*** F6 June 2011 Exam was … Post your comments here and vote in Instant Poll ***

paper was normal only question # 03 was disaster one….

it was 19 for first question part a
and 11 for part b

please chk n qoute my other post and reply

in q2 the capital allowances i put the AIA against the machinery bought instead of SRP items (ventilation system and lift) and second-hand freehold office building is not taken in capital allowance computation it states so specifically in the Kaplan text book i remember

The paper at first glance looked easy..but when i started solving it ..man…was it lenghtyyyy!!..plus there were some tricky parts in Q1 and 2….the other 3 parts were fairlyyy easy……..lets seeee how the examiners like it!

q3 was crazzzyyy ! does anybody remember the exact figures they got or how they went about with the computations ? coz what I did was that when the consideration was for cash the entire cash element was taken up less the cost to give the chargeable gain the rest i dont recall the consideration for shares what was its treatment ?

Q1 and Q2 are the core part , but it is not really easy get high marks with many tricky things ,and also it waste much more time . the rest part is not so difficult ,but it is not enough time to prepare the more marks . I think I will lost many marks in Q3 , I prepare much more overseas company and group company and CGT ,but there is nothing about it . the exam style is a little different than before , just hope to pass!!!

@shery92 said:
but they received the exact same amount of shares after takeover so the old cost could not have been allocated to them right ?

Well I’m not sure but my notes says if the takeover is entirely for shares, the shareholder’s newly acquired shares replace the old shares. Therefore the cost of the old shares are carried forward to the newly acquired shares, so that’s what I did.

hey can any 1 tell me that did the exam tips help u in the paper…..??? i have to take f5 and f7 so it will be good for me to take help or not…

overall everybody struggled with the question 3 (What a confusing question!!) I can see the examiner will say in the future on the examiners’ view “the big majority of candidates couldn’t attempt the question 3 although it was straight forward” 🙂

question 1, there were 2 incomes calculation the one with the self employment and the other with tax the law firm employment. At first I dealt with all the not allowed expenses than state the trading income than the second income with directors remuneration (42.000)I also add one of the bonuses (6000). in the end tax suffered at source so the answer.
calculated the NIC class 1 and class 4 also.
finally the self assessment 2010/11 and 2011/12 I think as it was 1 DEC 2010 and 31 of Sept 2010 so round to 5th April then the other one. No over lap as no needed.

Question 2 corporation tax, add interest payable the one with the business related and received loan interest add the accrual basis.
property income premium received 68000- 68.000(6-1)x2%, rent receivable (it was I think 78000 consist of 68.000) so the rent was 10.000? not sure about it?
tricky one was the capital allowances, with annual investment allowances I add 2 integral equipment and new wall all used 100.000 so add the movable one to general pool. there were two cars one usage was 40 % other one was normal written down allowances.
industrial building allowances all were allowed as on of them was exceeding 25 percent.
corporation tax at 28 percent no FII

question 3 messed messed messed even don’t want to think about it.

question 4 explanation why need to register for VAT
second one, four missing point in the invoice,
I cannot remember anymore 🙂
finally the IHTthe part I love the most!

I hope to get a pass mark! and hoping you all to get one as well!

Thank God for the opportunity to have sIt for the exam. It was a good exam. There were so many tricky parts like the the gifts to customers (greater than £50 per donee per year). But overall it was an easier paper compared to previous F6 past questions.

Thumbs up to Opentuition. All figures up for our F6 opentuition lecturer, babe you are the BOMB.

Spent more time on q1 I was honestly baffled by what the impairment loss. meant… then it stated that it was an Revenue received confused with the written off bit thrown in the paragraph… Q2 Capital revenue got that easy but because it was mixed up with the capital allowances it took me a while to analyse what the questionaire… guess if given more time would have completed the whole paper but ran out of time. Question about the VAT was easy though…

would I be correct in saying that the personal allowance was NIL for Q1 as net income exceeded the £112900 limit?

Yes I said that too