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I had the sale of assets, loss relief, cgt, iht, HMRC error, vat flat rate scheme, nrb and rnrb explanation with family gifts and main residence inheritance, FHA
Let me try to recall what I encountered for the benefit of those preparing for UK Tax for Dec 2023. This is not in Question order:
On Ethics – A refund/error, then Roll over for Grp, Warehse gain, specialized machinery loss, BPR on shares and unregistered busin, Furnished rental cottage, SIP, Estate, Domicile determination, pension effect, Vat on imports, Transfer pricing, CGT on Residential part rented house, Capital Loss on shares, FB on Computer, Redundancy package. Good lucky to those who wrote and those still preparing for Dec 2023.I think i had the same as you mariabe. Section B
A question what changes will be in Vat returns after stopping flat rate scheme
Small IHT comp with a bit about NRB RNRB
A sale of a gift of shares that had rollover relief
The other one i think was about more info we need to determine if its a FHL and one benefit of it being a FHL to the person
I think there was something on the reduction in tax after 28k personal pension contribution
Aftee tax proceeds of sometjing
Section a was refund hmrc repayment ethics, 10 marks on a temporary non resident, 5 mark on IHT, offsetting carried forward loss from 2021 in 2023 where theres been a change in ownership now in 2023.
Something to do with r&d costsI was pretty happy with the morning exam and would like to think I’ve passed with a bit of margin.
I did the morning exam which consisted of (not fully sure on the mark allocations, so may be a bit off):
Q1:
Memorandum:
Research costs (5 marks)
Interest payable (8 marks)
Loss relief of a new subsidiary (9 marks)
Ethics – HMRC refund (5 marks)
Letter:
Temp res and CGT (7 marks)
IHT on lifetime gift (6 marks)
Professional marks (10 marks)Q2:
NRB and RNRB (5 marks)
CGT on share sale assuming full reliefs (6 marks)
Stopping using VAT flat rate (5 marks)
*think I’m missing a question worth 4 marks*
Professional marks (5 marks)Q3:
BADR and sale of assets (warehouse/P&M) (6 marks)
Personal pension scheme contributions (8 marks)
FHA conditions and advantage (6 marks)
Professional marks (5 marks)Can anyone remember if I’m missing a question part in Q2 or if my mark allocation is just completely wrong?
Maxgbruce I had the exact same set of questions as you did. There wasn’t another part in Q2, the NRB question was 8 marks not 5 🙂
Overall I thought it was a very reasonable set of questions, there wasn’t anything too niche or attempting to trip you up.
I felt my answers lacked a little on the furnished holiday lettings question in Q3 as well as the restricted losses in Q1 but hopefully passed by a good margin 🙂
Hii
Did Someone Got This question In sec C
Company Tax adjusted Trading Profit for 4 months Period and Than We had to add back All The disallowed Figure
Just Wanted To ask whether we had to start From Net profit Given by them And than Add all Disallowed Expenditure??
Pls someone AndHi everyone. Anyone remembers question 1 part A (ii): taxable profit and dividend? How was that calculated?
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