TX*** June 2022 ACCA TX exam – Instant Poll and comments ***

I felt confident going into the exam but the examiner made it so hard. Really unfair and evil. A bunch of admin questions. Then section C 15-mark question was so confusing with weird wording. Its a corporate, 15-month period First part 6 marks they ask you to calculate tax adjusted profit so I did split into 2 periods -- 12 mo. And 3 mo. Bu then there bunch of adjustments you have go take into account, have not seen anywhere anything like that before. Btw they tell you to ignore Capital Allowances. And then part is even more confusing. Its worth 9 marks and they tell you to calculate total taxable profits including capital allowances. So OK, I took trading profit in part and then arrived at total taxable profits. But the question was worth 9 marks it seems too many marks for too litle info. And the section C second 15 mark question, part A 11 marks employment income. Went ok but then use of fuel. Honestly no single fuel question in BPP most recent book. I calculated it 24600*car benefit%. Whatever Part 2 would not even comment. Again 2 questions 4 marks total about admin dont even know what they asked. All in all unfair questions. So many important tax topics completely omitted.... Its also unfair that BPP most recent book has totally omitted questions such as period of account and car fuel benefit. Dissapointed all in all

I used 130% for equipment. Did you calculate fuel costs the same way I did? Also regarding that 15-month period Sectin C question. Did you add back certain costs like entertaining customers and split it 12/15 and 3/12? How did you treat dividends? Thanks

From what I understand first you had to calculate trading profit for 15months, before capital allowances (so with all adjustment made but before capital allowances). Then you need to split this between 12 and 3 months and for each of these AP prepare separate calculations of capital allowances. And then and the and add chargeable gain in period when disposal took place to have total profits for each of AP. Am I right that the loss in AP of 3months should be NIL as it was loss which can't be carried back?

So you added back the adjustment and then made a split? In calculating tax adjusted trading profit did you make a split --- 12 months to the end of june and 3 months to the end of september?

I asked @ajabbie12 Its regarding part A

I got that same paper. The wording was really confusing for that last 15 marker. They took the electricity towards the end of my exam. Sent ACCA an email. My section A didn't go as smooth as I expected. Overall I would say it was a good paper to get a pass, but I'm not sure I did well enough for the pass. Bummed about that!

Thanks man, I did split it in both part A and part B so basically part A 6 marks are gone... I've just never seen a question like that.

So unfair, I just went over BPP practice kit, not single question like that. So unfair.

btw open tution tax lectures are way to broad and long. Dont think anyone can go over countelss of talking and talking...

I really liked other OT lectures btw Tax is my last F exam. But tax lectures need an overhaul, way to long and useless

Its not because I am dissapointed with the exam. Dont think anyone can listen to the guy who just keeps talking and talking. If can say something in 1 sentence, no he wont he'll use 10. Whoever went over hours and hours of long ACCA Tax UK lectures deserves an award. Cheers all all the best and good luck to everyone

Is anybody got the exam version where your section C was as follow 1. - tax savings by split the property and dividend income - tax savings in investing in ISAs - inheritance tax saving 2. - corporation tax calculation - capital gain losses between group relief 3.- income tax liability for an individual - how benefits are paid I didn't think I done bad and then I got home and started looking for answers in the book and started to get deflated and disappointed ? I am hoping that I did enough to get me through the pass mark Extremely disappointed with myself

I was only watching lectures for topics that I couldn't understand from study text and it was helpful. But I couldn't watch all of them lol! Also, I heard several times that BPP books and exam kits are missing some bits. That's why I always use Kaplan, I think they have more variety of questions. In Kaplan study text there is step by step approach how to deal with long period of account.

Vicosta, yes I think I had this version, although I don't remember to have anything about gruop loss relief.

I had the same questions for section C and I found it ok, the 10 marker on tax savings was enjoyable (if I can say that). Hoping I got full marks on that as I practiced many like that! The 15 marker on corporation tax was rough, I thought, I have never seen a question like it and I found the capital allowances difficult. It felt really ambiguous but hoping I gained some marks on the pro formas! I practiced a lot like the 15 marker on income tax too so I’m hoping I got good marks there too… I always found benefits and remembering what they are quite hard as there is so many. Really anxious to get my results but hoping I did enough to pass… I didn’t watch any lectures this time because I found them to be quite long so it was mainly the study text that I worked with. Fingers crossed, good luck to everyone!

Thank you guys, I guess I would need to switch to Kaplan. Thats what bothers me, they tell you practice is vital you do that, you go over all questions in BPP and then you are completely off guard because there is no such a question in the BPP book. Both fuel benefit and long period of account. I am just so angry if I fail because of small stupid issues....

