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P R A C T I C PAPER F6 E TAXATION (UK) & FA 2009 R E V In this January 2010 edition I x We discuss the best strategies for revising and taking your ACCA exams S x We show you how to be wwell prepared for your exam x We give you lots of great guidance on tackling questions I x We show you how you can build your own exams O x We provide you with three mock exams including the DDecember 2009 exam N OurThiNganHang.comi-Pass product also supports this paper. K I T FOR EXAMS IN 2010 ThiNganHang.com
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First edition 2007 Fourth edition January 2010 ISBN 9780 7517 8044 4 (previous ISBN 9780 7517 6659 2) British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library All our rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, Published by photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd. BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past www.bpp.com/learningmedia examination questions. The suggested solutions in the exam answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. Printed in the United Kingdom Your learning materials, published by BPP Learning Media Ltd, are printed on paper sourced fromThiNganHang.com sustainable, managed forests. © BPP Learning Media Ltd 2010 ii ThiNganHang.com
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Contents Page Finding questions Question index ................................................................................................................................................................. iv Topic index ..................................................................................................................................................................... vii Using your BPP Learning Media Practice and Revision Kit Tackling revision and the exam ...................................................................................................................................... viii Selecting questions........................................................................................................................................................ viii Making the most of question practice............................................................................................................................. viii Attempting mock exams ................................................................................................................................................. viii Passing F6 General exam support from BPP Learning Media............................................................................................................. ix Topics to revise................................................................................................................................................................ ix Question practice ............................................................................................................................................................. ix Passing the F6 exam ......................................................................................................................................................... x Exam information ........................................................................................................................................................... xiii Analysis of past papers ................................................................................................................................................. xvi Useful websites ............................................................................................................................................................ xvii Using your BPP Learning Media product ...................................................................................................................... xvii Planning your question practice BPP Learning Media’s question plan............................................................................................................................ xviii Build your own exams.................................................................................................................................................... xxi Questions and answers Questions..........................................................................................................................................................................3 Answers ..........................................................................................................................................................................55 Exam practice Mock exam 1 x Questions ............................................................................................................................................................181 x Plan of attack .......................................................................................................................................................189 x Answers...............................................................................................................................................................190 