TXACCA Paper TX exam was - March 2021 Exam - Instant Poll and comments

Well Cooperation part question 35-36 was quite tough Very different from Kitt First 15 questions were quite easy But i lost a lot carelessly. I started with the last 6 questions for saving time Then i went to senarios And finally last 15s But really time management will decrease marks Hope to pass

edit: Whoops, this is TX, not ATX...

I cant believe i changed my answer for the simplied invoice question to customer name and exclusive vat amount, my original answer was tax point and customer name doesnt have to be on a simplied invoice.

I got quite confused in section c. They were asking for the net income after tax. Did we have to calculate the income tax and ni contributions? Seemed like a lot of work for 5 marks

Can anyone remember answers to section C?

If i recall correctly it asked for total taxable income, so after the personal allowance, which was 0 as it exceeded 150k income

Did you guys click did not qualify for ir or er relief in that question in MCQ question?

Burningdesire wrote:Did you guys click did not qualify for ir or er relief in that question in MCQ question?

i guessed qual for both

I put did not qualify but I think it does, I was thrown often by the gifting scenario

Your video lecture is by far the best. I watched UK Tax Videos and completed UK Tax Course note for 4 days without sleep with RedBuLL. Today's exam seemed easy. Thank you all for creating the best lectures and providing the most user-friendly course notes.

Hey Jargal What did you put for investors relief and Entrepreneur relief question, did they qualify or not?

They did not qualify for both relief. Entrepreneur relief minimum percentage is 5% & Investor relief is available for newly subscribed shares. He purchased it from an existing shareholder.

Last question for me there was a share matching question in c, was it for a company or individual? Can’t remember!

Hello, Situation does not qualify for both relief as i see

I had none of the question you guys mentioned :) For me the exam wasn't too difficult in general aside from dates and administration which I neglected and there were more questions from this area than I expected. Also, I had a section B question with IHT which was pretty tough for me too, lots of PETs and CLTs. Part C was easier, both 15 mark question had a lot of profit adjustments, which I was happy with. Should be a pass.

Another question I got stuck on was the one where he bought something years ago for 5k and sold it to his son for 20k when market value was like 300k. I put down the gains was 0, is this wrong ? My logic was it got sold under market value to his son by huge margin

Burningdesire wrote:Another question I got stuck on was the one where he bought something years ago for 5k and sold it to his son for 20k when market value was like 300k. I put down the gains was 0, is this wrong ? My logic was it got sold under market value to his son by huge margin

there will be chargable gain as proceeds was excess of cost...(20k-5k)=15k...

anyone found the corporation tax and tax planning question too difficult??

Corporation tax question I had, had rollover relief at under sale so gain chargeable now is lower of proceeds not reinvested and total chargeable gain. It also had a chargeable gain group sale so nil gain nil loss. It was v tricky. Not like anything in the book. The ir er question I had I didn’t tick either the person didn’t have 5% of the trading shares, and for ir I’m not sure they were newly subscribed shares.

The tax planning question was also tricky because mine had employer occupational tax donations. Somehow remembered they are deducted from employer Corp tax calculation but v tricky I think

*pension

For the IHT question in section B, was the wife entitled to the RNRB of the husband who had died?

Yes and as it’s passed to kids it’s fully usuable

Hmm I don’t think I got the same corporation tax planning question, did you have the question to compare net income while employed vs when she was an employee after nic and income tax?

I thought so too!

ryanwilkes1985 wrote:Corporation tax question I had, had rollover relief at under sale so gain chargeable now is lower of proceeds not reinvested and total chargeable gain. It also had a chargeable gain group sale so nil gain nil loss. It was v tricky. Not like anything in the book.

I had this and struggled, i couldnt grasp the ROR, i got the no gain no loss and the company made a property loss which i offset in the year, cant change anything now but i agree nothing like that in the Kaplan exam kit

ryanwilkes1985 wrote:Corporation tax question I had, had rollover relief at under sale so gain chargeable now is lower of proceeds not reinvested and total chargeable gain. It also had a chargeable gain group sale so nil gain nil loss. It was v tricky. Not like anything in the book.

ryanwilkes1985 wrote:The tax planning question was also tricky because mine had employer occupational tax donations. Somehow remembered they are deducted from employer Corp tax calculation but v tricky I think

looks like we both had the same question... relieved to know i applied the same rules that you also did.. thanks for sharing

This should be my 6th or 7th attempt at Tax. I hate it. Passed sbl first attempt, sbr and other prof papers but this I can't seem to grasp all the rules. I end up mixing them all up on the exam day just like yesterday. God please I just need a 50. Help..

Both not qualified as the share is 2%(not qualify for ER) and it was subscribed before 17 March 2016( not qualified for IR)

Is pension income included in chargeable estate for the the purpose of inheritance tax ?