happened about five times. The invigilators seemed understanding at least.

But also, there was a 16 mark question on relocation costs that I had to completely ignore because I ran out of time answering the other questions, badly. This was a resit, I studied hard for it (took all of last week off work and went back through the entire bpp text book again), but I’ll be lucky if I score better than the 38 I got back in December.

So deflated right now.

Hello All,

I found this exam was a disaster for me – not sue how you lot found it?

I have so many questions but i would like to start off by asking what did people write for Q1 where there are losses in the final tax yr and no terminal loss relief is to be claimed. Did you lot add the overlap to the loss in the final tax yr to achieve a bigger loss and then offset this against the other income in the previous tax yrs?

Omg i had no idea what to do with the basis periods.. the first period was 20/21 and the other period was 22/23 so I just did 6 Apr 21 – 5 Apr 22?? And deducted the original overlaps?

Obviously wrong!

The first losses question caught me a bit feel i could have written more
– The interest payable i said wasn’t for trade so it was a interest loss and therefore could be offset against total profit CY and CF but only interest profit PY?

For trading loss I said it was MCINOT so couldn’t carry forward losses or back losses? I feel they wanted more on trade losses between the groups but I ran out of time 🙁

I sat in Atx UK, my last ACCA exam and I dont know what hit me
failed for sure, help me out here how to prepare for June attempt
?

For question 1 with loss relief I have no idea if I did it right but added final period to last year profit so reduced loss slightly then added overlap profits to increase loss to around 70k then managed to offset some of it against cap gain on sale of business building but only had a small tax saving because of ER and AEA. There was alot in going on in that question. I assumed no carry forward as not UK tax payer going forward. Couldn’t think of any issues with sending her sister 18k a year once he leaves as it was out of income assumed not even considered a Pet.

@sandra thought it was 4 years he was going for initially. If it was months that changes everything with the residency question?

Did anyone get the question with CGT and IHT calculation on sale of shares guy died left to 2 sisters and one left to their kid etc..
I so wanted there to be a relief but couldn’t find one..
No ER on daughters sale as not 2 Yr.
On PET transfer for death tax
No annual exemptions, no NRB.
No QSR more than 5 year not even tapper relief..
Feel like there was somthing I missed.?

Yes UK ATX but seems software dishes out different questions. I think it makes it less even in terms of topics covered in the exam mine was heavily self employment and CGT/IHT and almost nothing on IT and related topics.

Corporation tax refund in respect of ye2017-
I wrote it might be due to selling shares to finance research project? B ltd was small /medium enterprises for research?
What did you guys write?

elisuper wrote:Omg i had no idea what to do with the basis periods.. the first period was 20/21 and the other period was 22/23 so I just did 6 Apr 21 – 5 Apr 22?? And deducted the original overlaps?

Same not good with basis periods!

SandraaB wrote:IHT question re sending to sister £1,500- it would have been out of income, but he has taken employment initially for 4 month , so then if job ceases, that would eat into his capital ?

Intial 4 year contract for overseas job

Questions:
1) Tusk – losses, VAT deregistration, IHT
2) Group relief, disposals, ethics marks
3) Mathilde, Iris – gifts, IHT
4) Basis periods, cost of additional employee, VAT

An extra hour and I’d be comfortably passing. Not enough time to work through all the points to get results, so lost professional marks by not arriving at conclusions.

No easy marks. Everything required a broad knowledge of whole syllabus.

Hoping to scrape enough for a pass.

DSAV90 wrote:Wasn’t one of the transfers to the wife in his death estate?

Iris mathilda question – I thought shares were to daughter so can’t add on ownership period. So need to have 2 years for ER.

Does everyone sit the same exam for CBE? Looking at all the comments I had those questions to. The first one with Tusk just lost me so much going on.
I failed in December with 45% but definitely got worse this time round.
It’s good to know it wasn’t just me that found it hard. Never seen an exam like it. I felt like I knew nothing.
And now we have to wait 3 months for the next. Why can’t ACCA be more like CIMA where you can sit the exams when you like.