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

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= 3800

@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 31/3/2015

@gawcram said:
Q4 it’s B and Q8 B

Q8 no – because the cash released (£41000) is greater than the capital gain, there is no rollover relief available.

@chris165 said:
This is what you would normally do to minimise tax but as the question is stated, £6100 is correct

Can u please explain a bit?

@gawcram said:
Q 9 I think its B

I thought it was B too. Because amendments and checks are allowed within 12 months of the submission of the self-assessment tax return.

It 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

Will someone please upload the correct answers of MCQ’s?

Open tuition. How long until the answers are posted please?

f6 was good

Have some of those answers. can anyone say when we will see the suggested F6 answers

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

@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

@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.