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How was it for everyone?
I did the UK version and I feel I could have done better especially on the first questionHi all
I have given ATX UK .
Anyone else experienced closing down of the exam browser unexpected at around 11AM BST ?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?
Is there another forum where the answers are discussed in detail? Understandably a long shot, but would help anticipate whether a re-sit is about to hit me
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
?Hi I have done UK ATX, very strange paper.Did anyone allocated the losses C/Y and then 2 years c/back?With R&D expenditure did anyone get CT refund rather than charge?What about the building – 1 scenario NGNL transfer between S and B, the second- just an ordinary disposal, no degrouping charge? IHT- GWRB no chance to calculate death estate, so only to comment that HMRC could tax as either PET or put to death estate? What about partnership – was that 8/12 of the year and 20% profit ?And redundancy- is cash payment called as EX-gratia?Thanks for your comments
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.
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 ?
@sandra thought it was 4 years he was going for initially. If it was months that changes everything with the residency question?
I spoke that it could be exempt but that there was not enough information to say for sure as we did not know enough abot the job and the wealth that would come from it, other wise it would be treated as normal IHT.
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.
This is my last ACCA exam too. First attempt at ATX though. And remote first time too.
I did find it convenient to give remote exams .Amount to sister I mentioned normal expenditure out of income. Will not be charge to I HT.
Overseas employment was 4 yr contract i mentioned if contract wasn’t extended and she comes back it will temporary move. So she will be liable to UK tax.Gift with reservation was needed to include in death estate and 40% added to given iht due payable from the estate.
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?Vat implications of selling business premises and only asset?
Anyone remember this question?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:Did you do UK ATX, i did not have this question
Same I didn’t get question either
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
There was a question on explain what Tusk needs to know when deregistering for VAT?
I only put that output tax needs to be charged to the NCA & Stock , that he has claimed input VAT on and that is it !
Is that what people wrote?
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, VATAn 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.
Wasn’t one of the transfers to the wife in his death estate?
According to HMRC, if a qualifying beneficiary of a death estate was an officer or employee of that trading company and held the shares for 1year, they’d be entitled to the ER.
I don’t recall materials going into that level of detail but I guessed the ER could be transferred between spouses.
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.
DSAV90 wrote:Questions:
1) Tusk – losses, VAT deregistration, IHT<br>2) Group relief, disposals, ethics marks<br>3) Mathilde, Iris – gifts, IHT<br>4) Basis periods, cost of additional employee, VATI had same 4 questions and ran out of time. Exam was too focused on self employment and not enough income tax covered.
Also 17 marks for part a of Tusk was alot to talk about without a breakdown of marks for each sub section.Final question with car lease was the hardest TX knowledge question I’ve seen come up it’s usually easier TX knowledge needed this was very niche.
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.
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