F6 UK tips – December 2012 sitting

Opentuition

Question 1
Income Tax Computations & NIC’s
Computations for husband and wife, including
Employment Income with benefits
Trading Profit – possible cessation with adjustment of profits and Capital Allowances
Joint Investment Income
Due dates

Question 2
Corporation Tax & VAT
– Adjustment of profits
– Capital Allowances
– Accounting Period straddling 2 Financial Years and/or possibly a short period
– Use of losses including group relief of losses
– Output tax and Input tax for VAT return
– Group VAT registration
– VAT on Exports & Imports and trading within EU
(VAT issues could be in Q.4 or Q.5)

Question 3
CGT
– Transfers of assets between spouses
– Gift of shares and availability of gift relief and entrepreneurs relief
– PPR relief, Incorporation relief

Q’s 4 & 5
New rules on pension contributions as per examiner’s FA 2011 update article
IHT as part of question
Corporation Tax losses if not in Q.2

Kaplan Financial

Income tax
– joint investment income
– adjustment of profits
– national insurance
Corporation tax
– chargeable gains to calculate, with rollover relief
– group loss relief – with some tax planning
– interest on late payment of corporation tax
VAT
– VAT registration – futures test
– cash accounting scheme
– default surcharges
Capital gains tax
– Transfer between spouses
– Incorporation relief
– PPR, gift and entrepreneurs’ relief

BPP

The exam will comprise five compulsory questions. Question 1 will focus on income tax with Question 2 focusing on corporation tax. These two questions will make up 55% of the marks.
Question 3 to 5 will total 15 marks each. Question 3 will examine capital gains tax with the other two questions covering other areas of the syllabus.
VAT will be examined for at least 5 marks in either Question 1 or 2 but could form a separate question. Inheritance tax will also always be examined for at least 5 marks within Question 3 or 4 or 5.

First intuition

Employment/self-employment.
PAYE.
Opening years and change of year-end for sole traders.
Capital allowances.
Corporation tax losses.
VAT default surcharge and VAT invoice content and annual accounting.
CGT: Principal Private residence and entrepreneur’s relief, chattels.
IHT lifetime and death transfers.

LCA

Corporation tax: Basic computation with capital allowances and profit adjustments; due dates for submission of tax returns and penalties for late submission. Possible group relief/transfer of group gains or losses.
Calculating the VAT due for a quarter, default surcharges for overdue returns.
Individual tax: Employee benefits and pension contributions. Calculation of an income tax liability.
Capital gains tax: A mixed bag of topics; shares, gift relief, transfers between husband and wife, compensation receipts with some gains qualifying for entrepreneur relief.
Other questions
A mixed question involving the trader; short computations on assessments, partnerships and change of accounting date.
Overseas aspects of a company; double tax relief, branches and subsidiaries, transfer pricing and VAT on imports and exports.
A general inheritance tax question.
Badges of trade problem question with a calculation of the results either as a trading or capital gain.

LSBF

Q1: Income tax computations for husband and wife.
– For a self employed person maybe involving adjustment of a profit.
– Employment income including the evaluation of benefits.
Q2: (a) Corporation tax computation – ddjustment of a trading loss and relief for the trading loss in the current chargeable accounting period and carry back for 12 months including capital allowances for plant and machinery.
(b)VAT – surcharges for paying the VAT late/group registration for VAT.
Q3: Capital gains tax for individual with shares including rights and bonus issues and incorporation relief.
Q4: Pensions and the new rules.
Q5: Implications of a person being UK domiciled for the purposes of IHT, or property business income for individuals.

best of luck with exam!
ansi