Mock exam 2 x Questions ............................................................................................................................................................205ThiNganHang.com x Plan of attack .......................................................................................................................................................211 x Answers...............................................................................................................................................................212 Mock exam 3 (December 2009) x Questions ............................................................................................................................................................225 x Plan of attack .......................................................................................................................................................233 x Answers...............................................................................................................................................................235 Tax tables................................................................................................................................................................251 Review form & free prize draw ThiNganHang.com iii
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Question index The headings in this checklist/index indicate the main topics of questions, but questions often cover several different topics. Questions set under the old syllabus exam are included in this kit (labelled BTX and the date of the exam) because their style and content are similar to those that appear in the new syllabus exam. The questions have been amended as appropriate to reflect the current syllabus exam format. Time Page number allocation Marks Mins Question Answer Part A: Taxation of individuals Income tax computation 1 Brad and Lauren 15 27 3 55 2 Domingo, Erigo and Fargo (TX 06/09) 25 45 3 57 3 Vigorous plc (BTX 12/03) 25 45 5 60 4 Bryan Thompson 30 54 6 63 5 Sam and Kim White (TX 06/08) 25 45 7 65 Property income 6 Edmond Brick (TX 12/07) 15 27 8 69 7 Peter Chic (TX 12/08) 25 45 9 71 Pensions 8 Peach, Plum and Pear (TX 12/08) 10 18 10 74 Sole trader businesses 9 Noel and Liam Wall (BTX 06/07) 25 45 11 76 10 Tony Note (BTX 06/06) 25 45 12 79 11 Malcolm 15 27 13 82 12 Robert Sax 15 27 14 84 13 Vanessa Serve and Serene Volley (TX 12/07) 30 54 14 85 14 Danielle 15 27 16 89 Partnerships 15 Roger and Brigitte 15 27 16 91 16 Wright and Wong 10 18 16 92 Administration17 Amy Bwalya (BTX 06/06)18 Ae, Bee, Cae, Dee and Eu (TX 06/09)ThiNganHang.com1515 2727 1718 9495 19 Vera Old (BTX 06/05) 15 27 19 97 20 Pi Casso (TX 06/08) 15 27 19 99 iv Finding questions ThiNganHang.com
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Time Page number allocation Marks Mins Question Answer Part B: Chargeable gains for individuals Capital gains 21 Stephanie Wood 20 36 20 101 22 Jack Chan 20 36 20 103 23 Peter Shaw 20 36 21 106 24 Paul Opus (Pilot paper) 20 36 22 108 25 David and Angela Brook (TX 12/07) 20 36 22 110 26 Wilson Biazma (TX 06/08) 20 36 23 113 27 Nim and Mae (TX 06/09) 20 36 24 116 Part C: Taxation of companies Calculation of the corporation tax liability and payment of tax 28 Arable Ltd (BTX 06/04) 30 54 26 119 29 Scuba Ltd (Pilot paper) 30 54 27 122 30 Wireless Ltd (TX 06/08) 28 50 29 126 31 Do-Not-Panic Ltd (TX 06/08) 10 18 30 129 Capital allowances 32 Thai Curry Ltd (BTX 06/06) 28 50 31 131 Chargeable gains 33 Cube Ltd (BTX 06/06) 20 36 32 134 34 Hawk Ltd (TX 12/08) 20 36 33 137 Losses 35 Spacious Ltd (BTX 12/03) 30 54 34 139 36 Adamson Ltd 10 18 36 143 37 Jogger Ltd (TX 12/08) 30 54 36 145 Overseas aspects 38 B and W Ltd 15 27 38 148 39 Sirius Ltd (BTX 12/03)ThiNganHang.com24 43 39 149 Groups of companies 40 A Ltd 15 27 40 153 41 Gold Ltd (BTX 06/04) 30 54 40 154 42 Apple Ltd 20 36 42 157 43 Tock-Tick Ltd (BTX 06/05) 30 54 43 159 44 Sofa Ltd (TX 12/07) 25 45 45 162 45 Gastron Ltd (TX 06/09) 30 54 47 165 ThiNganHang.comFinding questions v
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Time Page number allocation Marks Mins Question Answer Part D: VAT VAT 46 Lithograph Ltd (BTX 06/06) 10 18 49 169 47 Tardy Ltd (BTX 06/05) 10 18 50 171 48 Ram-Rom Ltd (BTX 12/05) 10 18 50 172 49 Sandy Brick (BTX 06/04) 10 18 51 173 50 Annie Attic (TX 06/09) 15 27 52 174 Mock exam 1 Mock exam 2 Mock exam 3 (December 2009 paper) Planning your question practice Our guidance from page xviii shows you how to organise your question practice, either by attempting questions from each syllabus area or by building your own exams – tackling questions as a series of practice exams. Using your BPP Learning Media products This Kit gives you the question practice and guidance you need in the exam. Our other products can also help you pass: x Learning to Learn Accountancy gives further valuable advice on revision x Passcards provide you with clear topic summaries and exam tips x Success CDs help you revise on the move x i-Pass CDs offer tests of knowledge against the clock You can purchase these products by visiting www.bpp.com/mybpp. You can view demonstrations of i-Learn and i-Pass products by visiting www.bpp.com/acca/study- materials/#ilearnThiNganHang.com. Scroll down the page until you find the sections for i-Learn and i-Pass and click on the appropriate ‘View demo’ button. vi Finding questions ThiNganHang.com
