ATXACCA Paper ATX September 2020 Exam was.. Instant Poll and comments

I did the same exam as you conor, Q1 I had the same answer for building 1 and 2 but as 6 years hadnt passed for building 3 i thought there would have been a degrouping charge and therefore the asset would be valued at the market rate. Had the same answer for ethics too, about separating teams and not sharing any confidential info I forgot the aea on the iht question which im now kicking myself about, funny what the pressure does to my brain what a silly error to make! Q2 I was sure for dtr either, there was a note in the memo about it too but i didnt understand what it was implying! I added 29% of the rental income back as tax saved presuming she wont have to pay that if she gifts the house. Q3 I also went for rollover relief, i apportioned the gain to 1/4,l that was immediately taxable and also i think she only reinvested 83 not the whole 85 so i chucked the 2k as chargeable immediately too then the rest as rollover, not sure how correct that was. I knew for the forklift about rollover relief but didnt make a point about it which on reflection i should have noted that! Any reason why you put annual vat wasnt allowable? I put down if they were under the turnover 1350.. limit and up to date itd be good to go . Q4 For close companies its any no of directors and their associates and the other shareholder was his dad, which i presumed is an associate so that took them over 50% and they therefore have control. I put the taxable benefits as income benefit but youre right on close companies think theyre taxed as distributions I thought the last bit was about corporation tax filing so mentioned about 100 penalty for late submission then 100 again after 3 months but if this was about vat i was completely on the wrong path ahhaa Overall abit of a tough exam for timing and not sure i wrote enough points but it wasnt as bad as i was dreading beforehand !

Sorry the last question was CT filing!!! That’s a typo on my behalf!! I didn’t work out Martha’s gain on the gift of the house as the question told you her saving I believe. I think annual accounting scheme isn’t available for groups - only cash accounting and that’s apportioned. There would be a DGC which would be added on to the consideration - probably should have mentioned it - think this makes the CGT base cost the MV at the time of gift. Think you’ve got something I missed there for sure! For close companies did I read a percentage wrong? Was his and other 5 directors 5% then his dad 23? As should be control between 5 right - so Dorian plus 4 others?

For martha yeah it was for the saving i agree i just presumed she might pay dracian tax on the rental income from the uk so i put that shed save that amount too. Oh damn i didnt remember that about vat annual groups, i think youre right! I waffled on for ages about that too haha oops!! For the close companies, its a close company when theres five or fewer shareholders or for any amount (not just five) when theyre directors and associates, so i added Dorian, his dad and the other 5 and it came to just over 50 so meant they had control - i cant remember the exact amounts I got lucky with this one as id read this in the morning before the sitting! There were some pretty niche little questions to be fair

Ahhhhh damn! I thought it had to be 5 or under shareholding’s so I got to 48%!!! I then waffled about having control of the boardroom and decision making to prove control so may get a mark or two ahha Hoping for stuff like forgetting DGC it costs me like 1 mark from 5 but very hard to tell!! Like your VAT miss is 1 mark tops anyway!! A lot of questions on small revision areas in my opinion!

Think there was also an SSE question in 1? Didn’t have it as their shareholding dropped below 10% more than 6 years ago if I remember rightly Trying to remember the mark splits but escaping me

Yeah precisely! I mean if you go in another direction hopefully theyll give you follow through marks if youve backed up what youre saying kind of thing. Oof i missed the fact theyd dropped below the 10% i put theyd owned more than that for 12m in the last 6 years so they qualified! Hey you cant win them all i guess !!

Yeah I agree really tough! I nearly did the same until I check when they went from 14-8 but again if it’s for 4/5 marks? You should get 1/2 for conditions anyway you’d think!

Im now thinking did i put 5% and confuse it with ER! So many possibilities ! Will have to see how results day turns out to find out i guess

Yeah same!! I wouldn’t worry may be me reading it wrong!!!

Hi Claudia, just to say thank you for the advice on AAA which you posted. Had an audit risk question for 26 marks and all I remembered was your comment on open tuition.. To leave it at about 55 mins and move on. I did just that and I managed to complete the rest of the paper to time..!!! My next one is SBL... Did you manage to sit SBL as well on top of tax..?

I already know you passed ATX as you pretty much passed all the rest I have seen on OT with good scores! Will need your advice for SBL in December because I am taking mine in March 2021 as I have a project report to submit under the accountancy and taxation apprenticeship! Then am done!! Good luck!

Oh my! I couldn’t agree more about London Oval centre. I have put in a centre complaint and mitigating circumstances! 1. Queuing from 12:45pm to 15:00pm when exam start time was 14:30pm 2. Centre wasn’t hygienic and toilets weren’t clean. 3. Too many students crammed into the centre with desks everywhere and cables all over the floor not safely taped down! Major trip hazard! 4. Bags left under desks - never had that before! 5. The generator noise was unbearable even with earplugs. 6. The hardware was awful, mine was slow and kept freezing 7. A student next to me had their phone ring mid exam and was allowed to turn it off then text someone! And then could carry on their exam 8. Students finished at different times and were allowed to leave! I won’t list anymore - complete shambles from start to finish!

Damn, sounds like everybody had a rough time. I may be sitting this in December. Any advice?

I have sat this exam in London on Tuesday, and got an email from acca today saying: "We are getting in touch as we’ve notice you have not sat an exam recently and we want to ensure you are fully supported along your ACCA journey." Did anyone else got this email?? not sure why i was sent this as i have sat my exam is this another clash in acca system?

Thanks for the advice. Gonna start studying this tomorrow for a solid 3 months. I had a similar experience with TX, I was convinced i failed PM so i started studying it again straight after the exam. Any how turns out i had passed! Problem was i then only had 6 weeks to prepare for the TX exam but managed to scrape through by scoring 51%. Don't want to play Russian roulette this time around

I got this too! It must be a system glitch ...

Q3) What did everyone do for the travel assistance to drakan I think it was? There were two alternatives given and had to compare it. Is it to do with capital allowances and allowable expenditure for corporation tax? I just did some Income tax computation between the two, not even sure is that's correct :(