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Hello everyone, how was your TX paper today? I found it very difficult, just wanted to have your views.
I forget the vat rate for books and newspaper, it was actually should be taxed at 9%, i didn’t pay attention to it before.
I remembered that there is one MCQ about CGT, and A disposed a property from his cousin and also sold the shares, i was only charged the VAT for the shares, it’s correct?
Did anyone find section c tricky?? I am really worried. I also had some difficulty in Section B. I am worried guys.
Mine was ok – section C was very time pressured though – I had a taxable benefits question and another which was very heavy on capital allowances and involved several short life assets – luckily knew a fair amount about both having done similar practice questions. Section A and B were generally ok but one section B VAT scenario had some tricky elements. The only really hard bit was the higher skills 10 mark sect C question. It involved working at the margin and the effective marginal rate of 60% related to the reduction of the personal allowance and calculating a reduction in tax following a pay decrease. That question was grim tbh. Overall fairly happy and think I broke even?.
Mine was quite ok too…. At least i hope I managed to pull off 50% pass…!
Done all 3 practise exams on ACCA website and done lots of examples in the exam kit, which helped a lot. Especially to tackle section C.Had quite a fair bit of CGT questions. Section C was ok. Calculating taxable income, lots of benefit calculations, NIC and tax payment difference if self employed or trades as a ltd company…
Only a couple of questions re the dates… not too confident on those, but at least some got right I think.Overall, hoping for a pass! 🙂
Good luck all.X
I find it particularly difficult to read the section c questions on a computer screen having to move back and forth to find the info on the question and click back on the excel sheet..my computer was the smaller one not sure what size that is..another issue i had was i kept seeing questions unseen on my screen..when i clicked on it i saw that i had done it already i did this many times same result, strange..i decided to go back from the beginning to end only to see questions undone in the last 10 mins..so now i have no idea what i did or did not do…i knew the answers just had no time to calculate….? i hope i get at least a 50
I had the same paper as u are telling , the capital allowances were tested in last corporation tax question if i remember correctly and there were 2 short life assets and one of them was sold was giving rise to capital allowance charge , section c last 10 marks question was really stupid and i can’t make sense out of it , i had done kit twice but still got stuck on that question . Lastly the VAT section b question was about a take over by another business as a going concern as far as i remember .
My paper was pretty tricky. i had this question where there were 4 options
some% of partnership
some% in an unquoted investment company
% in a unquoted company
% in a quoted companycan anyone with the same question paper tell what they wrote? or atleast what they think the full question is so i can confirm the answer
which 2 from the above options were the answers
im not sure if it was in an iht or cgt questionHi.
I had this question..
If I remember right, it was about which out of the below would qualify for rollover relief or gift relief… Not sure… But I stuck on it so at the last minute just guessed and went with the highest %.. I think it was partnership % and unquoted company %.okay thanks, and also, what did you write for section c 32 c) there will be a capital loss that will occur in 2020/21. how will the capital loss affect the accounting period 20/21. No other disposals will be made in 20/21 and trading profit of future years will be same as 19/20. ( This was for 2 marks)
Did we have to calculate corporation tax liability for ltd co. too?(but that would be really complicated) because i only calculated IT liability and NICs as per the question
I sat the TX exam yesterday and put a £ on each row for my Section C answers instead of just one £ at the top of the column, does anyone know if you get scored wrongly for this?
Jovita885 wrote:okay thanks, and also, what did you write for section c 32 c) there will be a capital loss that will occur in 2020/21. how will the capital loss affect the accounting period 20/21. No other disposals will be made in 20/21 and trading profit of future years will be same as 19/20. ( This was for 2 marks)
I wrote that since the profits are estimated to be similar next year, Capital loss would reduce total profits and therefor company wouldn’t be considered as large that tax year, so wouldn’t need to make quarterly tax payments.. I think since they only gave 2 points for the answer, they were looking for 1,500,000 threshold and quick explanation… 🙂
The question was tough – I think it was simple having read up since – did you remember to transfer the short life to the main pool after WDA as it was post 8 years??
Jovita885 wrote:My paper was pretty tricky. i had this question where there were 4 options
some% of partnership<br> some% in an unquoted investment company<br> % in a unquoted company<br> % in a quoted companyThe exam was really tough.
I originally answered with the two highest %s, and after researching I think this answer was correct, but afterwards I changed it to the two lowest %s…
Also, there was a question about the Base Cost of new Shares after the company was taken over… I wasn’t sure if it was the price per share which she paid for the old shares x the amount of new shares which she received?
Also, how did you advise Halina (the section C 10 mark question where you had to advise her whether she should start trading as a sole trader or Ltd Company)? I advised her to commence as a Ltd company, as she would benefit from the lower Income Tax rates charged on Dividends, and therefore has less Income Tax Liability overall.
Hi Justina, I got the same exam as you I think, with all the CGT Section B questions. I didn’t like those!
How did you answer the question – where there was a gain of £60,000 but part of it qualified as ROR? The question asked for the amount of the gain which would be chargeable now?
Thank You!
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