*** F6 June 2015 Exam was.. Instant Poll and comments ***

I have got 11500 vat payable
I did not account for input vat for private use of car and other benefits … As I think they are to be added as cost… I am so confused..

Output tax 68 and input 70, only 70% of the fuel charge(whatever it was) was for business use.

@payalaggarwal1 said:
Vat payable i got 8860 or something. The flat rate gave you 15160 or something so not advised. Anyone with similar answrs?

I remember my Flat rate being 1560. So we’re on the same boat in that one. However I got 10k for the part a.

It was a surprisingly simple exam. I tried my best but I’m not sure if my effort was enough to score atleast 50 marks. I deeply regret not working enough past papers…… If I had, this would’ve been an easy walk over.

Child benefit was 5201 or something like that

I really screwed up I did q5 in the end and although we were supposed to calculate trading loss I got trading profit b and c part also ruined in short totally messed up the whole question :/

Hi do we lose mark if we don’t put the £ sign in our answers??

Did the F6 UK exam today. Multiple choice questions were okay, finished them quite quickly.
Question 5 and 6 were pretty straightforward surprisingly but noticed when I got home that lease costs I used 20% instead of 15% darn it!! But that’s only 1/2 marks lost, never mind!
Question 1 IHT was okay, so was the trading loss question. But the capital gains tax question, don’t think I did well at all, mind went blank in regards to the share disposals. If something came up on part disposals of land or chattels, I would have aced this part!
Think the VAT question went okay and like others I found that the flat rate gave a higher vat payable figure than the normal way.

Hopefully, we all did enough to pass IA. Bring on 01/08/2015!!

Good luck fellow ACCA students! 🙂

what did they ask for in question 3 again?

MCQ

1) Tax evasion is illegal avoidance is not
2) Employer pays Class 1 and Class 1a
3) Output VAT on fuel scale charge of 68 and Input VAT of 100 as 100% deductible
4) Child benefit from memory 30% of 1796 coming to around 530 something
5) Penalty of 10%
6) Payment on account 50% of 13/14 tax and Class 4 NIC = 340 something
7) 70,000 (cap on income 50,000 + capital loss b/f 20,000)
8) Group relief question I can’t remember the question but I put D
9) Question 1 I guessed at A
10) UK resident test I put max of 2 ties

Section B

Q5) I think I got 136,000 then worked out the marginal relief remembering to split the upper and lower bands in half due to the associated company. For the relief I think I did 12 month back which was the 9 month period and 3/12 of the previous year end. I was unsure if to put the delivery van in a special rate pool or if it qualified for AIA, I decided to claim AIA on it

Q6) Only one mobile phone allowable, pro rated to 5/12 and 7/12 for the car benefit and something else, travel and subsistence allowable, annual value + (140,000 + 9,000 – 75,000) x 3.25%, fuel benefit using AMAP

Q4) Worked out flat rate scheme 12% on total taxable turnover, including the zero rated sales. Worked out more beneficial not to use the flat rate scheme.

Q2) Part be I think I just put 16,000 shares x 3.4 + 6.4 as the proceeds or something and part a I think I set out correctly but calculated the indexation’s wrong.

Q3) I frantically scribbled some calculations down at the end of the exam as run out of time, basically just calculated Fergus income tax payable, and scribbled even with Augmented profits still small rate so x 20%. No idea if what I did was right but anything was better than nothing

Q1) Completely left as hate IHT

Touch and go for me I reckon, be good to hear everyone else’s views

Yes, I found the exam ok too although I find shares for companies hard and I left part b of question 2 for this reason. I attempted everything else. I pray I have done enough to pass.

Anybody knows what is the treatment of an unused indexation allowance