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it hard and beyond, the style of the section C was even unprecedented.
Section B and C wasn’t as difficult as I expected with the exception of the Higher skills 10mark question. Had to guess a few in Section A because I was running out of time.
I think I messed up with section C, 10 mark question, which I got stuck with. It was about income tax that should be saved on shares and income tax that should be paid on the remaining amount after gift and calculation of the chargeable gain. I was absolutely fine with solving these type of questions during my practice, but this time I chose the wrong %-ge, instead of taking 45% a chose 38.1% as for dividends. I still cannot believe I did that, I got it all wrong 🙁
Another problem with the question 10 was that the area for answer was so tiny so I couldn’t see the structured answer. I think if I could see it properly, I would spot the mistake.I also got frozen on the 15 mark question, first part with the losses.
So I think I lost at least 16 marks.
Everything else in part C was easy.
Can anyone remember if it was asked in one of the questions to calculate CT? I remember that I had only calculation of TTP. Could it be that they didn’t include it in this exam, by having only TTP calculation? Also I hardly had any questions on VAT.Part A and B was ok.
I hope I did enough to get at least 50%It will be very disappointing if I didn’t pass
Section A was bad with many elections and due dates. Got confused
There was a lot going in sec c… Rollover relief in a group situation, Paye and balancing payment and I could not manage higher tax planning question. Some easy marks were there too
Where do they even get these sec A question.?
Hope I make it to 50. Hah
@y0lk@ said:
I think I messed up with section C, 10 mark question, which I got stuck with. It was about income tax that should be saved on shares and income tax that should be paid on the remaining amount after gift and calculation of the chargeable gain. I was absolutely fine with solving these type of questions during my practice, but this time I chose the wrong %-ge, instead of taking 45% a chose 38.1% as for dividends. I still cannot believe I did that, I got it all wrong 🙁
Another problem with the question 10 was that the area for answer was so tiny so I couldn’t see the structured answer. I think if I could see it properly, I would spot the mistake.I also got frozen on the 15 mark question, first part with the losses.
So I think I lost at least 16 marks.
Everything else in part C was easy.
Can anyone remember if it was asked in one of the questions to calculate CT? I remember that I had only calculation of TTP. Could it be that they didn’t include it in this exam, by having only TTP calculation? Also I hardly had any questions on VAT.Part A and B was ok.
I hope I did enough to get at least 50%It will be very disappointing if I didn’t pass
Got this same question. Remembered the 38.1% at the last second, Just not sure if I used the right figures.
I had alot of IHT questions. Section C consisted of a nice calculation of calculating taxable income but a really unusual one about rollover olrelief conditions and transferring through a group. Luckily i’d revised this so feel alright about it but i wasnt expecting that style. Another part was about the tax saving if a self employed person made pension contributions and another about transferring gains to a partner and the saving on that, both of which seemed pretty straightfoward but maybe i missed something! Did anyone else get the same qs?
my question had alot of shares in it. and i got the hard questions also. i’m hopeful
Bea – I had a pension and spouse transfer too. Both just a few marks so not expected to be complicated. Had a loss relief question I couldn’t face so left, again just a few marks so not a big deal – I had a sore throat and head so not on form. Because the large questions had multiple sections or even different people/companies it didn’t feel overwhelming, mostly just short questions of max 10 marks.
My last one was income tax for an individual and I realised the accommodation benefit wasn’t taxable as it was required for the employment. Lots of IHT too which I had cracked. A few cars and capital allowances I was happy with, including one using the indexation- remembered to use to Dec 17 max or not at all if bought after that. One question on wasting chattels with the exact same numbers as a past paper question. But no rollover or gift relief calculations. There was so much to learn which didn’t come up. I’m sure I passed but not expecting high marks.
I did find the spreadsheet annoying and slow as it’s not close enough to excel to have the right functionality – can’t insert or delete rows, formulas don’t always work if cut and pasted and I couldn’t sum or use comas, never mind complex formula like = B2*((10-1)*2%).
I got the same question of pension contributions, transfer of property before disposal, lots of IHT in sec A B & C
Rollover relief in group cos.
I think I might have gotten same questions as you. Had a lot about IHT and chargeable gains.
Got 1 section B scenario about VAT, so feeling good about that part.
Had quite a few questions about gift relief and shareholdings in different entities.
Section C question about rollover relief & adjusted trading profit for tax purpose really not sure about. I was ok with the one for taxable income calculation but not sure about the equipment lease that was mentioned there, think I got it wrong for sure.
Section C about spouse transfer and personal pension contribution (to calculate tax savings for both) seemed ok.
I’m worried some of them seemed too easy to actually be that easy and I probably forgot some relief.I got a question in section C which was referring to a scenarion called Chandra or something like that, can’t remember the exact name. It required some property income calculation with some mortgage interest and repayment and some other things under property income. Anyone remembers what it related to? Was it corporate tax computation?
I got an awful lot of questions in section C. Too many for each 10-mark or 15-mark question.If it’s the one I got – was it not working out someone’s income tax liability – you had to do calculations to work out their employment and property income before you could do the comp?
I think I got the same questions as you by the sounds of it, company B sold a freehold factory and made gains of £400,700 and made a rollover claim with company B which had purchased £400k plant and machinery, is it the same one?
Yeah thats the one i had too! Then a question on group rollover and the depreciating assets deferring time!
I really can’t remember right now. I was in such a rush because there was a LOT to do in section C so I am now thinking back and start wondering whether I should have used the accruals basis for that one. I hate post-exam stress!
