TX*** ACCA Paper TX December 2018 Exam was.. Instant Poll and comments ***

guys. how did u ans the corporation tax on 10 marks question?

Was this the one with a period of 16 months? You had to split it up into two corp tax calcsl I’m sure. And watch how the adjustments affected each calc, one being 12 months and one being 4 months. Correct me if I’m wrong though

It needed to split into two caps. But for 6 marks there wasn't much to adjust. The capital allowances were calculated and just needed to be put into the right cap. The second part involved more calcs for the 9 month period of account. Regarding the additions were they all offset against AIA?

I did split into two caps too and all my additions were offset against AIA. I was quite confused with the second part of the question, capital allowance for the 9 months accounts. Was there supposed to be a balancing charge as there were disposals? I didn't put the BC through at the end but wondering what everyone else did.

Not a BC but you had to make sure to dispose at the lower of sales proceed and original cost. Then WDA the balance at 18% But time apportion to 9 months. I think my total capital allowances was 26k or close. The property income and interest were just calcs to get them to the accruals basis right?

are all paper based question different as my first C section question was about 3 partners who decided to open up a company ltd so we needed to do income tax cgt for ind and then corporation tax for company and show tax savings.......

I got stuck on the last question in section c I think it was worth 4 marks I didn’t know what to put so unfortunately I had to leave it blank. It was about losses and what the advantages were instead of claim back

I also wrote balancing charge for the asset for the motor car from FYA and offset all additions against AIA, though not sure if its right

Well for the Corporation tax 16 month question the period ending was 28 Feb 2017 which falls under FY2016 so 20% tax liability instead of current 19%. The 4 months were in FY2017 so tax liability under 19% The loss carry back of 121,000 was that if it was set off against 15/16 than there be loss of personal allowance. If it was set off against 16/17 than loss would waste not only the perosnal allowance but also the cgt allowance. Where if the loss was carried to 17/18 against 250,000 trading profit than this will eliminate tax paid at the addition rate and also lower the tax paid at the higher rate thereby more tax savings.

I got the same test, also the same answer (£5,835). About the capital allowances part in the last question, warehouse and the integral parts of the warehouse are not allowed. (buildings, bridges and integral parts of these components). Btw, it was the same pattern, the first MSQ - CGT, second - IHT and the third - VAT. As an international student and English as a second language, it was very easy. Thank you Open Tuition!

Small gift exemption question was confusing there din't seem to be a right answer.

The question was what amount is exempt under small gift relief, in that case £190 was exempt and £490 to various friends as this not to a single person. This is why it was confusing.

I just couldn't also figure out the land and house quesition where 1 acre is sold it just threw me off as I rushing. There were seeded questions amongst Section A and B but I don't know which they will mark and which not. All the Inheritence was easy, and also the VAT was ok.

yeah i got the same question.

you had to claim AIA against ventilation and lift.

Amandeep that land question was of part disposal but i somehow dont remember much indeed it was confusing but what i did was C x A/A+B you get value so i assumed they were asking a disposal as a whole so i deducted that legal costs from sales value and this cost my answer matched with one of following i wanted to recheck my answer after exam but didnt have time for that

hi every one .can some one guide me .i plan to set march attempt .notes is enough for paper preparation or read a book

Hi, do you know when will they publish answers?

uzma def read book and make notes from them

sal2222 Uzma the letures on here are more then ample to understand the baisc but without at least 2 weeks solid practice questions from a revision practice kit you will struggle. I left 1 week to practice and i really struggled, in the last few days i did nothing but revise. You should leave 2 weeks minium as you will find most of your understanding will only come together with the practice questions. thanks .

i got question on CGT n section b there was a mcq on ppr relief i am confused whther it was 74 qualifying months or 69 ? i selected 74 please tell me is it correct?

read book as much as u can this will be really helpful for exam preparation. n do practice both kits twice .In f6 what u need to pass the exam is PRACTICE ...