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I feel i have failed as I have made careless mistakes 🙁 What is my chance of passing!! ……
I mean I showed all workings properly if my answers are wrong does that mean I will lose marks on workings too :(…..
Cripes I thought the husband died about 10 years before and said it expired so I only applied Nil’s – I was behind time and probably did not read the flaming question.
Papers was easy! but it was time consuming as usual!
i attempted 85% + i made a stupid mistake relating to capital gains that was related to Entrepreneur Relief! i first claimed Incorpiration relief due to time pressure and then E.R!!!! correct or incorrect? if anyone can guide! now i am worried that i wasnt able to answer it completely even after i was able to answer 100%…. P2 will be lengthy!!!! need to make FAST STRATEGY!!!! and will do it INSHA ALLAHvipulv, You did what you could do. You showed your workings. June is a good time to sit as we have another crack at the same whip in December. I also am not at all sure but we went to exam halls and did what we could. I know of someone who in the past had lessons paid for them and lost their bottle at the last minute. You did good.
Debbie.for the flat rate i showed him both way working!!!!
with normal vat!!! 1. OUTPUT And INPUT VAT
2. not registering to VAT, making your input vat irrecoverable
and
3. Using flat rate!!! FLAT rate was benefial if compared by both 🙂Thanks debbie bringing my confidence up, it was not a hard paper for sure but I know I made silly silly mistakes….like IHT you have to take ISA it is not exempt and i just put a line 🙁 marks like that all add up………I really hope even 50%. But right now I feel a failure. I have F8 on Thursday and need to pick myself up asap.
hey vipulv!!!
what examiners expects is your working and that u have proper knowledge and not all that exact answers!!! yes answers have marks allocated to them!!! i.e, 2- 3 marks may be? but what main thing is tht u have clear understanding and that u are able to pick and make assumptions properly where possible! 🙂hey vipulv!!!
what examiners expects is your working and that u have proper knowledge and not all that exact answers!!! yes answers have marks allocated to them!!! i.e, 2- 3 marks may be? but what main thing is tht u have clear understanding and that u are able to pick and make assumptions properly where possible! 🙂hey vipulv!!!
what examiners expects is your working and that u have proper knowledge and not all that exact answers!!! yes answers have marks allocated to them!!! i.e, 2- 3 marks may be? but what main thing is tht u have clear understanding and that u are able to pick and make assumptions properly where possible! 🙂@vipulv!!!
you will probably pass!!!! marks are allocated to mistakes and they just dont consume whole of your marks! relaxThank you 🙂 I hope your words are correct I was looking at past papers you get lots of marks on Capital allowance…..I did all my capital allowances corrected im sure..
Car one at 20%
Car 2 restricted to 3000
Car 3 cannot remember!.But 99% certain capital allowances went went.
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i think I have passed, but there were so many pitfalls in the paper. I’ve attempted everything but I know I have most likely made quite a few mistakes.
What I found a bit ambiguous in question 1, was that it didn’t specify that employment finished when the partnership started. I made an assumption that it did, because I couldn’t see how anybody could do both at once! Maybe I just misread the question, but theoretically there’s nothing stopping someone from being employed and running their own business at the same time, is there?
Quiet nice fair and easy paper.
Hope tomorrow we should get similar kind of paper for f7. 😀 fingers crossed@neilsolaris said:
What I found a bit ambiguous in question 1, was that it didn’t specify that employment finished when the partnership started. I made an assumption that it did, because I couldn’t see how anybody could do both at once! Maybe I just misread the question, but theoretically there’s nothing stopping someone from being employed and running their own business at the same time, is there?I thought exactly the same – I just applied the open years rules – and got 3 months is that right??
@monica786 said:
I thought exactly the same – I just applied the open years rules – and got 3 months is that right??I’m glad it wasn’t just me then! I did the same, assumed employment was for 9 months (if I remember correctly), and partnership was for 3 months.
@ vipulv for flat rate I also wrote it was not beneficial. I thought with flat scheme you just apply the % to the VAT inclusive output and ignore input VAT. 🙁
I really messed up on the last 3 questions as I just rushed it as question 2 was v.time consuming.
Partnership trading income 29100 i remember before the taking 6000 for the partner
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In question 1 I assumed that she worked for the whole year and stated that as an assumption in my answer, as it did not say that she had left and also in the house she was getting as a BIK it said she lived in the property throughout 2011-2012.
@resh10 said:
In question 1 I assumed that she worked for the whole year and stated that as an assumption in my answer, as it did not say that she had left and also in the house she was getting as a BIK it said she lived in the property throughout 2011-2012.That’s a good point about the house benefit. It seems like we have to be detectives as well as accountants to pass these exams!
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I just feel compared to other pass exams, there seemed to be a lot more written elements compared to calculation and there were so many little pitfalls. I struggled with time and made silly mistakes
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Q1 – partnership had started trading on Jan 1 2012 and prepared accounts to 30 april 2012 – in which year will the trading profits be assessed?
My understanding was in tax year 2012/13, thus I’ve excluded trading income from the income tax computation for the tax year 2011/12 as this was asked in the question… Does it make sense to anyone??Q2 – first company is straight forward while the second one has long period of accounts (16m) hence needs to be divided in two: first 12m and further 4m, right?
Moving forwards (as these two companies are connected) upper and lower limit are halved and second half had to be reduced for the 4 month period (750,000/3). Is this correct?
Were the companies small, marginal or large?Last june 11 exam there was a question and he was a self employed and the director of the company plus possible partnership, i did the gross annual salary and the trading income without doing any adjustment
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The trading income should have been included but only 3 months of it as it was partnership you needed to due the partnership income as per the % and taking account of salary (6000 x 4/12), then use the opening rules to get the 2011/12 trading income which was 3 months worth.
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