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What Was In The ACCA F6 Exam Today
From memory, here goes…
Q1: income tax payable (20 marks) for an employee and ex-self-employed person – with five marks split into two sections on payments on account and balancing payment due.
Q2: Corp Tax computation for Clueless Ltd (16 marks) due date (1 mark) and 3 marks on something or other? VAT (10 marks) of which six were on Annual Accounting and Cash Accounting Schemes and four on EU-non-EU impact of purchasing a £22,000 machine.
Q3: Chargeable Gains for a company – 3 marks on how a company can relieve capital losses and 12 on a three-part (indexed shares, land and an insurance-proceeds relieved fire-damaged asset)
Q4: NIC, IT and Corp tax savings upon being self-employed or being incorporated
Q5: Split into three sub-sections: Pensions (6 marks), two marks on something, IHT (7 marks)
Hope everyone did well! What did everyone get for the above questions? And can anyone fill in some of my missing gaps on what the questions were?
Here are my comments:
Did everyone get on Q1 a refundable from HMRC income tax figure of around £50k due to a vastly overpaid PAYE?
On Q2, the angle that the question came from was very different from many practice questions and previous papers. Clueless Ltd had already adjusted it’s taxable profits, and we had to correct their errors. I only realised at the very end that where I’d marked a zero for items not-deductible and adding back traditionally to-be-added-back items such depreciation and customer entertaining, that you should either have added them back to their pre-adjusted figures or completely reverse their figures and re-do?
Q5: Pensions limits of £50k per annum and the c/f of previous years.
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