TXACCA TX exam was – September 2021 Exam – Instant Poll and comments

Section A just killed me. Lots of Questions regarding due dates. Section B and Section C was ok. Will be glad if I get 50 as I don't wanna be stuck with a subject which is not relevant to me.

is it difficult?

Hi, I would appreciate if someone can share some of their questions and answers from this exam entry period. Thanks!

Section A had many Questions related to tax due date and related to Tax administration which was difficult for me. Section B had 3 sections related to VAT, IHT & Capital Gain tax. They were easier compare to section A. Section C was fair. There was questions related income tax, recalculation of Corporation tax with some adjustment and some questions related to IHT and capital gain tax.

I really have no comments because I thought it was manageable but then questions are tricky so idk

Did anyone get a question where the company purchased a lorry in December the last month. For the capital allowance I time apportioned it so multiplied by 1/12. Not sure if that was correct

I also got section b for VAT IHT AND CGT then section C also additional benefit for living accommodation - 5marks income tax - corporate tax -5 marks each also then net chargeable gains - 7 marks partnership apporitonment of trading losses - 3 marks section A was a mixture of many questions - not sure if i will pass..

What is the answer to the question of VAT due date and the amount of surcharge? I answered 648£,is it right?

And in chargeable gain question,Do you have to deduct the Allowable selling costs to disposal proceeds and then multiply By 5/3? I did not deduct and took gross of 9,900/-,who else got this question?

Hi I had this question too, I did 9900 - 100 (selling costs) so: 5/3 x (9800 - 6000) I think, if I remember rightly.

The question about the couple and the wife died leaving some money to her child or grandchild, the deductions should be her AE and NRB but none of the options had this answer??

any NIC?

i found this exam super hard!! The very first q nearly caught me out, it was employment benefit on a property, think the property was bought in 2009, there was an improvement in 2014 and the new market value was 1st aug 2018, i ALMOST deducted improvement from new market value when calculating the additional charge.

Yes I answered this and it was a month and 7 days after quarter.

I also got this and used gross proceeds (9,900-6,000) x 5/3 = 6,500.

Agree. Was not 100% confident on many answers. I know I have got 5 wrong in section A already and I have made silly mistakes ie. not using taper relief in IHT, not adjusting income for child tax charge by gross pension contributions and also forgetting that index allowance cannot increase a loss. Bad day at the office for me.. praying done enough to get 50.

Can anyone remember any other section A questions and answers?

Section A just killed me. Lots of Questions regarding due dates. Section B and Section C was ok.

could anyone help me with the questions that you guys remember , i have rebooked my exam on 12th ,thank you

yhh its the gross proceeds you use. you're correct the answer was £6,500

I thought it was a lame exam. No capital allowances, barely any profit adjustment - they didn't include any of the fun stuff! I thought Section A and B was ok, although I made some dumb mistakes too... We'll see in 6 weeks.

Did someone get a question (IHT) where a woman paid nine installments for school for someone, gave a cash to its niece, etc? Can you remember the solution?

Do I need to remember the Car Co2 percentage or they are provided in the exam table?

You don't need to learn whole table. Instead you need to learn a patern for calculation. It's easy. E.g. if car emission 148g, the percentage will be calculated in the following manner: I (145*-55)/5=19 *first lower number which can be devided by 5 II 19+14*=33 *always use 14 because that the value in the table for petrol driven car which has emission 55g So in this case appropriate percentage would be 33%, or 37% (increase given percentage by 4 p.p.) if the car has diesel emmision or does note meet RED2 standards... Hope this is helpfull.

Can someone please provide a high-level overview of the questions that were examined?

There was selling costs for the chattel, therefore correct answer was £6333

See example 3 for how it is calculated. https://www.accaglobal.com/us/en/technical-activities/technical-resources-search/2018/april/capital-gains-and-chattels.html

Part 2 of example 3 has not deducted the selling costs. It has taken the £9k gross proceeds.

Oh yes sorry! I was thinking it was the calc for cost > £6000 but sold for <£6000 as that allows selling costs. Ah well hopefully I didn’t need those two marks :)

My thoughts exactly on a lot more than 2 marks!! I’ve made a lot of silly mistakes. Good luck anyway.