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Topic index Listed below are the key Paper F6 syllabus topics and the numbers of the questions in this Kit covering those topics. If you need to concentrate your practice and revision on certain topics or if you want to attempt all available questions that refer to a particular subject, you will find this index useful. Syllabus topic Question numbers Administration of tax – individuals 2, 3, 10, 11, 13, 19, 20, ME1 Qu1, ME2 Qu1 Administration of tax – companies 28, 32, 42, ME3 Qu2 Capital allowances 5, 9, 10, 14, 17, 28, 29, 30, 31, 32, 37, 41, 43, 45, ME1 Qu2, ME2 Qu2, ME3 Qu 2, ME3 Qu 4 Chargeable gains – reliefs 21, 22, 23, 24, 25, 26, 27, 33, 34, ME1 Qu3, ME2 Qu3, ME3 Qu3 Chargeable gains – companies 33, 34, ME2 Qu3, 41, ME3 Qu3 Chargeable gains – individuals 10, 21, 22, 23, 24, 25, 26, 27, ME2 Qu3 Companies – calculation of PCTCT 28, 29, 30, 31, 32, 35, 37, 41, 42, 43, 45, ME1 Qu2, ME2 Qu2 Companies – calculation of tax 28, 29, 30, 31, 32, 33, 37, 39, 40, 41, 45, ME1 Qu2, ME2 Qu2 Companies – groups 39, 40, 41, 42, 43, 44, 45 Companies – losses 32, 35, 36, 37, 43, 44, ME3 Qu2 Companies – overseas aspects 30, 38, 39 Income tax computation 1, 4, 6, 8, 9, 14, ME1 Qu1, ME2 Qu1, ME3 Qu1 Individuals – employment income 2, 3, 4, 6, 9, 14, ME1 Qu1, ME2 Qu1, ME3 Qu1 Individuals – property income 4, 6, 7, ME1 Qu1, ME2 Qu1, ME3 Qu1 Individuals – trading income 6, 8, 9, 10, 12, 13, 14, 19, ME3 Qu4 Individuals – losses 11, 14, ME1 Qu4, ME2 Qu5 National insurance contributions 4, 9, 13, ME1 Qu1, ME3 Qu1 Partnerships 15, 16, 17, 18, ME2 Qu5, ME3 Qu4 Pensions 8, 17, ME2 Qu4, ME3 Qu5 Value added tax 13, 29, 30, 46, 47, 48, 49, 50, ME1 Qu2, ME2 Qu1, ME3 Qu2 ME1 is Mock Exam 1 ME2 is Mock Exam 2 ME3 is Mock Exam 3 ThiNganHang.com ThiNganHang.comFinding questions vii
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Using your BPP Learning Media Practice and Revision Kit Tackling revision and the exam You can significantly improve your chances of passing by tackling revision and the exam in the right ways. Our advice is based on feedback from ACCA examiners. x We look at the dos and don’ts of revising for, and taking, ACCA exams x We focus on Paper F6; we discuss revising the syllabus, what to do (and what not to do) in the exam, how to approach different types of question and ways of obtaining easy marks Selecting questions We provide signposts to help you plan your revision. x A full question index x A topic index listing all the questions that cover key topics, so that you can locate the questions that provide practice on these topics, and see the different ways in which they might be examined x BPP's question plan highlighting the most important questions and explaining why you should attempt them x Build your own exams, showing how you can practise questions in a series of exams Making the most of question practice At BPP Learning Media we realise that you need more than just questions and model answers to get the most from your question practice. x Our Top tips included for certain questions provide essential advice on tackling questions, presenting answers and the key points that answers need to include x We show you how you can pick up Easy marks on some questions, as we know that picking up all readily available marks often can make the difference between passing and failing x We include marking guides to show you what the examiner rewards x We include examiners’ comments to show you where students struggled or performed well in the actual exam x We refer to the FA 2009 BPP Study Text (for exams in June and December 2010) for detailed coverage of the topics covered in questions There are three mock exams that provide practice at coping with the pressures of the exam day. We stronglyrecommend that you attempt them under exam conditions.Attempting mock examsThiNganHang.comMock exams 1 and 2 reflect the question styles and syllabus coverage of the exam and Mock exam 3 is the December 2009 paper. viii Using your BPP Learning Media Practice and Revision Kit ThiNganHang.com
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Passing F6 General exam support from BPP Learning Media BPP Learning Media is committed to giving you the best possible support in your quest for exam success. With this in mind, we have produced guidance on how to revise and techniques you can apply to improve your chances of passing the exam. This guidance can be found on the BPP Learning Media web site at the following link: www.bpp.com/acca/examtips/revising-for-ACCA-exams.doc A paper copy of this guidance is available by writing to learningmedia@bpp.com. As well as written guidance, an excellent presentation entitled ‘Exam technique – advice from the experts at BPP Learning Media’ is available at the following link: http://www.bppprofessionaldevelopment.com/elearning/Assets/audiovisual/ACCAExamSkills/NewSyllabus/player.ht