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Some theory…
Penalty for late return VAT
I put 10% since it was first time… 1st time no penalty second 2% third 5% then 10% right ?
Why company will have to pay in quarter in slat mental ? Cause augmented will be above 1.5 million ??? Maximum that can contribute to pension was 68 000 cause he has earnings 78 000 and already contribute 10 000 hm.. ? Tax relief 46000 made of 40 000 for this year and 6 from previous ??? Paper bast return 31/10/ and 31.1. ???I agree but it is impossible that you didn’t score anything on Q2, 10 point were for VAT, so probably of the 25 you have at least 10 points 🙂
Hi,
I did that, calculated the cap allowances with the 18% wda allocated over 12 months and the other cap allowances over the 3 remaining months and then apportioned the profit as assumed was accrued over 12 months evenly. Hope I was right
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What a difficult one! I hope to gain 50%. What did they do this q2? (was my favourite q) just 12 marks. 🙁
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How did you calculate premium in Q1?
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I mean Q2 🙂
The equation for lease premium is 2%(n-1) x premium. I worked this backwards with the 12 years they did to get original premium cost and then recalculated for 15 years. Felt like I was in f5 when doing that. Extremely tough exam !
What were the other questions on 1 and 2 other than calculations?. Can’t remember the wordy questions at all. Hope I’ve done enough to pass
Dan the question said that landlord assessment has been calculated correctly… Therefore 51-15/50 was done by company correctly but after that they divided by 12 and not 15.. that’s how I understood…
yes, also myself believe that this was correct procedure – Multiplied by 12 and then divided by 15
what do you feel question 4, it was ok? I spend a lot of time to the other ones and I thing that did not managed well the question 4
Aaah crap. That’s a mark lost then. At least the perk with this exam is that you get follow through marks.
Just received from my tutor regarding Q1 !! I did just he said so
Remember for partnerships I calculate the profits (and capital allowances) for the period of account.
Hence they would have calculated the profits for the partnership for the year and also the capital allowances for the year to get the net adjusted profits.
They would then take these profits and split between the partners for the first 9 months (based on the profit sharing agreement and salaries etc) and then do the same for the 3 months after one of the partners left.
Only then, when you have the portion of the total profit for each partner, do you apply basis period rules for each partner.
Hence, to answer your question, you would have calculated the capital allowances with one calculation for the whole year.
Thought this exam had alot more tricks than past papers.
Like in question 2 when adjusting the profit for new lease premium and capital allowances on the cars, the adjustments to profit is the difference between the old values and the new values calculated? Rather than adjusting by the new value calculated?
Also in iht question, how do we know if disposal to kids or disposal to friends get first use of the nil rate band? I just made assumption that the 25k to friends would be first, leaving less 25k nil rate band for the kids.
Question 3 also had tricks with the calculating net total gain rather than just cgt, I also got land as largest net gain in cash.
Q4 for why cheaper to hire 1 employee at 22k or 2 at 11,450. I calculated that it was the NI contributions that caused this.?
I agree they are changing the way of testing for f6. Q1 was hard, Q2 was tricky lol and questions 3,4 & 5 well they did not help. The paper required much thought which eroded my time allocation per question. I tried my best so will see.
@accaonetwo said:
She hold 8 000 out of 100 000 so 8% and has been employed as director since 2007It looks like I missed that :(((
The paper was really hard… at lot to think and only few standard questions. I managed to finish it 2 minutes before time, just leaving 2 or 3 potential points out. But I guessed in some cases. I did my best and I am really excited about the results.
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So i missed out the whole of question 5. Didn’t see it at all…feeling messed up
Don’t worry. If you attempted the other four you still have a good chance to pass.
I found it hard – question 2 was awful. And do like Corporation Tax questions but this was so different comparing to the ones I have practiced on. I managed to complete questions 1 and 4 and bits and bobs from the other 3. I think I need a miracle to pass.
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Difficult. Started on the iht question first. Looks like i will be resitting, but the next one is for 2014 tax year isnt it?
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