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Can someone please provide a high-level overview of the questions that were examined?
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.
I thought the exam was an easy one if you had prepared well enough. It was a resit exam for me after I failed (by 1 mark) in June. I have to say this exam was much better and less complicated than the June’s exam, particularly for Section C questions. I think I have done enough to just get a pass but you never know. I got stuck badly on the CT question in Section C as I run out of time and didn’t really answer it properly. Some of the Section A questions were tricky and had to take a guess but I have also made some silly mistakes. Section B questions were ok and as expected. The other Section C questions on income tax and NICs as also ok.
@Jbasir94 what did you answer for the MCQ of VAT?
I amswered 648£ for surcharge and 7 feb 2021,You?I multiplied by only 2%,How about you?
What about section c,Do you know how to calculate child benefit tax charge?Is copyright A Non wasting chattel or wasting chattel because i have multiplied by 5/3,Is it right?
Why they did not permit to use scrap paper and pen ?? As per amended guideline it should have been permitted from September exam and at last we need to destroy it right ??
Yes I got £648 7th feb but for the copyright I think I deducted cost minus depreciated amount from amount sold
@geraint338 How did you answer the Child benefit tax charge in Section C?
I only know to deduct 50,000/- income limit,After that?
What did you do?And how did you apportion the partnership loss?
Did you multiply by number of months and Percentage?
And lastly,There is also a question on gross chargeable transfer,I wrote £0,Section B question,What did you answer?For the child benefit tax charge I think I did (57,000 – 50,000) x 1% to get the percentage then multiplied the percentage by the child tax benefit to get the charge. I think I should’ve adjusted the 57,000 by gross pension contributions but I can’t remember.
What about the Gross chargeable transfer question in section B,Did you answer £0,I did,How about you?
@mazahirg if I’m not mistaken, class 1A NICs is taxable on benefits provided to the employees
Yes,So i am correct,I multiplied it by the employment income not taxable
IncomeWhat about the gross chargeable transfer MCQ in Section B,What was your answer?
I answered zero since the CLT was more than 325,000£@vickyxxi what did you answer?
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