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On Q2 the tax adjusted trading profit, I didn’t add back the Counselling services provided to employees who were made redundant as I thought this was allowable, Is this correct?
Also I don’t understand why people are talking about the 10% rate for savings. He only ask for the income tax liabilities not the income tax payable… Unless I made a horrible mistake and its the same thing and lost a few easy marks….@mikey1987 said:
On Q2 the tax adjusted trading profit, I didn’t add back the Counselling services provided to employees who were made redundant as I thought this was allowable, Is this correct?
Also I don’t understand why people are talking about the 10% rate for savings. He only ask for the income tax liabilities not the income tax payable… Unless I made a horrible mistake and its the same thing and lost a few easy marks….Counselling services made to employees is allowed (i think)… and you had to calculate the %ges for Q1 🙂
Hope this helps
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oh man, well thats properly 3-5 easy marks down the drain. 🙁
Thanks for the reply! 🙂
@mikey1987 said:
oh man, well thats properly 3-5 easy marks down the drain. 🙁Thanks for the reply! 🙂
I am sure that Counselling services to redundant employees are allowable.
Regarding income tax – yes you do have to calculate the bands/% – otherwise you will not know what the income tax liability is.I also deducted the tax credits on savings??
Regarding the lease I think you need to think to take the whole income (and not prorate).
Good luck to all.Yes, it is allowable. Basically any expenses for employee are allowable.
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I took the counselling services as allowable as well. but as I was told there was no need to calculate income tax payable (deduct savings tax credit from income tax liability to arrive to income tax payable). also did not know whether to pro-rate the lease premium or not. do not remember what I did in the end. hope it was right. I remember I saw in some of the questions, maybe prior year exam papers that premium was prorated, but in the book it wasn’t. so should we pro-rate or not?
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aroob99 said 1 day, 1 hour ago:
nothing to say 5 emptied my brain a day before and when i saw the f6 paper my mind just went blankbetter not to take two exams in a row, but allow a couple days for revision or even learning as in my case with F9 🙂
Hi,
Guys, we will all pass and look forward to the future. Today, I will rather not comment much about the paper and wait till when the results come out in February.Thanks to OpenTuition. Long live OpenTuition, long live all the Lecturers.
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hi guys how are you all i hope you are all done wIth F6,,
WHAT DO YOU GUYS THINK ,,
I DID DO MY BEST IN FIRST 3 QUESTIONS BUT I WAS NOT GOOD AT QUESTION 4, AND 5 WHAT DO YOU THINK OF MY RESULT WLL I PASS ,,,
JUST BE REASONABLE ,, PLEASEEEAFTER ALL THIS PAPER WAS DISASTER ,,
Q1 took reasonable time of mine, Q2 was confusing, its got a lot of basis periods, Q3 was fantastic, but not sure of the PPR, Q4 Property income, did not answer according to the instructions, coz if i do, my work would be rough, i did the properties income in separation. Q5 was all gambling, except for the IHT( In which i did not take out the NRB of 325,000 coz was already used in the life time tax). over all was average, hope 2 pass, but made some silly mistakes….
The problem for me was that lack of time. I think I may have spent too long on question 1 and question 2, which meant the rest of the paper was very rushed. I’m pretty sure I’ve lost lots of marks along the way as I didn’t have time to double check everything in case I had missed something.
I really rushed at the end and even included a note for the examiner “Sorry, im running out of time” due to my messy paper !
is it true that you get rent relief OR PPR – not both ???
If only we had more time!
🙁
I pray to god that i have passed this paper, as i dont know what i will do if i fail! I might pull my hair out of i have to go through all that again – with new rules !
@danielglover said:
I remember doing a past question that said counselling for redundent workers is not an allowable expense.Counselling for reduntant employees are allowable expenses. See Kaplan Revision Kit Questions – it explains it all. I am afraid you are wrong.
I forgot to state the questions that were attempted on the booklet. Will my paper still be marked?
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i made the same mistake only i forgot to mark the last question i attempted on the front of the booklet. will this effect the marking of my question? 🙁
Looks like the examiner suffered huge losses before setting out the paper
the whole paper was setted on losses
Corporation Tax (Losses)
Property Business Profit (Losses)
Trading Losses
Capital Losses instead of Capital allowances
ONLY LOSSES LOSSES AND LOSSES
very awkward paper it was
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F6 was fine except i was a little slower and mixed up on certain calculations.Hope to get 60+ % in June 2012
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