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Folks lets stop worrying and move onto the next exam. I have put myself through hell the last two days worrying about how awful I did and I have decided to stop looking and feeling guilty and move on. This is my second time doing this paper as well. Ill worry about it when I have to tell work I have failed!! Best of luck to everyone with the rest 🙂
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not hoping for anything especially after the F5 night mare the previous day plus this disaster.
hope December will be better<cite> @hufckinger said:</cite>
I think that we had to find the liability – this was roughy:Pension 8000
Interest (received GROSS) 21600
Less PA: (10500)
2710 @ 10%
remainder at 20%There should not have been a repayment.
u wont have the full personal allowance since his ANI exceeds 25400, u have to make adjustments as such..
<cite> @vipulv said:</cite>
Question 2 UK TAX : Capital allowance bf figures (TWDV) then had sales and cost…….did people use all the sales value? …..
and question also said the cost has previously been included (does this mean we ignore cost correct?) …..One of the sell I put into main pool and other into special.
The purchase:
One had FYA 100% the other was just main pool?
I am sorry but one of them should have gone into SPR since it specifies this was added on to SPR when bought
Hope it helps
Good luck
Question 2: I think there was also only two Zeros. Rest were all Disallowed including pens/customer/overseas entertain.
Please confirm someone 🙂
I can sleep better lol.
<cite> @mohamedd786 said:</cite>
Here are the answers I put down1) % for the car was 32%. Apportioned the car and fuel benefit for the part of the year where the car/petrol was provided.
AMAP wouldn’t have been claimable to travel from home to work, but allowed for the other 2. Minus what was given to him, to the AMAP to get a benefit.
Loan benefit- loan outstanding at start of year plus loan outstanding at the end of year, divided by 2, times ORI. Minus the actual interest that he paid, giving the loan benefit.
Occupational pension deducted from Gross Salary.
Personal pension he would be able to invest in- 10,000 for the 3 years b/f and 10,000 for the current year. Thus, Basic Rate Band extended 40,000 times 100/80.Excellent , could you confirm whether the car wasn’t available for whole period? i don remeber apportioning it?
No Personal Allowance available as ANI was over 116,000
Holiday letting treated as property income.NIC 1 A on loan, car fuel and AMAP benefit.
10% starting rate for Rhoda, and reduction in her Personal Age Allowance as her Net Income is more than 25400.
2) Balancing charge on the special pool,
One of the car was eligible for FYA.
3 associates (4 including the parent)
Group Loss relief of 64000 was the only one they could claim.
Dividends from the company that they had a 40% stake in, included as FII at * (100/90)
Tax was in the marginal rateVAT output of 300/6= 500
Impaired debt (wasn’t too sure on this), was recoverable as it was exactly 6 months since payment was due?
Had to subtract UK customer entertainment from input VAT figure.
No adjustment for overseas customer entertainment, repairs, etc?3 a) 6625 shares
b) No Rollover relief on warehouse 1 as sale proceeds greatly higher than re-investment
Some rollover relief on warehouse 2, and some gain (proceeds that werent reinvested)c) Enterpreneur relief for one of the persons, so 10% for him, and 28% for the other. 2000 shares valued at 2000 pounds for the first person, and cost of shares for the second person was 2000/3000*acquisition cost
Tax saving was around 3000-4000ish pounds.4) a) first yr assesment for 11 months till 31st march. this was also overlap profits, other years CYB
Final 14 months period, WDA given for 18%*14/12.
Overlap Profits of 2 months deducted to bring the taxable months to 12.b) 2 CAPs. The first for 12 months, than for 2 months. WDA and AIA for the 2 months proportionally reduced.
5) Reduce gift of house by Annual exemption of 2 years (6000 pounds) plus marriage exemption of 5000 pounds. This gives the Gross chargeable transfer. Death tax on PET would be GCT less NRB of 325,000. IHT @ 40% and taper relief @ 60 %.
Half of the death estate was exempt, the other half chargeable at 40%.
ii) Tax on house payable by sonc) Income tax on rents (less repairs, less insurance)
CGT on proceeds less legal fees, the value of house when inherited and capital expenditure.Anyone else got something similar? Any feedback would be appreciates .
Excellent , could you confirm whether the car wasn’t available for whole period? i don remeber apportioning it?
the car was defo only a “part year thing” – think it was available from something like November for the rest of the year.
i originally worked out the car and fuel benefit and then realised it was only for 5 months or something similar, so had to time apportion it.F6 UK variant was ok ok paper…i liked itt… same as F8….i was running out of time… spent like almost 50 minz for the ques 1 income tax.. tht allowance part literalyy screwed me up…
i did 50000+ 38000 and i deducted ths answer from the gross contributions of 12000…. tht( 50000- 12000) is ths correct??? and for mileage do we need to multiply by 7 months….
and hw abt the motor cars…? multiply into 5/12 …..
and can anyone explain me hw to do the ques 2 part b group relief..as in the loss claim?????
<cite> @waleedansari said:</cite>
Some people did not OPS from Employment income and DID not take extend band by Personal Pension Scheme.They said that Maximum allowance has already been claimed.Hi Charlotte,
I think you cant extend the band rate by 50000, as 40,000 is the maximum GROSS annual allowance which means he will be only paying 40000*( 80/100) actually , so you can only extend the band rate by 40000, Otherwise you will have to pay tax for 10000.