I had mixed questions in section A
Section B VAT IHT CGT
Section C
That 10 mark income tax saving question with chargeable gains
15 mark question on CT losses and Trading profit and CGT for companies
15 mark question on Income tax in which there was properly income with mortgage payments
And employment income with job related accomodation.@maro999 said:
I really can’t remember right now. I was in such a rush because there was a LOT to do in section C so I am now thinking back and start wondering whether I should have used the accruals basis for that one. I hate post-exam stress!I used the cash basis for the property income and stated this, it was definitely an individual not a company. So no accrual adjustments for insurance or rent. But 50% interest deductible and 20% of the other 50% as relief on total income. Work related accommodation not taxed. And car an easy one as low emissions but only three months.
It was a surprise not to get a rollover or gift relief question. I revised it especially but annoyingly not loss relief to the same extent. The IHT one was very easy as it had not gifts at all and was under the NRB, so no point gifting to kids if they die soon. It was hard to type an explanation into the spreadsheet as there was no wrap text function.
The other question with the income tax liability question was the revision of the tax adjusted trading profits one wasn’t it?
I got two of these – think this one was for a company and included buying 2 second hand cars?
If so was it the one that included the golf club – I made no adjustment for it as it states it was before deductions had been made – not sure if anyone else got this one?
Thanks Vee, that’s also how I treated it. I think there were also some receipts having being made before and during the year in that one, right? And I used the cash basis for that one.
Agreed about inheritance tax. I answered the same way.
Indeed strange that no rollover or goft relief were tested. Capital gains questions seemed so uncomplicated that I was getting worried I was overlooking something.
Section A was nasty. They included a lot of questions where you had to select 2 or 3 or 4 of several options and with those ones if you get one out of the 4 say answers wrong then the whole 2 marks is lost.
Excel was absolutely horrible to work on. It was getting stuck all the time, I had to double click on the cell at the start of each new question before I could type. I would try to link cells by taking a value of another cell and instead it was replacing whatever calculation was included in the cell I was trying to get the value from…and the list of issues continues. Seriously, they need to provide a proper version of Excel for the exams. No accountant has to work in a half functioning version of Excel like that.@missboo said:
I used the cash basis for the property income and stated this, it was definitely an individual not a company. So no accrual adjustments for insurance or rent. But 50% interest deductible and 20% of the other 50% as relief on total income. Work related accommodation not taxed. And car an easy one as low emissions but only three months.It was a surprise not to get a rollover or gift relief question. I revised it especially but annoyingly not loss relief to the same extent. The IHT one was very easy as it had not gifts at all and was under the NRB, so no point gifting to kids if they die soon. It was hard to type an explanation into the spreadsheet as there was no wrap text function.
I am not sure if we had to use the 50% rule for finance cost. If I recall correctly, it did not mention anywhere that the property qualified for furnished holiday letting. Am I missing something here?
I Also got the CGT question and calculated gain as 400 700/- for roll over relief against netta, 75% Grp. relationship. 400,000/- P&M , 150,000/- odd inventory and some investment in other co.
A part from this, I got dembe and Kato (guess I am right) for High Skill testing. Q was to refelct effect of personal pension scheme in saving tax. and property transfer before disposal to spouse for better tax planning.
another one was to assess why the contractual employment of developing website is to consider as employment and not as self-employment. All in all lot of mini-descriptive type small questions.
One to calculate revised profit under corp. tax. 5% loan for interest amounting 50000/- out of which 10000/- was accrued at year end. Was confusing just
I can remember in corp. Q in Sec. C was divided into so many Qs the maximum mark for 1 Q was 4 marks and all other are 2 marks and 3 Marks Qs. which shattered time management.
I was surprised not a partnership & capital allowance Qs in Sec. A B or C
it was not very difficult, but I buckle under time pressure. In center after 1.5 hr. (Approx.) all system halted for 15 mints and main invigilator was not there till the time subordinate call and she arrives it was already 3-4 mints. they promised us to give exact time which was missed. but as we were under exam did not noted exact time it halted. thus, we lost precious 5 to 7 mints. that’s very unfortunate for us to suffer for poor management of center. This also disturbed the flow.
I felt the screen/monitor size was very small, to give complete view of answer area even after adjusting the question area (maximum adjusted only o read the question) may be 13″ diagonal, because of this have to keep scrolling the question many times if we jumped from one question to another and system was giving Msg. of “you have not read the full question” something for that again have to keep scrolling unwontedly.
The highlighter tool never worked for me, (trying cost me another 2 mints or so ) thus it cost more time to keep track of figures/ amounts in Qs and scrolling up and down. dummy-excel was difficult to manage. I hope authorities will come-up with better solution for this in future.
I calculated the same for the gain on rollover relief, but isnt the rollover relief about the elements of the proceeds which are reinvested so from (i think it was) 600k odd, only part of it relating to PM machinery was rolled over , and the other part immediately chargeable as its normally only on pm, land bulidings etc for companies!
The group element I jsut explained that it needed to be a 75% subs too. Then had to explain the depreciating deferred gain timing as it was an asset under 25 years I think.For the corp tax question re interest, I found this really confusing too I apportioned the loan interest to the expenditure ratios then just made it up abit for the adjustments as to what I thought looked sensible.
For the IHT I thought that although the reliefs covered it, it could be sensible for them to give the 325000 to their children as if they live for longer the property value might increase and therefore the estate not be covered by the allowances. and they can benefit from taper relief (i didnt think this part was if they die soon, that was relevant to the q before!) hope I wasnt on the wrong path…
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