- This topic has 55 replies, 24 voices, and was last updated 2 years ago by
.
- Posts
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
- Topics: 3
- Replies: 16
- ☆
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.
I also did the pre-June mock and a long period of account was part of the questions. So I literally went into answering without thinking about how to approach the question.
I’m more surprise that people are having problems with the fuel benefit. This is cover in every material I touched- Kaplan kit, opentuition notes, ACCA technical articles.
I recommend that we do not forget about the ACCA technical articles. I started using them for my PM and never stopped since.
- Topics: 3
- Replies: 16
- ☆
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.
Did anyone have a question on Inheritance tax where you pick two assets out of 5 would could be potentially be chargeable to IHT?
@ajabbie12, I just saw your post about answer to fuel benefit. Are you sure that where part of cost is reimbursed, the benefit is only the difference? From what I remember if its only partially reimbursed, normal fuel benefit calculation apply (24600*%). But now I got confused, I need to check study text.
Hi All, ive had to create an account to comment.
Im so not sure if i have missed a extended period here and now im worried. There is only one version of the exam, however i sat the UK TX exam, there is a global one too
My part C questions were..
Comparing incomes for a sole trader at 100k or 135k and if it would be better to be a LTD company or Sole trader (10marks)
Standard Corp Tax computation (11 marks)
group relief for losses (4 marks)
Long income tax computation with property, partnership and salary with benefits (15 Marks)
@ewelinagabiec, Maybe I understood the question. I think it was employers reimbursing employees for fuel used in business mileage? And not employees reimbursing the employers for private fuel mileage. Can sb remind me of the scenarios?
That’s ok 🙂 I don’t remember scenario now, I was pretty sure it was employee reimbursing employer, but obviously now I’m not that confident haha. For sure I will remember this one when June Exam will become available with answers 🙂
Oh man. Reading all these comments just makes me even more confused. Agree with posts about the lecture lengths etc but really happy this material is free – guys at open tuition are absolute heroes.
I hope everyone has done enough to pass 🙂
As a side note, I really think the ACCA board should consider restructuring these exams, 3 hours is far too long. If they broke it down into 2 or 3 parts it would be much more manageable and pass rates would be higher. At present it’s just a test of how good your memory is – and mine is not!!!!
I have passed 12 papers with just TX left. This is probably my 9th or 10th attempt and the exam still went bad. I have never had an exam challenge me this much. Too much information to remember it gives me panick attacks.
I just pray for a miracle to pass this attempt.
Don’t you need to pass all former F level exam first before you attempt the next level?
I was entering for tx alongside P papers, I have passed the professional papers and now have tax outstanding. @thepeacock
@damity thanks man I did not know that.
Tax is my last F exam so I could very likely do the same thing.
- The topic ‘*** June 2022 ACCA TX exam – Instant Poll and comments ***’ is closed to new replies.