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What the hell was that exam! I didn’t even know what the questions were asking me they were so long worded! 100% failed it! Nothing like Septembers exam
First 15 Questions Section A ok
Section B with the Sales Volume and Pricing Operational/Planning completely screwed me I only studied Material Planning and Pricing and then the Limiting factors in Section B couldnt answer any. Target Costing cost gap question was extremely complicated as the other ones I have always done in past papers and Mocks nothing compared to this!
Section C was a bit of an odd one as I have never done Adjustments with the Flexed Budget only flexed the budget prob got fukall marks for that. Then the Beyond Budgeting V Traditional really Tricky.
ROI was a joke I see past exams that have full 20 Mark Non Fin/Fin Question very easy marks then the ROI with 4 Marks only for figuring out ROI and RI ONLY the rest Theory and hard theory what a joke. Really dont think that is fair in my eyes.Anyway guess study what i didnt do well and Hope I get a decent question C next time out
That was awful section A and especially section B had such difficult questions nothing like any past papers.
Section C was completely different.
This exam was designed to failI had the following questions:
1. IHT, CGT, VAT and ethics
2. Corporate tax, group reliefs, rollover relief
3. Remittance basisI thought the questions mostly reflected practise questions available and were quite fair.
What questions did others have?
Question 1 and 2 I believe the same as you. Question 3 was about residence status and tax implications but I don’t remember anything about remittance basis there. I or did I miss it?
Don’t we all get the same questions? ? The problem is that I don’t really remember any details.
When are they going to publish the answers?
Here’s what i think i remember / topics I thought came up. Like always majorly overthinking but hoping someone out there was on same page and that i’ve managed to get through it okay – wishing everyone luck.
A) IHT, CGT, Tax Adjusted Trading Profits (adjustments for business expansion), VAT Cash / Annual Accounting scheme, Ethics – which was pretty random…wanted two examples of conflicts, threats to ethical principles, and 2 ways to mitigate threat – wasn’t in context to overall question but for training junior staff – put me off a bit as wasn’t like exam kit!
B) Corporation Tax – Transfers at NGNL, degrouping charge when asset leaves group, losses, group relief / discussion on availability of current year loss for GR when arrangements to sell are in place, ROR for second hand warehouse / SDLT.
C) Comparison of electing to tax o/s property income using arising or remittance basis, CGT on disposal of a property (PRR / Letting Relief) advice on periods absent. Impact on employment income for 2 options of new employer providing computer / giving cash vouchers for exempt vs taxable benefits
I think we do get different questions / mix of questions tbh so I wouldn’t worry – hopefully someone on here had same question to put mind at ease!
I know for my question was defo Remittance Basis, as person was UK resident but not domiciled in UK and was discussing unremitted property income (which would of been arising automatically as like £12k i think) and how the tax treatment would differ if election was made to tax on remittance basis.
Going to be replaying this in my head until 15th Jan for sure lol
The Q1 ethics part of junior staff was such a weird style of asking (5marks) wasted.
and
then i didnt understand whether PPR would apply as he returned BACK. since then he started living with his family members and rent i couldnt understand whether he lived in that RED HOUSE or not.I had the exact same thing with PRR. Just tried to answer it sceptically but feeling the same tbh! I know he hadn’t actually sold it yet so just said he should move back to the house before he sold it / periods that were deemed occupation. Think question had stated that let period wouldn’t qualify for 4 years anywhere in UK rule because he hadn’t been working and I didn’t think he moved back after travelling (doubting I’ve misread this now), so I assumed he would loose the PRR for 3 years any reason in my answer unless returned to property before sold. Hoping scraped a pass.
I think I cut the 36 months absent for any reason period short when he started renting it out, then added last 9 months as deemed occupied again.
As someone mentioned above, I realise now I forgot about the degrouping charge in section b, it totally slipped my mind in the exam!
Thank you everyone, I see now that we obviously did get different questions.
I had a PRR question but the person did not have a family and no red house mentioned. However, I forgot that he had to live in his house again before selling it, so I got it all wrong I guess. He would have still qualified for the last 9 months but I wrote that all the period of ownership was deemed occupation. ?
My second question was the same as dcalco21’s. But now I realise that I had that one wrong too.
I hope I will still get 50 points but not too optimistic now.
Got the same paper as you. I started with Question 2 and Question 3. Did Question 1 at the last with remaining time. I thought that I was the only one who liked to solve in this order, but quite a lot of my friends did it like this as well.
Kinda panicked in Question 2, which was the first question which I attempted. Idk why, it was very unlike me, I usually don’t panic. I panicked and wasted about 25 minutes in the first requirement, which was Rollover I think.
Overall, the paper was OK, seemed very difficult to me at the start when I was panicking, but once I started to write, I felt OK and got in the rhythm.
Really going to be a close call with this paper, but I hope we all make it.
THANK YOU!
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