*** F6 June 2013 Exam was… Post your comments ***

still confused about the PET and the £300,000 NRB – was it to be taken off or not?

<cite> @dannyw1984 said:</cite>
still confused about the PET and the £300,000 NRB – was it to be taken off or not?

As mentioned earlier by others, the nil rate band which was given in the Q was not applicable here. Only the death tax was to be calculated as it was a PET.

<cite> @puritee said:</cite>
Am I wrong in thinking that the replacement asset cost was lower than proceeds of both warehouses, therefore chargeable gain on both occasions?

No, you are right.
There was a gain in both situations. The amount of gain differed in both, though.

There was a question on question 4 about trader choosing accounting date anyone know this? Also when it was long period account capital allowance i didnt apportion the actual Capital allowance but i did put it between april and june 2 months…………will i lose alot of marks for not time apportioning?

Question 2 did anyone get balance charge on special rate??

How did people do there question two capital allowance?

(Main Pool + Motor Car 2 – Motor Car 3) * 18%
(Special Pool – Motor Car 4) Balancing Charge
Motor Car 1 * 100% (FYA)

@ (Main Pool + Motor Car 2 – Motor Car 3) * 18%
(Special Pool – Motor Car 4) Balancing Charge
Motor Car 1 * 100% (FYA)

EXACTLY WHAT I DID 🙂 🙂 but you didn’t have to put the cost in aswell right? just deduct from Tax written down values?

It is very unlike ACCA to do both the same as where would the test be in that??

The question on the change of accounting date, am I right in saying that we had to subtract 2 months of overlap profits (2/11) from the long accounting period to bring it down to 12 months?

Question 3A, I got 6625 shares. (6.40-2.40)= 4, from this 1.6 was an excess gain, thus 10,600/1.6? Anyone get this?

the more i read the worse i have done 🙁 lol

q.no.3 and q.no.4 was tough

My answers:
Question 1: Messed up the pensions bit a little but extended the BR band and used it as relief against Personal Allowance.
Benefit was at 32% for fuel and car
Benefit for loan interest – I got 73000 average balance for year
Mileage was overclaimed by £1400ish as was at 60p and claimed home to work
Class 1 NI employee and employers was straightforwards
Class 1a NI on Loan interest and fuel and car benefit
Rhoda self employment included the starting rate of 10% savings income

Q2 – Almost everything disallowed apart from the redecoration and went from there – capital allowances made a balancing charge in SR pool IIRC.
Groups – went with the two listed in later questions making up the other groups (surely ACCA didn’t give the game away on this?

Q3 – Shares – I valued at 6.40 less 2.40 then divided 10600 by that amount – but as some others have said, surely that’s too simple?
Q3b – rollover relief – none on first and around 12000 on second
Q3c – I talked about ER and worked his based upon the full rates used

Q4? Computed the VAT return by including net outputs less the 440, 50 fuel scale charge.

Q4 – apportioned the first profit 50400/12×10 = 42000 for first period and then worked through – capital allowances were worked out based upon the first 12 months then started again for the next two and 1/6 of WDA was claimed.
Ltd co – again, apportioned the profit between the two periods (first 12 months and then the next two) Then split capital allowances again, except claimed FYA and AIA where appropriate. (Didn’t apportion the AIA)

Q5 – PET – I deducted the NRB at 300,000 plus the £3,000 for 2006/07 and £3000 for 2007/08, as that was what was available at time – guessing this is wrong though? 🙁
Total on estate – half the estate was at 0% as to wife, other half was at 40% (after deducting the £3,000 for 2011/12 and £3000 for 2012/13.

Anybody want to give any feedback with how you think I may have done? I was confident, and by doing all this surely there are enough method marks in there?! Cheers in advance 🙂

<cite> @mohamedd786 said:</cite>
The question on the change of accounting date, am I right in saying that we had to subtract 2 months of overlap profits (2/11) from the long accounting period to bring it down to 12 months?

Question 3A, I got 6625 shares. (6.40-2.40)= 4, from this 1.6 was an excess gain, thus 10,600/1.6? Anyone get this?

yes, the overlap profit of 2 months from 11 months in total should be deducted for 14 month period change.

I also got 6625 shares in Q3a.