Forums › ACCA Forums › ACCA ATX Advanced Taxation Forums › *** P6 June 2016 Exam was.. Instant Poll and comments ***
- This topic has 106 replies, 57 voices, and was last updated 8 years ago by jainillani.
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- June 9, 2016 at 9:04 am #321372June 9, 2016 at 4:16 pm #321517
Jesus Christ, that was the hardest exam I’ve ever sat, the questions were not like any of the questions i’ve taken for revision over the last 3 months and nothing like the previous 3 exams.
June 9, 2016 at 4:17 pm #321519There was no option to write even 70% in the time available. I am very disappointed. I did all past exams in recent weeks in exam conditions and time was never an issue.
June 9, 2016 at 4:18 pm #321522I agree. there was nothing from “core topics”.
June 9, 2016 at 4:23 pm #321527AnonymousInactive- Topics: 0
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Yep, absolute disgrace. Not sure where they get ideas from as I have done in excess of 70+ past exam practice questions and none of them was virtually close to the exam.
June 9, 2016 at 4:24 pm #321530AnonymousInactive- Topics: 0
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Anybody there sitting for Singapore variant?
I found the questions just fair, but huge time constraint. I see that that was my struggle with most of the exam, but this time I found myself having just 5 minutes to write to the second option question.
June 9, 2016 at 4:37 pm #321540UK version. Prepared to resit
June 9, 2016 at 4:39 pm #321542what a terrible paper sooo unfair .. i hope this examiner gets fired what a douchebag for ruining students lives and all effort we put in months preparing in the end the examiner gives u a paper which is out of this world .. sooo lengthy and difficult im so pissed …i worked so hard for it.
June 9, 2016 at 4:57 pm #321562I actually thought the paper was relatively straight forward. Managed to finish 20 minutes before the end.
Question 1 – I think I forgot to include the NIC for the payment on accounts, but other than that, it seemed OK. Did anybody else not use the 2017/18 tax liability given we were only set to go up to Sept 2018 and first thing for that tax year (other than the POA) would be due January 2019?
Thought the dividend vs bonus on Q2 was nice too – the first part about working out how much was tricky, but once all broken down I thought it was ok.
Question 4 was a strange one about cars – a lot of VAT in there – seemed a bit too straight forward though, maybe I’ve dropped some marks there?
Question 4 was also a bit weird. Not sure about enhanced capital allowances, but overall could find lots to write about.
This most definitely was a paper that was different to anything previous, and 11 marks on payments on account and NIC was certainly a shock!
Very little group relief which also surprised me.
June 9, 2016 at 5:11 pm #321572I agree with most of the comments made – this paper was horrendous! By far the worse one I have ever sat and way too much to do in the time given. I take my hat off to anyone who thought it was straight forward. Despite completing 90% of the past questions in the Kaplan textbook I was completely lost no amount of past paper revision helped on this one! I’m so disappointed I’ve put so much time and effort in to studying this, my last ever paper and feel like it was an epic fail!
June 9, 2016 at 5:11 pm #321573June 9, 2016 at 5:17 pm #321576I can confidently say I got 2 marks on the ISA question. Just need to scrape another 48.
Agree with everyone else. This paper (UK) did not cover the core topics. The CGT question was most difficult.June 9, 2016 at 5:29 pm #321583There was an ISA question?
June 9, 2016 at 5:40 pm #321592It was an awful. I agree with all of you. The requirements were not clear. The tax years you needed to work on where not clear. It really confused you.
They asking for capital gains tax which I assumed ng/nl but later realised they we’re married after making the gift. It was a total mess.
Poa did not even do.
Question 2- degrouping charges was a mess.
Missed 23 marks already. No way will I pass definately a retake in September.
But it really upsets me that I had to take extra time off work for this paper. Did every single question in Kaplan exam kit. Did all the assessment and mock paper under time condition. Lost my sleep over this paper and what do I get… A waste of time and effort. I literally wanted to cry sitting in that exam centre. It has really emotionally touched me and made me Ill.
I’m really upset and dissappointed.
June 9, 2016 at 5:49 pm #3216055th Attempt…. I fought hard with my Office managers. Took a month off. Did entire Kit.
Still not able to complete this paper. left 20 marks.. I am doomed completly . knowing that at office tomorrow i have to face a month left damage.
