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After BPP Revision kit:
It can be beneficial to skip a generation so that gifts are made to grandchildren rather than children, particularly if the children already have significant assets.
This avoids a further charge to inheritance tax when the children die. Gifts will then only be taxed once before being inherited by grandchildren, rather than twice.there was a mcq about class 1 nic which employee pays …. his salary was given ..63000 … and also occupational penaion figure was given … so what was the relevant amout for calculating class1 nic … i didnt change it …i think no need to change it as Class 1 nic are unaffected by pensions
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That is to avoid the estate form being taxed (1st when he wills it to his children and then upon their death when they in turn will it to the grand children) twice and also at a revalued amount.
All the three bonuses were to b taken as their entitlement dates were fallin in this tax yr… moreover ya mos MCQs had C as an answer hehe
I can confidently say I got 2 marks on the ISA question. Just need to scrape another 48.
The CGT question was confusing.
@aftabmalik92 said:
after 12 months frm filing date … so 31 march 2017 🙂M
Even I prefer the same.somebody quoted 31st April 2017..Which one is correct??
@aftabmalik92 said:
there was a mcq about class 1 nic which employee pays …. his salary was given ..63000 … and also occupational penaion figure was given … so what was the relevant amout for calculating class1 nic … i didnt change it …i think no need to change it as Class 1 nic are unaffected by pensionsYeah..So gross salary minus the employers contribution and not the employee..I think do not need to do anything with NiC..Is that rgt
Because if you pass it on to your children who are already in their 50s/ 60s they will then die and the money gets taxed again. If your children are older and established and don’t need the money so much it might make more sense to go straight to grandkids!
I got loads of c’s too 🙂
@bgermaine1 said:
Hi,Now after thinking about the exam I’m not sure if I answered a question 6 or not. I vaguely remember doing a loss question that involved adjusting depreciation and using some time proportioned WDA on capital allowances.
Although I’ve done so many practice questions and with getting caught up in the exam I really can’t remember.
Was the 6th question actually hard to miss? And would some one please be kind enough to provide abit more detail of how the question was presented.
Thank You
Hi, what you’ve remembered does relate to question 6. The question asked us to to make adjustments to the trading loss, where we start with the loss figure and add back any deduction which wasn’t allowable, or put a 0.
There was a capital allowance working required, and the wda would be time apportioned. There were a couple of main deductions in the question which were further broken down into seperate notes, like professional fees, entertainment expenses, etc. all were broken down further so we would decide whether it was all allowable or not.
The question was behind a page which didn’t have a question on it, but there was bit of text on the blank page to indicate that question 6 is there when you turn over.
If the children do not spend their inheritance and it ends up enlarging the children’s estate, then they get taxed once again on the way to the grandchildren. So long as the children don’t need the money, may as well send to the second generation.
The answer was that it wouldnt be taxed twice …in the hands on the children and later the grandchildren. I read that in the bpp textbokk so i put this
@pinkyjovin123 said:
MEven I prefer the same.somebody quoted 31st April 2017..Which one is correct??
It is 30th April 2017. Read this and you will believe me. Same question in March 16 paper.
Can anyone remember what the final sub part question was for Question 5 Income Tax?
@aminb001 said:
It is 30th April 2017. Read this and you will believe me. Same question in March 16 paper.https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f6/examreports/f6uk-examreport
But for June 2016 was it did not file or did filed??I don’t remember…
hey sapphir. yeah im sure that it was negative TWDV so balancing charge:)i took lower of cost and proceeds, i remember. lets see what happens. for now, gonna chill.Take care you all.
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Did anyone apply capital allowances rate of 10% in the Q5 Property income from FHL?
Or I mistaken it?
probably mistaken since an FHL gives full capital allowances at the normal 18% and 8%. the 10% rule applies to other rents of furnished apartments which are NOT FHLs.
Question on IHT was really confusing. also i lost a lot of time with disposal of shares in capital gains part. do anyone have any idea about the share disposal . what would be the cost of shares disposed? you have to do a share pool right?
This is regarding the 10 mark VAT question.
Did anyone include the impairment loss on 12 October 2014 in their VAT calculation?
The sample questions are now available on acca site for reference. My answer:
Sales 22500
Discount (774) —– 4300 * 10% deduction = 3870 * 20%
Equipment (0)
Fuel scale charge (60)
Purchases (11200)
Motor car (0)
Equipment (2480) —- 12400 * 20%
Impairment loss 29 Aug 14 (280) —– 1400 * 20%
Impairment loss 12 Oct 14 (540) —– 2700 * 20%
UK entertainment (0)
Overseas entertainment (160) —- 960 * 1/6
Motor repairs (168) —– 1008 * 1/6
Vat payable = 6838
Also the descriptive part i put both cash and annual accounting scheme would be available to the individual, but it would be best for him to use cash accounting scheme as he makes regular cash receipts/payments, makes sales on credit and he will get automatic debt relief if customers default on making payments. Also he does not have to pay any output vat to hmrc until his customers make payments for their purchases.
@shoj said:
This is regarding the 10 mark VAT question.Did anyone include the impairment loss on 12 October 2014 in their VAT calculation?
The sample questions are now available on acca site for reference. My answer:
Sales 22500
Discount (774) —– 4300 * 10% deduction = 3870 * 20%
Equipment (0)
Fuel scale charge (60)
Purchases (11200)
Motor car (0)
Equipment (2480) —- 12400 * 20%
Impairment loss 29 Aug 14 (280) —– 1400 * 20%
Impairment loss 12 Oct 14 (540) —– 2700 * 20%
UK entertainment (0)
Overseas entertainment (160) —- 960 * 1/6
Motor repairs (168) —– 1008 * 1/6
Vat payable = 6838
Also the descriptive part i put both cash and annual accounting scheme would be available to the individual, but it would be best for him to use cash accounting scheme as he makes regular cash receipts/payments, makes sales on credit and he will get automatic debt relief if customers default on making payments. Also he does not have to pay any output vat to hmrc until his customers make payments for their purchases.
The 660 for fuel inclusive of VAT is fully recoverable my friend. And even though your equipment states 0, in the exam you should have a output vat charge in the top and a reversal charge at the bottom to get those marks.
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