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

I have given this attempt but considering to re take in march 2016 because the Dec 2015 attempt paper was tough and I am not visioning my passing marks,so what rules will be applied either FA 2014 or FA 2015,plz reply hurry because I want to start my prep from now

I grossed up the gross figure….. 🙁

@mynameisearl said:
What was ur mistake with overlapping profits? Vat i rambled some rubbish.

With you on VAT there wrote a load of waffle and gebberish, stupid question that should have been some calcs in it

Yeah thats right .. 1500 is the answer 🙂

I treated the Chauffeur as a provision benefit by adding 20% of the amount.

Hi,
see that everybody are talking about that chargeable gain re non-wasting chattels. I put 7200 as this amount represents gross sale proceeds, so my calculation was 5/3 * (7200-6000).

Don’t remember all questions in order but…
Delilah and Samson (lol) – i put the car benefit and a whole expense for the chauffer because she had a car the whole time during the tax year and chauffer is always charged as a separate benefit… donations under a payroll deduciton scheme- i deducted the amount from the gross salary. Gross gift aid donations I used to extend the basic and higher rate band. Also divided 9k savings income between Samson and Delilah. Samson had a reduction of PA, and Delilah was not entitled to PA at all.
Question 6- i am pretty sure that we had to divide the UL and LL by 20, because it said that Movement Ltd has 19 associated companies= 20 in total. For calculation of CT liability I used the main rate but for 2 periods FY 2013 and FY 2014. When that associated company transferred the loss to Movement it amounted to 14k I think because of not corresponding periods. For calculation of loss in 4 m period of cessation I did not use the indexed cost in the calculation of capital loss (but not sure if this is correct) because it would increase the overall loss.
Question where we needed to calculate the gain- in b part (first company) I used the ER, and in the second (shares gifted by father to daughter I think) i got the loss from sale of shares (2.15 per share * 40 000 were the sale proceeds)…
Don’t remember anymore 🙂

On the Delilah questions – was there personal Pension payment of £6200 as well – I adjusted the tax bands by 12200

You are right, I have wasted up to 20 minutes to look what to do but failed to understand.

Hey
Capital allowances are supposed to be deducted from the TATP, but if you mean you had to add it, then yes, because the business was ceasing trade, no items could be added in the annual investment allowance or first year allowance column,and all the items were sold so there could be no written down allowance as it is charged completely on the year of purchase and none in the year of sale. When all the items in a pool are sold, a balancing adjustment is required. If there was a profit, you make a balancing charge and if you make a loss, you make a balancing allowance, in this question there was a profit overall, even when we had to take lower of cost or selling price,so there was a balancing charge resulting in the capital allowance being added to the TATL

PL version – test part – total disaster in comparison to the previous one test part!
And also the trick with the “one-off loan arragement fee” – I do not know is it egging on for the purpose to make students to analyse tax v. IFRS approach consequences or not.

@disharani said:
Hello Everyone

For all of u who have finished their dec exams
I really do not want to pressure u recalling what u had gone thru in ur exam…
But it would be a great help for those who are going to write F6 exam for the first time if u try to help us recollecting all those areas u saw in the question paper…
Please give us a quick note and an idea of what all areas u saw in ur question paper ……..
Thank u & awaiting ur replies…………….

We have been doing that since yesterday, remembering all the areas and posting it here on the forum

How many points am i loosing for below mistakes:

Q6 used 19 associates
Q6 did not time apportion the associates losses when i did the loss relief
Q Samson and delilah – didnt deduct the £250
Q samson – only 20% the £9k chauffer charge rathen tax the whole £9k
Q samson – didnt use the savings in the PA calculation
Q samson cant remember if i did extend bands for pension
Q2 cash basis – didnt deduct PA from either cash basis or the accruals basis calculation
Because i know id be lucky to get two marks for my vat question.

Feeling so disappointed right now.