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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.“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 overlap”
Same here I thought I had worked it out and did the same as you to realise they didn’t even want that year. No idea what they were getting at.
I attend the Q2 very well regarding the LTD companies which were SSE, 75% gain group, and Ethics. But I completely lost in Q3, Q4.
Do the grade boundaries come down by ACCA if overall everyone did not perform too well?
Just realised where I lost at least half a marks: In Q4 of my exam there was a question about the cost of taking on a second employee with a company car. I answered the VAT part regarding the VAT well enough (only half of the VAT on the lease costs is reclaimable). But I did not include that extra VAT in the calculation of the cost of the second employee. If I score 49 I am going to be so gutted.
Though I’ll be honest, I reckon I’ll be lucky to have scored in the 40s at all…
This exam was extremely time pressured and there were many things to do in especially Q1 Tusk part (a) for 19 marks. As soon as you open and start your exam, the first question you see is this big question for large marks allocation. It somehow pressurise and puts you off immediately because you know this requires more time to assimilate the information (but, this is what is expected from strategic professional exams).
I couldn’t do Q2 even though I wanted to do and knew how to do it. I did Q3 and Q4.
I am already preparing for June 2021 sitting. The only thing is why do I have to wait till June 2021 when I know with all my heart that I am ready for exam. My other strategic professional exams are due to expire soon. Before my other strategic professional exams expire, I want to pass my remaining strategic professional exams. I work full-time in one of UK’s largest listed company. My employer is not flexible and won’t allow any holidays for exams. I have two questions with ACCA, as follows:
(1) Why can’t ACCA allow strategic professional exams (or any other Applied skills exams) to be available whenever student is ready or whenever student feels they are ready they can book an exam and get it done? Now that, there is a seven year time limit for strategic professional exams to expire, you might be better off to allow students to attempt exams (strategic professional or applied skills) whenever they are ready. You can still keep your seven year time limit for strategic professional exams. You can keep your exam formats and exam time as they are now.
(2) Why can’t ACCA arrange or permit to take exams over the weekend. Why do students have beg their employer for holidays so that they can attempt an exam at least (Forget holidays for exam preparation nowadays; time has changed with COVID)? If you available exams over the weekend, then I don’t even have to speak to my employer about holidays.
I am sure this is possible as ACCA managed to immediately moved to remote invigilated exams in times of COVID.
Thank you Opentuition
I think if all students collectively struggle they have to bring the bandings down.
I genuinely thought I would get approx. 40 for SBR in December. The exam was incredibly tough. I got 60.
I am hopeful that for a really tough exam, putting enough in the workings and giving it all a good stab will be enough.
Think positive!
There was a disposal of a property and motor boat in Q1 i think – did people work out the gain and apply PPR to reduce the gain?
Q2 where there was a transfer of a building from A to B – I said it was at NGNL
Then it said if B buys another building then A will sell the exisitng building. I worked out the gain as normal without any degrouping charge/and the other calculation as It said A will sell it – not B will sell it?
khilen wrote:There was a disposal of a property and motor boat in Q1 i think – did people work out the gain and apply PPR to reduce the gain?
Yes for the house but for the motorboat I said no gain as not bought for investment purposes?
What a good point; that didn’t even cross my mind but motor boat would not be exempt from CGT?
i agree good point but irrelevant as there was still a gain that he was liable for.
I switched from AAA to ATX, I have to say it was much easier but… time pressure is a real issue!
I was not able to complete the last exercise, in 15 minutes, I was not able to understand a single question.
If someone remember:
Why we calculate a disposal of share on income ?
Why there are no cost at the time of death ? I may have seen it in the materials but one more time it may be a single sentence on a 1 000 pages book….leanne12 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 overlap”
Oh do you know what year they wanted? It was 2 years right? I thought they wanted 21/22 and 22/23?
I am happy for all of you that were able to sit your ATX exam. No matter how you felt after the exam, I wish you best of luck as that is all we can all hope for.
For me, unfortunately, I have IT glitches and I was unable to sit for my exam. It was supposed to be a resit for me.
I am unsure now if I should just start studying for SBR or SBL instead of ATX again and leave ATX as the last paper as I have already lost one year out of my 7 years.
Any thought and shared experiences will be appreciated.
Thank you.
@sindy- SBR and SBL are compulsory, but they have much higher pass rates, whereas if you attempted AXT and already spent time and effort in your studies, perhaps would be best to give it a go next sitting. I have two papers to go and whilst passed SBL and SBR from the first attempt, failed AAA a few times…Optional papers are the hardest to pass and ATX paper marking is the fairest one !Have another go!
Those you did attempt but will fail have a disadvantage in losing £176.00
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