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Well done everyone, good memories! Now we need to agree on the answers; starting with the penalty for non notification of chargability 🙂
UPDATED
Ok folks let me summarize MCQs and there correct answers (which we all agree)1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Premium related question
Answer: 9360 (2% x premium amount x (lease period – 1 year)7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 6 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible11)Share matching rules question
Answer: 350 shares purchased the same day and 10 shares purchased within 30 days12) what is classed as a pet, motor car to niece, gilts to son, shares to a trust and cash to husband
Answer: car and gilts13) What is allowable expense there were some options like Christmas party for suppliers, Pens as gift, Food etc
Answer: 350 (Value for pens)14) Carry-back loss relief question
Answer: 62k15) IHT MCQ was £10000 wedding gift to a friend.
Answer: 3k annual exemption for current and prior year then 1k wedding gift exemption leaving the gct £3,000@flapper84 said:
IHT wedding gift to a friend was the missing question, that’s our 15Yup that’s all 15 finally the pieces of jigsaw are in their places now 😛
@flapper84 said:
In the CGT question where there was a gift of 40,000 shares at 2.15 per 50p share; what was the value of those shares?I assumed 40000 x 2.15 but wondering if it should have been half of that due to them being 50p shares?
I did the same. Then i think i taxed at 10%. I said it used the 18% rather then the other CGT disposal.
Yantem, updated all 15 questions with probable answers.
I would appreciate your help to elaborate question # 14. I am somehow unable to recall this question. What was the question and what were the possible options?
Depending on VAT question and Chargability question I have either 12, 13 or 14. Pretty happy with that
14) company made a loss of 62k in period but made trading profit of 46k in prior period. In addition the company also made property business losses too. What is the maximum that can be relieved from the prior year?
@flapper84 said:
Well done everyone, good memories! Now we need to agree on the answers; starting with the penalty for non notification of chargability 🙂Yeah lets get some rest now after that brainstorming session 😛
With the IHT question what did u mean about the tax being more then the value of shares? I think i got a transfer of value of about 570k and IHT of about £200k ish.
@mynameisearl said:
With the IHT question what did u mean about the tax being more then the value of shares? I think i got a transfer of value of about 570k and IHT of about £200k ish.The value of the shares received by Marcus’ daughter was 30000 x £5 (£150,000)
The tax payable was £228,000
Crazy huh?
@yentam said:
So looks like I got 11/15. Need 28 marks from Part B. Think I’ve passed 🙂Good job I have got 9/15 so need 32 more from Sec B, I think I should be able to get 32 out of 70 😀
@yentam said:
Cant rmemebr exactly the wording.But there were losses to be relieved. You had £46k of TP in the prior year. And over £50k in employment income. So the entire £62k could be relieved because you claim against profits of the same trade (without a limit) and there’s a limit of 50k otherwise, but since the remainder of the loss if less than that, you claim the whole lot!
Oh I remember now. I chose 50k assuming we have to take higher of 25% of 62k or 50k. so i got it wrong. I scored 10/15 🙂 need 30 from part B to pass.
I put that in my notes after the question, I knew it wasn’t worth a mark but I found it interesting. Probably one of the reasons I didn’t finish the paper lol
@flapper84 said:
The value of the shares received by Marcus’ daughter was 30000 x £5 (£150,000)The tax payable was £228,000
Crazy huh?
Thank u.
Im hoping I got high on the IHT question as the rest arent looking great
@mynameisearl said:
I want to brainstorm section b now. I cant sleepI couldn’t sleep last night in anticipation of the exam and now can’t sleep through anticipation of the result!
@flapper84 said:
I couldn’t sleep last night in anticipation of the exam and now can’t sleep through anticipation of the result!Same. I feel like i have spent the most time studying for this paper then the other f papers i have taken so far so will be so gutted if i fail
@yentam said:
how did you do on the MCQs? answers aboveI think i got 11. I cant remember what i put for the pens one. And the vat one i know 480 i was debating on but cant remember if i picked it.
But i made stupid mistakes on q5 and q 6 my ttp was not in the mr. So need my mcqs. How was ur section b?
@mynameisearl said:
Same. I feel like i have spent the most time studying for this paper then the other f papers i have taken so far so will be so gutted if i failThis was my first paper based exam so naturally it was the most difficult so far but I totally understand what you mean about the time invested in this unit. Still, no point worrying about it now; have a great Christmas and let’s all meet back here 18th January 🙂
@flapper84 said:
This was my first paper based exam so naturally it was the most difficult so far but I totally understand what you mean about the time invested in this unit. Still, no point worrying about it now; have a great Christmas and let’s all meet back here 18th January 🙂I guess it will come round soon enough. Have a gd xmas too 🙂
@dskinner83 said:
My ttp in q6 wasn’t in marginal relief either. I had it at higher rate, but with the first nine months at FY2013 rates and the rest at FY2014 rates.Same for me with the years. I dont know if its because i didnt do anything with the losses from the 4 month CAP. I didnt deduct it frm my ttp for 30.06.14.
And i used 19 associates. I just cant remember the wording of the question about how mamy associates there were. I just presumed 19 included the company we were doing
@acca145 said:
I got 11/15 mcqs right, can anyone tell me about antique chattle question cause I got 1500 gainI need to read the wording of the question for this one. As i got 2000 based on 6900 but not sure if i should have used 7200
@yentam said:
Q6 wasn’t in the marginal rate. It was in the main rate.I think I got the inheritance tax correct, the capital gains ques correct, the basis of assessment correct except the overlap profits (Stupid mistake), the cash/accruals – some of it correct, but forgot to do Capital allowances. Re the Trading profit ques, I got Samson’s calcs right but for Delilah, didn’t include the chaffeur’s cost as a benefit, partnership profit was pretty simple. VAT – had to guess a few so maybe half marks, and the corporation tax – well, I got the capital allowances correct, the PBP correct, included the IA for the capital loss incorrectly, remembered to divide by 20 for the limits, and so overall, I think I got more than half marks in part B 🙂
What was ur mistake with overlapping profits? Vat i rambled some rubbish.
@acca145 said:
what I did was 6900-6000 x 5/3 = 1500 anyways its wrong I guess!Thats what i did. Im so unsure about this mcq
@acca145 said:
what I did was 6900-6000 x 5/3 = 1500 anyways its wrong I guess!I put the same answer but the 6900 was the net gain after deducting selling expenses so the correct calculation would be:
(7200-6000) * 5/3 = 2000
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