And I always pay special attention to section C because this is where you get most of the marks and this is where you demonstrate a pure knowledge... So pissed right now. Luckily, I did the pre June mock exam so had some sense about the long period account...

Same happen in my audit exam I had a question on Non-current asset register deficiency. Not a mention about that in BPP. I did well on other sections so I am confident and could answer ok from my experience. But again if you just read it before it would be easier

I am very disappointed with myself made some stupid mistakes. I got myself so worked up my mind went blank. Feeling really upset as I did really put in the effort. I use Kaplan books which I find really good. Such a vast subject with so many rules. Surely in real life you would be able to refer to text books or other means of guidance. I had the 15mth tax adjusted trading profit question which completely threw me with the amount of other info. All I can say is the examiner marking will have a giggle!

Hi everyone, It doesn’t sound as though anyone had the same paper as me yet. I had a calculation of NIC and comparison to sole trader or company, the effect on income tax/corporation tax and whether it was a cost saving to become limited or not for 10 marks I got a 15 mark purely income tax comp with some basis period rules in there with profit from a partnership, lease, rental income etc I then got an 11 mark corporation comp with capital allowances, and a 4 marker at the end about Sqaure and Round Ltd - Loss relief and how to offset the losses and which companies were part of the group. Panicking that no one has this exam and maybe I’ve misread and not split my corporation tax computation which I think was just a 12 month period ? Section B I got a lot of vat admin, share disposals and base cost for individuals and inheritance tax! Feel generally ok with how the paper was. Let me know if anyone else got this paper as I’m worried I’ve messed up my whole 15 marks!!!

Hi everyone, It doesn’t sound as though anyone had the same paper as me yet. I had a calculation of NIC and comparison to sole trader or company, the effect on income tax/corporation tax and whether it was a cost saving to become limited or not for 10 marks I got a 15 mark purely income tax comp with some basis period rules in there with profit from a partnership, lease, rental income etc I then got an 11 mark corporation comp with capital allowances, and a 4 marker at the end about Sqaure and Round Ltd - Loss relief and how to offset the losses and which companies were part of the group. Panicking that no one has this exam and maybe I’ve misread and not split my corporation tax computation which I think was just a 12 month period ? Section B I got a lot of vat admin, share disposals and base cost for individuals and inheritance tax! Feel generally ok with how the paper was. Let me know if anyone else got this paper as I’m worried I’ve messed up my whole 15 marks!!!

Didn't you had a question about calculating the revised CT/savings if the capital gains in the group were used against? That's what I meant lol

I had the same paper! Section C was rough as hell for me, spent a lot of time on the 10 mark question. Messed up the first 15 mark question as badly as one would expect.

I have no idea what to expect from this one, just so confusing. I had a self-assessment with adjustments, but then it stated that all benefits are payrolled. So I done the workings then left them out of her income assuming (As per questions) they are payrolled... I have no idea if this is correct or not and still can't figure out why they would list adjustments and then say benefits are payrolled. It would imply there is too many marks for the question.

mohammed31071996 wrote:I had the same paper! Section C was rough as hell for me, spent a lot of time on the 10 mark question. Messed up the first 15 mark question as badly as one would expect.

@broatch88 I had the same paper as you!

Ok great! So I didn’t mess it up I was panicking for a minute thinking I’d stuffed it all up. You know I read all 3 section c and left the 10 mark question until after because it didn’t seem as logical. Lots of adjustments in the income tax comp i definitely messed some up too but don’t worry loads of follow through marks so hopefully we’ve done ok. How did you find the rest of the paper?

Oops yep that’s what I meant my head was a bit fried yesterday haha yeah it was the CT savings from taking the loss for Round Ltd. Have I totally stuffed up the corporation tax 11 mark and not split the accounts into 2 periods? Or is that a different paper? I’m panicking!

I had the same paper as you. I don’t remember it being a long period of account either!

Broatch88, I had the same paper also. I couldn't get my head around the 10 marker for the sole trader and company adjustments so pretty much abandoned it, corporation tax for 11 marks was ok, we didn't have to split any time periods. For the 4 marker on the loss surrender, I just said there needs to be a 75% relationship which ruled two of the other companies out (I think that was correct?) The income tax question for 15 marks was similar to yourself, I messed certain parts up but hopefully gained a bit for follow through marks

@Kevin8888. I got the same question. Was that trading loss or capital loss relief? Can remember anymore. We hope for the best.