*** F6 December 2015 Exam was.. Instant Poll and comments ***

I thought the paper was fair

@chantie123 said:
i thought the paper was ok. wondering for question 5, what did you guys do with the savings interest? did you eqully divide the gross amount of approx. 9k between husband and wife? samson and delilah (lol)

Yeah I gave them 4800 each as savings income as they would have it 50:50. Really struggled to spell Delilah right through the paper though as I was rushing lol

Same here, haven’t come across joint accounts in my practice so guessed at what I thought was common sense. Not a fan of f6, so many little rules and permutations, never quite sure if I’m doing the right thing.

Hi, i think i had an aprox £8k balancing charge. Which i added to the loss which reduced my loss.

With the loss i just deducted it from the ttp from the 12 month period. I deducted the full loss. I feel this was not the right thing to do?

@mynameisearl said:
With question 5 i did the same as u guys with splitting it 50:50, but then on that last past where u calculate the saving if its all in delilah’s name. It was just taking the £4800 off. Feel like i have missed something. And with the £250 charity salary deduction i didnt know what to do with that. And i didnt time aportion the car expense.

i didnt time apportion car either but to be fair, they didnt mention how many months the chaufer was used for. i did nothing with the approx. 9k paid to the chauffer. In terms of the 250 charity i x by 12 and got 3,000, i used this and the 6,000 gift aid to extend the tax rates.

i didnt do question 6 🙁

i had a loss in the shares exercise where the Dad gave shares to daughter.

i hope i did enough, cant go through this again.

Doh! I didnt realise they were the same thing. But i did do the £6k gift aid and just ignored the £250. I had a big loss on the share gift thing too. And did entrepeneurs relieft on the first of the shares. I had a very large IHT to pay on the pet too like £200k aprox.

The 250 is an allowable deduction from salary

@yentam said:
What did you guys do with the chauffeur? Did you ignore it because it’s allowed wholely and exclusively for business.

I am pretty sure there is an additional charge for chauffeur.

@nish81 said:
There is no capital allowance on cessation of business,so the last four months was all about capital gain or loss

There are allowances at cessation of trade but you don’t calculate aia,wda or fya

What about the other questions? I feel very confused. Q6. 4 CAP u added aprox £8k balancing charge to my loss.

i think the paper was fair because it was split into different parts for easy scoring.
1.i did not use indexed cost as u can not use it to increase capital loss.
2.for capital allowance in question 5, it is a balancing charge so it has to be used to reduce the loss,
i also split 9600 between the couple 4800 each but i reduced their tax liabilities by 960 each i.e 20% *4800.

best of luck