ml?cmp=get_ataste Topics to revise That said, you must have sound knowledge in the following fundamental areas if you are to stand a chance of passing the exam. You should therefore revise the following areas particularly well. x Income tax computation including the personal allowance and the tax bands and rates. x The calculation of benefits from employment, such as company car and/or fuel, use of an employer’s asset and low cost loans. Make sure you can spot tax free benefits too. x Capital allowances proforma paying particular attention to the availability of annual investment allowance. Note particularly the difference in the calculation rules between individuals (sole traders and partners) and companies. x Calculation of profits chargeable to corporation tax (PCTCT). Be aware that you may need to calculate the various elements that make up the PCTCT such as property business income, interest income, gains and so on. x Computation of chargeable gains paying attention to whether the disposal is made by an individual or a company, particularly for aspects such as indexation allowance and annual exemption. x How to calculate VAT payable or repayable depending on the type of supply (ie standard rated, zero rated or exempt). x The different classes of NIC payable by employees and their employers compared to those due from self employed individuals or partners. Question practiceYou should use the Passcards and any brief notes you have to revise the syllabus, but you mustn't spend all yourThiNganHang.com revision time passively reading. Question practice is vital; doing as many questions as you can in full will help develop your ability to analyse scenarios and produce relevant discussion and recommendations. The question plan on page xvii tells you what questions cover so that you can choose questions covering a variety of syllabus areas. ThiNganHang.comPassing F6 ix
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Passing the F6 exam Displaying the right qualities The examiner expects students to display the following qualities. Qualities required Knowledge development Questions will test your knowledge of underlying principles and major technical areas of taxation, as they affect the activities of individuals and businesses, across the breadth of the F6 syllabus. You will also be expected to apply this knowledge to the facts of each particular question and also to identify the compliance issues for your client. Computation skills Although you will be expected to be able to calculate the tax liability, note that you will also be marked on the methods you use. So, if your numbers are not perfect you will not necessarily lose too many marks so long as your method is correct and you have stated any assumptions you have made. Ability to explain Whilst the main focus of the exam is on the computation of tax liabilities, you may also be required to explain rules and conditions, so take care to practise the written elements of the answers also. Identification capability You must know who you are calculating tax liabilities for – is the client a company or an individual? Be sure who you are advising as this will seriously impact your answers. You will not always produce the exact same answer as we have in our answer section. This does not necessarily mean that you have failed the question, but if you do use the suggested proformas and methods you will maximise the number of marks you can achieve. Avoiding weaknesses We give details of the examiner's comments and criticisms throughout this Kit. These hardly varied over the last few years. His reports always emphasise the need for thorough preparation for the exam, but there are various things you can do on the day of the exam to enhance your chances. Although these all sound basic, the examiner has commented that many scripts don't: x Make the most of the information given in the question x Follow the question requirements x Set out workings clearly Using the reading time You will have 15 minutes reading time for Paper F6. Here are some helpful tips on how to best utilise this time. xx Speed read through the question paper, jotting down any ideas that come to you about any of the questions.Decide the order which you’re likely to tackle questions (probably easiest questions first, most difficultquestions last).ThiNganHang.com x Spend the remainder of reading time reading the question(s) you’ll do first in detail jotting down proformas and plans (any plans or proformas written on the question paper should be reproduced in the answer booklet). x When you can start writing, get straight on with the question(s) you’ve planned in detail. If you have looked at all of the questions during the reading time, this should hopefully mean that you will find it easier to answer the more difficult questions when you come to them, as you will have been generating ideas and remembering facts while answering the easier questions. x Passing F6 ThiNganHang.com
