*** F6 March 2016 Exam was.. Instant Poll and comments ***

@laura4789 said:
Was this the corporation tax one? It was split over 2 years and the answers were 21% 21.5% 22.5% 23%?

If I remember correctly it was (3/12*23%) + (9/12*21%) = 21.5%.

no idea how u are doingbut im so glad i ticked 21.5% by chance 😀

@twistedheat said:
If I remember correctly it was (3/12*23%) + (9/12*21%) = 21.5%.

@sergivlc said:
Well, I am not too sure but I believe pension income, is still taxable for Income tax, but there aren’t any NICS deducted from that Income

Thanks sergi =)

@sergivlc said:
Well, I am not too sure but I believe pension income, is still taxable for Income tax, but there aren’t any NICS deducted from that Income

I did calculate my pension income but then i didn’t added it to my income for calculating income tax liability =( i was unsure.

do we have to time apportion the capital allowance for qns 5 & 6

i guess one was for 3 months, can some reply on this.

I also remember few MCQ

One was about VAT flat rate scheme and I pick answer 960 I am not sure
It stated that turnover was 10 000 exclusive VAT so I added VAT and then calculated VAT payable

Second was about wealth decrease, transfer of shares I pick 65 000

Third about exempt I pick fountain pen cost 40$

Fourth about taxable income of 120 000 , born before 1938 but i pick 120 000 because of 27 000 limit of income

Fifth NIC 4 I guess I pick 4432 or something like that it was A answer

Next, about tax avoidance and tax evasion I choose D it war NISA tax avoidance and Interest emission tax evasion

Next,about remaining nil rate band I choose 115 000

Next, about self asessment I choose 31 January 2017 but I think It is wrogn

Next, about exemptions also I choose D, It was NISA , NI&S saving certificate and bonds

Next, payment on account I dont remembr why but I choose 17 000

Next, about residence exemtion I choose 69 000 but now I think it was 72 000

Next about quantity of acco. for calculation of upper and lower limits for corporation tax purposes I choose 2 ( but there was tricky moment about purchase shares on 01.03.2015 and answer was in respect of 31.03.2015)

Next about shares market value I calculated 3.11 per share so 3110

Yes I made time apportion for WDA for 2013 year 3 month but not sure about this

1- Born in 1936, Taxable income of £120000? – Same for me, Rs120,000, is it the correct answ?
2- NIC of someone. Salary 60,000 car benefit 3000?
3- Allowable gift? Voucher, Pen, Food hamper? – Pen
4- Private principal residence exemption? – 11/12* PPR
5- Tax evasion/avoidance? – Yes
6- Not Revenue tax? It was inheretance tax.
7- market value of shares. CGT with recorded bargains? Yes – Bargain was lower 3110
8- Interest exempt accounts? New individual savings account etc
9- Corporation tax average rate? 21, 21.5?? – 21%
10- VAT flat rate? – 8% of Sales = 800

@laura4789 said:
My MCQ’s were:
C
C
A
D
B
C
C
D
C
C
A
A
D
A
B
Not sure if they are correct. Would like to compare if anyone remembers there’s.
Thanks

Looks familiar. I remember a lot of C’s and not too many A’s.

HOW MUCH WAS THE CO2 GM/KM FOR THE NEW AGAINST WHICH FYA WASNT SUPPOSED TO BE ALLOCATED

Was not sure about the pen, because there is no advert.

Does anyone remember what question number the corp tax one with possible ansers 21% 21.5% 22.5% 23% was? I totally missed this question, don’t remember seeing it at all and fear I may have messed up my answers after this question. hope it was towards the end..

I think the exam was pretty friendly, and very happy to see my answers matched some on this forum. Q5 income tax and Q6 corp tax was very long and took most of my time. But was glad to see Capital allowances were tested in both especially Q6 (which will score most of the marks).

Some answer I put to MCQs:
CT average – 21.5%
POA for 14/15 – £22,500
PPR Relief – 72,000
NIC on salary- 4,432
Share price – 3,110
Self assessment check – 31/01/2017
Taxable expenses – Fountain pen
IHT Nil rate band – NIL
Taxable income – 120,000
IHT transfer of value – 45,000 (guessed)
VAT FRS – 960
IHT tax – Not revenue tax

Some of my answers to the questions:
Q6b – residency of the company if board meeting were oversea, no because company was incorporated in UK
Q6a –first two CT CAP calculations were small rate and final was Marginal relief.
Q5 – benefits to employment, Grandchildren school fee – exempt, Clock for long service – Exempt, Beneficial loan – average method.
Q3 – CGT
The nil cost/nil gain spouse transfer of the house.
The shares on gift relief limited by the fraction business assets/chargeable assets.
The vase, 5/3 (SP – 6000).
The disposal of the land, Part disposal
Q2 – VAT
Rushed this question due to time constraint, 2% for first error, 5% for second error in surcharge period
Advantages of group VAT return – only one Vat return less change of missing deadlines, can offset refunds against payments against subs and parent.
Q4 – employee vs sub contractor
Again rushed this question – NIC calculation – Class 1 vs class 4 and class 2

With my second paper done I will now be moving on to F7 & F8 to sit in December – and advice and recommendations I should consider would be greatly appreciated?