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I thought it was okay. The multiple choice questions were a lot harder than I expected. Think I might’ve messed up in the final question were they asked us to calculate the total taxable profit for a 15 month period. Does anyone know if during the calculation for the capital allowances, if the purchases of machinery, equipment were across the two periods or only in the shorter 3 month period. I think I might’ve included all the purchases and disposals in the shorter 3 month period.
Paper was easier than I expected. I found MCQ’s a bit easy compared to some of the mock exams I attempted. Section B was a mixture of complicated and easy questions. I am a bit confident about income tax computation (Hoping for full marks). Corporation tax computation was tricky but easy. I messed up capital allowance part. I completely forgot to add deduct revised capital allowance amount to the main computation part. (I showed all the workings). This is my first skills level exam and I am hoping to get a good score.
It was ok . Mcqs and OT was fine.
I had some confusion in calculating the taxable income .
If the question asks us to find the taxable income for the tax yr 2018-19 ..should we only consider the period from 6 april 18 to 5 april 19 ??
My qs had self employment income of 14 month upto jun 30 2018 and employment income from 1 aug 2018 to 31 jan 2019 and another self employment income from 28 feb 2019 to 31 may 2019 ..I really can’t tell. It was not easy. Section C kept me on it for a while and then i had to rush through the mcq. Will share my success story
I had the same question and I think I haven’t performed very well. I was super confused with this question and this has taken a lot of my time so didn’t really finish the paper on time and left last 2 section c question unattended. I know I’m resitting this one in March 20.
For the taxable income question, I took the approach below:
1st Period of Self-Employment (Trading Profits 01 May 17 – June 18). Closing year rules are that the penultimate year is on a CYB, so seeing as the 14 month period starting on 01 May 2017, I guessed the prior tax year (2017/18) ended 30 April 17 and then final year is everything after that end date for 2018/19. Couldn’t remember the capital allowance rules apart from no allowances in the year of cessation and balancing charge/allowance, so I applied it to the entire period. Not sure if that was right.
2nd Period was February 19 to June 19 (I think?) but as she’s just starting to trade, actual basis rules applied so I took the profits from February 19 to 05/04/19. I guess I’ll find out if I was right in January !
I think we might’ve done a different paper. The only question I can remember that had a long period of account was, where they asked me to calculate the total taxable profit for a 15 month period.
i had the 15 months question and i think the captial allowances were all in the 3rd month period if you look at their dates that meant they had to be only deducted by 3 months profit by time apportion to 3 months i think if anyone else had the same question please share your thoughts about this overall section C was too much mess for me
@sjkk said:
i had the 15 months question and i think the captial allowances were all in the 3rd month period if you look at their dates that meant they had to be only deducted by 3 months profit by time apportion to 3 months i think if anyone else had the same question please share your thoughts about this overall section C was too much mess for meWas this the question where they gave you a draft of the computation with some missing figures? That’s what I had but I didn’t notice that it was for 15 months. I hope that you’re talking about a different question.
@ysulzbacher said:
Was this the question where they gave you a draft of the computation with some missing figures? That’s what I had but I didn’t notice that it was for 15 months. I hope that you’re talking about a different question.No I don’t think that is the question. The question that had a 15 month period was split into two parts. The first part was 6 marks where they asked us to calculate the tax adjusted trading profit and the second part was 9 marks where they asked us to calculate the TTP for the 15 month period.
I had the same missing corp. Tax question totally messed capital allowance part but don’t know should we include security deposit received in prop. Bus income as there was no mention of liability being arisen due to
I had the part C 15 month missing question to. I completely messed it up as was in a rush. I think we should have had two chargeable accounting periods. One for the first 12 months and one for the 3 months I think. the rent deposit was that payable or receivable? I think I did it wrong and calculated it as a payment. Also I didn’t time apportion properly. I’m hoping a strong part A & B makes up for my failing in part C
Did anyone have the part C question on the husband and wife considering going into a partnership? The first question was only 5 marks but was very time consuming, anyone find that? I found that the partnership saved tax as it made use of the wife’s full personal allowance.
the
@liban21 said:
No I don’t think that is the question. The question that had a 15 month period was split into two parts. The first part was 6 marks where they asked us to calculate the tax adjusted trading profit and the second part was 9 marks where they asked us to calculate the TTP for the 15 month period.i think the first question was 6 mark that asked us to simple calculate for 15 months the next 9 mark was asking us to apportion into 2 periods also calculating the capital allownaces
@liban21 said:
I thought it was okay. The multiple choice questions were a lot harder than I expected. Think I might’ve messed up in the final question were they asked us to calculate the total taxable profit for a 15 month period. Does anyone know if during the calculation for the capital allowances, if the purchases of machinery, equipment were across the two periods or only in the shorter 3 month period. I think I might’ve included all the purchases and disposals in the shorter 3 month period.The question you are talking about had group losses reliefs as well or not? I can’t remember pl
@sjkk said:
thei think the first question was 6 mark that asked us to simple calculate for 15 months the next 9 mark was asking us to apportion into 2 periods also calculating the capital allownaces
Yes that’s right, I think you had the same paper as I did. It included a chargeable gain in the 12 month period and a capital loss in the 3 month period.
@daniya24 said:
The question you are talking about had group losses reliefs as well or not? I can’t remember plAs far as I know it didn’t include any group relief. There wasn’t any group relief throughout my paper actually.
i got simple 15 marks corporation tax question but 10 marks question was bit hard.
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