TX*** December 2021 ACCA TX exam – Instant Poll and comments ***

What was the 2nd part of the question of section C related to the terminal loss of the company outtro. First question was 9 marks which was i guess Terminal loss and the other 6 mark was which question?

Unless I'm mistaken the question was about the corporation tax calculation for the second company incorporated in Sep'20 - 31 Mar'21?

Yeah, I had that question. But Im not sure what was the order of the question.

Did anyone have a question on what earnings NIC is calculated on? Did you include the food vouchers benefit?

what answers were you guys getting for the adjusted trading loss?

I have some questions. On the small gift exemption question of 200 and 10000 to the granddaughter. What was the answer ? 1500 or 1700. On the VAT question on the hire of one stuff. Were we to calculate for 4 years only. ?

Iht i wrote answer as 1,700. Small gift exemption won't apply i beleive

What was the answer of this question? imported goods from an overseas Supplier situated outside the EU at a cost of £8,000 usive of VAT).

That’s what I chose as well, 1,700.

iamar wrote:Iht i wrote answer as 1,700. Small gift exemption won’t apply i beleive

yes, 1700 and 4 years, do you remember the question about how many months exemptions are for 62 months living with the parents I think?

yes, i think i included only the cash vouchers

It’s 36 months- 3 years for any reason rule.

Florind wrote:yes, 1700 and 4 years, do you remember the question about how many months exemptions are for 62 months living with the parents I think?

I included the supermarket vouchers and the car benefit. Supermarket vouchers are cash vouchers.

Florind wrote:yes, i think i included only the cash vouchers

Who got The Who will benefit from early VAT registration? What was the answer ? Who also got the flat rate % question. I chose 20% and 20%. Seems that’s the correct answer.

agboolakenny84 wrote:Who got The Who will benefit from early VAT registration? What was the answer ?

Yes, 36 i chose too. I chose also 20% and 20$. Isnt NIC only on a cash basis? its very trick here. I dont remember the question about who will benefit from early vat?? my calculation was that it was the same amount of vat payable as a flat rate or normal. On the living accmd i didnt include 14k improvements ?!

The question from who will benefit early from VAT was a section A question. All benefits are subject to class 1A except Car benefits. Same here, I didn’t include the 14k improvements, I only made use of the market value. What did you choose in the Inheritance Tax question that asked whether the RNB available will affect the IHT Payable. ? I choose there will be no effect. This is a section B question.

Florind wrote:

agboolakenny84 wrote:Who got The Who will benefit from early VAT registration? What was the answer ?

agboolakenny84 wrote:The question from who will benefit early from VAT was a section A question. All benefits are subject to class 1A except Car benefits. Same here, I didn’t include the 14k improvements, I only made use of the market value.

Oh on those questions I just couldn't concentrate, we had a couple of them. do you remember on IHT, NRB available on the death of the spouse, i selected there will be 80%*325000 of the nrb and 175000, wasn't sure about residence nrb! Also, who pas the IHT where they couldn't decide who is going to pay? overall, disappointed, i dont know how im going to motivate myself to study this again.

What was the minimum number of shares in tanevim plc minh should have sold to get nil taxable gain?

Anonymous11 wrote:What was the minimum number of shares in tanevim plc minh should have sold to get nil taxable gain?

It was 11,300

Anonymous11 wrote:What was the answer of this question?

It will be reverse charged so Output VAT = 1600 & Input VAT = 1600.

Ah There was no residence NRB as there was no main residence on the wife’s estate. The donor is the primary payer of lifetime IHT. So it was Sandeep that was to pay.

Florind wrote:

agboolakenny84 wrote:The question from who will benefit early from VAT was a section A question. All benefits are subject to class 1A except Car benefits. Same here, I didn’t include the 14k improvements, I only made use of the market value.

@Maxb95 Please share your mail id want to clear few doubts.

I haven't prepared the NIC and the VAT so have to guess the questions of them.... Also, do anyone know that 1question from penalties where the interest payable was due to HMRC because the taxpayer haven't given the tax because of some cash flow problem... it was 1250 right 10% of 12500 right?

@parthwadhwa007 I believe it should be 12500*2.75%

agboolakenny84 wrote:Ah There was no residence NRB as there was no main residence on the wife’s estate.

Hmm, i selected 175000 because i think i saw that there was e residence estate...not sure..any advice for my next attempt? tnx :)

Hi just checking r u applying reverse charge to non EU customer invoice? there's no VAT implications as overseas customers from outside of eu don't have same system .. my answer was 0

@Maxb95 Just wanted to confirm that how did you calculated number of shares

In my mind, the input VAT and output VAT are all 1600.

In a section b ques of vat staff costs were to be taken in calculating input tax?

@wrdggfdfgh Ans was Input VAT 1600 only