- This topic has 55 replies, 24 voices, and was last updated 2 years ago by
.
- Posts
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 had the same exam as you! Though I found it pretty easy. My only problem was the capital allowance on the equipment purchased. I wasn’t sure whether 130%FYA or AIA applies because being NEW isn’t mentioned. I just decided to assumed that it is NEW and used 130%.
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
Entertaining customers are not allowable so I added them back in the adjustment ie before any spilt is made because it is still treated in the period of account and not relate to AP.
Fuel cost where fully reimbursed is nil assessment and where reimbursement is less than the actual fuel use, then the difference is deductible from the employment income.
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?
I treated the capital loss in the 3m period as nil as well because it can only be set off against capital gains or carried forward against future net gains.
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!
All the adjustments are done for the whole 15 mons without any split until you get to the second part of the question. It is only then you split the adjusted profit into
– first 12 mons
– the remaining 3 mons.Capital allowances are calculated/related to these periods. The only significant thing there is time -apportioning the WDA ie 3/12 for the 3-m period.
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 saving2. – corporation tax calculation
– capital gain losses between group relief3.- income tax liability for an individual
– how benefits are paidI 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 watching almost every bit of that lecture initially, in the middle spent forwarding most of the videos because I slept over more than watching.
Eventually, I will watch only the introductory lectures to chapters and the rest I relied on the notes because I was running out of time to cover the syllabus. That helps me a lot.
However, tax-UK videos are way too long. Maybe they have a reason for that.
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 easierI 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!
- The topic ‘*** June 2022 ACCA TX exam – Instant Poll and comments ***’ is closed to new replies.