TXJune 2021 ACCA TX exam was - Instant Poll and comments

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I thought this was really hard, especially the section c questions. They love to throw in curve balls to trick you! The room was hot and stuffy with a mask on and the internet was slow. I would have preferred to do it at home but that option wasn’t available

Wow the whole 3 hours was a blur now. Now I’ve got the fear that I missed something or part of a question in Section C. Hopefully not. This was my first CBE with the constructed responses, there was one question where I only wrote text relating to the April 30th/April 5th accounting periods but the whole answer was on the spreadsheet rather than a text box. Is that normal? Sorry, I’ve got the post exam fear

The exam was tough.. nothing to say about Sec A .Sec C I got on 10 marks IHT Tax and I got 50000*40%= 20000. Do any one of u got this?? Sec A wass reallly tough. There was a ques on AA Charge.. They have given you the income but it must be adjusted income. So, the occupational pension by the employer must be added with the income and then restrict the 40000 allowance. Did anyone got this right??

If it was on a spreadsheet and you've given your answer in spreadsheet then it is ok..

zain678 wrote:The exam was tough.. nothing to say about Sec A .Sec C I got on 10 marks IHT Tax and I got 50000*40%= 20000. Do any one of u got this??

I got a ten marker on whether an individual should continue trading as a limited company and pay himself dividends or whether he should move to self employment.

sahilr99 wrote:Yeah i got the same paper, it was benefitial to pay himself dividends rather than gettng employment income, am i right?

Yes I got that answer that he should remain as a limited company, but there wasn’t a great difference between the two :)

Just to check, written answers were put in the excel bit? I can see a couple people asked but I can’t see the replies

Really?! I found that it would be more beneficial to change as sole trader, because I calculated the corporation tax + income tax liability + NI employee + NI employer. For the sole trader I calculated the income tax liability + Class 2 + Class 4. Did you also do this or you tried a different approach?

caterinazogr wrote:Really?! I found that it would be more beneficial to change as sole trader, because I calculated the corporation tax + income tax liability + NI employee + NI employer. For the sole trader I calculated the income tax liability + Class 2 + Class 4. Did you also do this or you tried a different approach?

I did the same but as his remuneration was £8,000 I calculated it as there was no NIC employer/employee payable as a limited company. I don’t think NIC is payable on dividends but could be wrong and I can’t be bothered getting my textbook to check, I’m burnt out haha

oli.k14 wrote:Just to check, written answers were put in the excel bit? I can see a couple people asked but I can’t see the replies

Yeah it was the same for me. Threw me a bit after the exam because I was thinking maybe I’d missed something?!

So over ACCA.

I got shortlife asset in capital allowances in section C

I had the technical issue and got the reschedule option so I opted to do for next June 15 . Does anyone done the same ?

Is that you choose to do it on 15 June or ACCA given the date? mine was cancel too but i havn't heard anything from ACCA yet.

I found the Objective Questions difficult. Other parts in section C were fairly manageable. Examiner threw in already computed Annual Investment Allowance to confuse students!

Do we not all sit the same TX Exam? I had a section C question on partnerships. The partnership purchased equipment and the partners bought cars personally which had 20/30% business use. Should these be included in the capital allowance comp for the partnership or personal? I ran out of time for the final 15 marker on adjusting the company's trading profit!

Yes I got the partnership question too however 1 of the cars was FYA as it had only 40g/km CO2 emission... I wasn't sure if the allowance was supposed to prorated to its 30% business use. I also ran out of time computing the trading profit for the 15 maker... So much info to process! That's the question with the AIA already provided.

yes..same hapenned to me

Kkkk I also had that paper ,.... I didn't finish Section C

NIC isn't payable on dividends. But if I recall clearly, there wasn't any remuneration if it was a limited company

FYA is usually not prorated though because there isn't a limit. AIA is prorated based of the 1m limit

yes got the same as well

The whole 3 hours is a blur now. I cant even recall if I was in my senses while writing the paper. I screwed up the loss relief section C question (this I am definite about). Section A was on a bit difficult side. I was expecting it to be easier. Section B was still manageable. The overall paper was definitely a medium-hard.Hoping to clear it though.

Pratibhapahwa4313 wrote:The whole 3 hours is a blur now. I cant even recall if I was in my senses while writing the paper. I screwed up the loss relief section C question (this I am definite about). Section A was on a bit difficult side. I was expecting it to be easier. Section B was still manageable.

This! Section A was the hardest for me too. Kinda ruined the entire exam mood as it got me tense immediately.

Paper was very technical and at Section C I was totally confused that what to do so I recommend that please solve all the questions of the Kit for better marks to obtain!

its all so vague for me...dont remember anything lol..hoping to pass