June 9, 2016 at 5:55 pm #321610I completely agree with all. I did practise a lot of questions. But never came across any questions like in today’s paper. I started with Q1 & in sometime completely lost the plot & went on to do the other questions. The sad part is other than the time & efforts that are lost, there is also a need to reinvest in new books if I have to reappear in September.?
June 9, 2016 at 6:00 pm #321617The ISA question involved Petra and how much she can invest into a stocks and shares.
June 9, 2016 at 6:00 pm #3216181. payments on account I just did halfof the tax eg 14/15 due 31 Jan 16 and 31 July 16. interest 100/80 dividends 100/90 worked out to get income tax other years were just interest and dividends no employment income. nic was amount – 7865 x 12%. Capital gains tax just did proceeds minus cost and ae then because high rate x 28%. Shares bit threw me but it was like partial disposal?? can’t remember. Oh not to mention tax credits aswell.
2. ethics question was notify hmrc not acting for client and not giving reasons Acca principles.
used wrong indexation allowance and cost as it should of been original cost. Sse must hold 10% shareholding held them for 12 months. Degrouping charge is charge gain that was avoided as intragroup so gain calculated at start was done 6 years before disposal so therefore degroup charge added on to other gains. other half of mill schedule struggled with. treated as bonus is employment income so worked out income tax. dividends similar but it using 32.5 and 37.5 % no personal allowance due to being higher than 120000. I won’t go through the rest cause I probably bored everyone but I too am expecting a resit 🙁June 9, 2016 at 6:05 pm #321622A very strange paper. I hope the marking is kind…
Q1 Some easy parts like POA for 11 marks, IHT or voluntary registration but CGT not so obvious.
Q2 first part was tricky- Regrouping charge and SSE. But 2nd part was okay with Dividend and bonus. Final part on tax evasion also standard.
Q3 VAT on Motors- purchase and lease… I didn’t do well there. Better option that reduces taxable profit? No idea, didn’t go to end. run out of time. I jumped to last part for extending period from Dec to March 17 whatever year it was.
Q5- Maybe the most simplistic out of the lots- CGT on temporarily non UK resident, either to give gift as life time gift (PET) or death estate (probate value) for IHT purpose.
Q4- I read the question and didn’t think I’ll score much.
June 9, 2016 at 6:11 pm #321627Vat reg I just went on about historic and future test. Needing turnover for the past 12 months. Amount of expenses in comparisons with sales might put them in repayment situation or if more sales would other schemes like flat rate be better?
List price was standard take 95 divide by 5 add extra 3% because diesel and 12%. private fuel extra 581 charge? Lease wasn’t there something about deducting 15%? Allowable expense brings income
down?
Changing date cash flow issues, overlap profits used up. Only use 3 months of capital allowances. Car special rate pool at 8% over 130 co2?
Yes terrible exam think I’ve done rubbishJune 9, 2016 at 6:11 pm #321629AnonymousInactive- Topics: 0
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Was a very hard paper! Not enough time too. In question 1 where the lady gifted a property to her boyfriend (soon to be husband) did you say anything about Furnished Holiday Letting. That property was located not in UK, they used it for holidays once or so. So where we had to state additional info required from client I wrote that we need to find out if this is an FHL, because if it is it might qualify for a gift relief (CGT relief). Was the election made?How many days a year available etc…
June 9, 2016 at 6:14 pm #321633I thought that but then it said entrepreneurs relief not available so that would rule out fhl?
June 9, 2016 at 6:22 pm #321641The exam not fair at at all
For some of us who work and have to take days off to sit these dreadful exams the last thing we need is a paper like the one we sat todayAbsolutely horrendous to say the least. I hope acca take a peep at opentution forums to see how people feel
I rest my case
June 9, 2016 at 6:25 pm #321646AnonymousInactive- Topics: 0
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I spoke about gift relief, not enterp.r. Not sure anyway…
June 9, 2016 at 6:31 pm #321652Extremely time pressured! Too much to consider within very little time. Did terribly on Q2 (a). Q3 in hindsight, there’s some easy marks, don’t think I will score well on that either. Chose Q4, only just realised now that gain is still taxable as a temporary non-UK resident, was panicking in the exam and kept thinking it is overseas gain. Also a lot of dates in the question, forgot to draw a timeline, running out of time on calculating PPR and letting relief in (b). GWR in (c), compare calcs as a PET with transfer included in death estate. Overall, very gutted as I was ready to throw away all the books and notes.
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