Forums › ACCA Forums › ACCA TX Taxation Forums › *** F6 June 2015 Exam was.. Instant Poll and comments ***
- This topic has 133 replies, 72 voices, and was last updated 9 years ago by opentuition_team.
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- June 5, 2015 at 1:37 pm #253619
Question 3 I think its A
23700- 10400( current yr loss)
=13,300
Loss c/f (2300)
=11,000(AE)
Loss c/f 6100-2300= 3800June 5, 2015 at 1:40 pm #253620Q4 it’s B and Q8 B
June 5, 2015 at 1:49 pm #253621@chris165 said:
Accounting period spans two tax years so you have to apportion appropriately:4/12 * 23% * 1380000 + 8/12 * 21% * 1380000
That gives B: £299000
U r right but it’s not tax year it’s financial yr 1/4/2013 to 31/3/2014
1/4/2014 to 31/3/2015June 5, 2015 at 1:53 pm #253622@gawcram said:
Question 3 I think its A23700- 10400( current yr loss)
=13,300
Loss c/f (2300)
=11,000(AE)
Loss c/f 6100-2300= 3800This is what you would normally do to minimise tax but as the question is stated, £6100 is correct
June 5, 2015 at 1:57 pm #253625@gawcram said:
Q4 it’s B and Q8 BQ8 no – because the cash released (£41000) is greater than the capital gain, there is no rollover relief available.
June 5, 2015 at 2:19 pm #253629@chris165 said:
Q8 no – because the cash released (£41000) is greater than the capital gain, there is no rollover relief available.I missed that.. 🙁 u r right
June 5, 2015 at 2:22 pm #253631@chris165 said:
This is what you would normally do to minimise tax but as the question is stated, £6100 is correctCan u please explain a bit?
June 5, 2015 at 2:23 pm #253633Q 9 I think its B
June 5, 2015 at 2:29 pm #253636@gawcram said:
Q 9 I think its BI thought it was B too. Because amendments and checks are allowed within 12 months of the submission of the self-assessment tax return.
June 5, 2015 at 2:56 pm #253640@jayedchoudhury@hotmail.com said:
I thought it was B too. Because amendments and checks are allowed within 12 months of the submission of the self-assessment tax return.Actually on second thoughts, I think this is wrong. Guess we’ll find out when OT submits its suggested answers.
June 5, 2015 at 4:15 pm #253665It was a manageable paper. Cant remember the mcqs unless I see the questions.Anyone can say where these can be found? Thanks to OT you lectures are really helpful…Hope I got a pass
June 5, 2015 at 6:46 pm #254067For question 1 IHT, according to bpp, the revised nil rate will apply to the calculation of the additional death tax on CLTs and PETs made by the donor and death tax on the donor’s death estate. There is no clue that the transfer nil rate band can be used for the lifetime IHT calculation.
June 7, 2015 at 12:54 pm #254766Will someone please upload the correct answers of MCQ’s?
June 7, 2015 at 12:55 pm #254768Team #OpenTution please upload the answers of MCQs.
June 8, 2015 at 1:19 pm #255085Open tuition. How long until the answers are posted please?
June 8, 2015 at 2:39 pm #255106Can anyone help with question 3, even now looking at the exam again I’m still not sure how to approach this one.
I was working through the BPP revision kit, and don’t recall seeing any questions like this so it threw me somewhat in the exam.
June 9, 2015 at 5:18 am #255386f6 was good
June 9, 2015 at 8:16 pm #255764Indexation allowance can never create or increase loss
June 9, 2015 at 10:00 pm #255813Have some of those answers. can anyone say when we will see the suggested F6 answers
June 10, 2015 at 10:43 am #255949F6 paper was ok, I attempted approx 90% paper, last time i attempted this paper in December but failed, this time my paper was much better and hope I would pass this time. Thanks to Open tuition for their services and Good luck to all students.
June 10, 2015 at 3:10 pm #256028I think q3 is quite straightforward, you need to compare what tax is being paying as self-employed to becomes limited. it all mentioned in question itself,
since self-employed tax worked for you, you all need limited tax liabilities .
1 Corporation tax at 20% (100000*0.20)=£20000
2-Income tax(180000-10000pa)=8000*0.20=£1600
3-NIC class 1 pre employee 18000-7865*0.12=£1216
4-NIC class 1 sec employer 18000-7865*0.138=£1398
5-Dividens 31865*0.10=3186.5
8135*0.325=2643
Then you add them up and compare them to self-employed figure and state which one is more beneficial to taxpayer.I hope this will give you an idea
June 10, 2015 at 3:32 pm #256039Even I did that!
June 10, 2015 at 4:31 pm #256090@se3addick said:
Can anyone help with question 3, even now looking at the exam again I’m still not sure how to approach this one.I was working through the BPP revision kit, and don’t recall seeing any questions like this so it threw me somewhat in the exam.
I think q3 is quite straightforward, you need to compare what tax is being paying as self-employed to becomes limited. it all mentioned in question itself,
since self-employed tax worked for you, you all need limited tax liabilities .
1 Corporation tax at 20% (100000*0.20)=£20000
2-Income tax(180000-10000pa)=8000*0.20=£1600
3-NIC class 1 pre employee 18000-7865*0.12=£1216
4-NIC class 1 sec employer 18000-7865*0.138=£1398
5-Dividens 31865*0.10=3186.5
8135*0.325=2643
Then you add them up and compare them to self-employed figure and state which one is more beneficial to taxpayer.I hope this will give you an idea
June 10, 2015 at 4:43 pm #256102Q2
2) MV Cost
Cash 6.5*100000 65000 19500 shares 4.5*10000 45000 13500
Total 110000 33000CG Proceeds 65000
Cost (19500)
Gain 45500
AS it cash will be Taxed immediatelyJune 10, 2015 at 6:39 pm #256156@haider85 said:
I think q3 is quite straightforward, you need to compare what tax is being paying as self-employed to becomes limited. it all mentioned in question itself,since self-employed tax worked for you, you all need limited tax liabilities .
1 Corporation tax at 20% (100000*0.20)=£20000
2-Income tax(180000-10000pa)=8000*0.20=£1600
3-NIC class 1 pre employee 18000-7865*0.12=£1216
4-NIC class 1 sec employer 18000-7865*0.138=£1398
5-Dividens 31865*0.10=3186.5
8135*0.325=2643
Then you add them up and compare them to self-employed figure and state which one is more beneficial to taxpayer.I hope this will give you an idea
I had a different answer for this question as I had the director’s salary as an allowable deduction from profits and also included the employer’s annual exemption for class 1 secondary of £2,000.
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