Hope it make sense
<cite> @kutiez2005 said:</cite>
Re the shares Charlotte is right, you can’t roll over the excess of proceeds less original cost so the fact that the daughter paid £4 was relevant.Re pension, the BR band is extended by the GROSS personal pension contr so £50k. The HR band was extended by the same but he earned under this so there was no tax at the HR.
You cant extend the band rate by 50000, because 40 k is already a grossed up value.Annual allowances are always grossed up values
Hope it make sense
<cite> @helloitsroshan said:</cite>
Excellent , could you confirm whether the car wasn’t available for whole period? i don remeber apportioning it?Yeh, car and fuel benefit were for part of the year. 5 months I think, cant remember. He also got AMAP from his employer for the first few months for using his private car, so that was a big hint there that you had to apportion the car and fuel benefit.
<cite> @mohamedd786 said:</cite>
Yeh, car and fuel benefit were for part of the year. 5 months I think, cant remember. He also got AMAP from his employer for the first few months for using his private car, so that was a big hint there that you had to apportion the car and fuel benefit.Thanks for the reply
How much did you extend your band rate by 40k or 50k. if you extend by 50k , we have to tax the extra 10k which is over the annual allowance ( gross)?/
Plz tell me in q4 finding besis of assessmnt there in the last year period was extented to 14 months and also gvn capital allowance and trading profit so what we were to do……i mean first we find c.allowance and minus from trading pofit or we did not need to calculate c.allowance and ajust it….plz confirm to me
I know it’s too late to ask but For F6 paper I could not attempt 2 questions and it was for 15-15 I am really sad did not realise the time. This is my first time sitting in exam for ACCA. Will I fail? attempt 73 marks only.
<cite> @thunderkhan said:</cite>
Plz tell me in q4 finding besis of assessmnt there in the last year period was extented to 14 months and also gvn capital allowance and trading profit so what we were to do……i mean first we find c.allowance and minus from trading pofit or we did not need to calculate c.allowance and ajust it….plz confirm to meU have to apportion the periods first 12 mnths and next 2 months, divide the profits as such and calculate the CA seperate.
Hope it make sense
<cite> @ttslashok123 said:</cite>
I know it’s too late to ask but For F6 paper I could not attempt 2 questions and it was for 15-15 I am really sad did not realise the time. This is my first time sitting in exam for ACCA. Will I fail? attempt 73 marks only.Well it depends how well u did on 73 marks, Hope you will pass
Good luck
<cite> @waleedansari said:</cite>
I got 6625 sharesI got the same thing
<cite> @helloitsroshan said:</cite>
Thanks for the replyHow much did you extend your band rate by 40k or 50k. if you extend by 50k , we have to tax the extra 10k which is over the annual allowance ( gross)?/
I wasn’t too sure about this. I went with grossing it up, as I had been so used to it when doing past questions. Is the 50K a year pension limit a net or gross limit? I assumed it must have been a net limit. But thinking of it now, it was probably 40K that we needed to extend the band by.
<cite> @mohamedd786 said:</cite>
I wasn’t too sure about this. I went with grossing it up, as I had been so used to it when doing past questions. Is the 50K a year pension limit a net or gross limit? I assumed it must have been a net limit. But thinking of it now, it was probably 40K that we needed to extend the band by.yes its a gross value
The following information is available in respect of Greenzone Ltd’s value added tax (VAT) for the quarter ended
31 March 2013:(1) Output VAT of £38,210 was charged in respect of sales. This figure includes output VAT of £400 on a
deposit received on 29 March 2013, which is in respect of a contract that is due to commence on 20 April
2013.
(2) In addition to the above, Greenzone Ltd also charged output VAT of £4,330 on sales to Are Ltd and Can Ltd
(see part (b) above). These two companies and Greenzone Ltd are not currently registered as a group for
VAT purposes.
(3) The managing director of Greenzone Ltd is provided with free fuel for private mileage driven in his company
motor car. The relevant quarterly scale charge is £300. This figure is inclusive of VAT.
(4) On 31 March 2013, Greenzone Ltd wrote off an impairment loss in respect of a sales invoice that was issued
on 15 September 2012. This invoice was due for payment on 31 October 2012. Output VAT of £640 was
originally paid in respect of the sale.
8(5) Input VAT of £12,770 was incurred in respect of expenses. This figure includes the following input VAT:
£
Entertaining UK customers 210
Entertaining overseas customers 139
Repainting the exterior of the company’s office building 1,678
Extending the office building in order to create a new reception area 3,300
For the quarters ended 31 December 2010 and 30 September 2012, Greenzone Ltd was two months late in
submitting its VAT returns and in paying the related VAT liabilities. All of the company’s other VAT returns have
been submitted on time, and the related VAT liabilities have been paid on time.Required:
(i) Calculate the amount of value added tax (VAT) payable by Greenzone Ltd for the quarter ended
31 March 2013;How did people do this?? anyone show me please?
the exam is over……. why keep talking about it? the more you tihnk about it – nothing will change! overthinking=stress
Note: Your calculation should clearly refer to all of the items of input VAT listed in note (5), indicating by
the use of zero (0) any items that do not require adjustment. (7 marks)Mor112, as I am worried I got the basic wrong 🙁 ………I knew how to do this before exam but pressure and time got to me 🙁 I feel if Ipass this vat part I have a good chance!. Can you help!
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for zwe variant it was fair
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