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Choosing which questions to answer first There are five compulsory questions, with a larger number of marks awarded for the first two questions. x Many students prefer to answer the questions with the largest number of allocated marks first. Others prefer to answer a question on their most comfortable topic. x Whatever the order, make sure you leave yourself sufficient time to tackle all the questions. Don't get so bogged down in the calculations in the first question you do, especially if it's your favourite topic, that you have to rush the rest of the paper. x Allocate your time carefully between different question parts. If a question is split into a number of requirements, use the number of marks available for each to allocate your time effectively. Tackling questions You’ll improve your chances by following a step-by-step approach along the following lines. Step 1 Read the requirement Identify the knowledge areas being tested and see precisely what the examiner wants you to do. This will help you focus on what’s important in the question. Step 2 Check the mark allocation This helps you allocate time. Step 3 Read the question actively You will already know which knowledge area(s) are being tested from having read the requirement so whilst you read through the question underline or highlight key words and figures as you read. This will mean you are thinking about the question rather than just looking at the words blankly, and will allow you to identify relevant information for use in your calculations. Step 4 Plan your answer You may only spend five minutes planning your answer but it will be five minutes well spent. Identify the calculations you will need to do and whether you have appropriate proformas to assist in these. If there is a written element to the question, determine whether you can you use bullet points or if you need a more formal format. Step 5 Write your answer Stick carefully to the time allocation for each question, and for each part of each question. ThiNganHang.com ThiNganHang.comPassing F6 xi
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Gaining the easy marks There are two main ways to obtain easy marks in the F6 exam. Proformas There will always be basic marks available for straightforward tasks such as putting easy figures into proformas, for example putting the cost figure for an addition into a capital allowances proforma. Do not miss out on these easy marks by not learning your proformas properly. Make it easy for yourself to pick up the easy marks. Deadlines and dates An important component of your knowledge of the different taxes is the administrative, or compliance, details such as filing deadlines and tax payment dates. This element of the requirement can often be answered even before you make any calculations, for example stating the submission deadline for an individual’s self assessment tax return. ThiNganHang.com xii Passing F6 ThiNganHang.com
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Exam information The exam paper The syllabus is assessed by a three-hour paper-based examination. The paper will be predominantly computational and will have five questions, all of which will be compulsory. x Question one will focus on income tax and question two will focus on corporation tax. The two questions will be for a total of 55 marks, with one of the questions being for 30 marks and the other being for 25 marks. x Question three will focus on chargeable gains (either personal or corporate) and will be for 20 marks. x Questions four and five will be on any area of the syllabus and will respectively be for 15 marks and 10 marks. There will always be at a minimum of 10 marks on value added tax. These marks will normally be included within question one or question two, although there might be a separate question on value added tax. National insurance contributions will not be examined as a separate question, but may be examined in any question involving income tax or corporation tax. Groups and overseas aspects of corporation tax will only be examined in question two, and will account for no more than one third of the marks available for that question. Questions one or two might include a small element of chargeable gains. Any of the five questions might include the consideration of issues relating to the minimisation or deferral of tax liabilities. December 2009 Question in this kit 1 Basis periods. Adjustment of profit for sole trader. Calculation of income ME3 Qu 1 tax. Administration for self assessment. 2 Residence of company. Capital allowances. Calculation of corporation ME3 Qu 2 tax. Overseas aspects. VAT registration, pre-registration input tax and errors. 3 CGT for three individuals with incorporation relief, gift relief and ME3 Qu 3 principal private residence relief. 4 Badges of trade. Calculation of tax liability if trading or realising capital ME3 Qu 4 gain. 5 Corporate loss relief ME3 Qu 5 June 2009ThiNganHang.com Question in this kit 1 Calculation of income tax liabilities, filing dates and record retention 2 2 Calculation of company’s adjusted trading profit, corporation tax, 45 interest, capital gains group and use of election 3 Calculation of capital gains tax liabilities, use of losses b/f 27 4 Calculation of VAT payable, cash accounting scheme, VAT registration 50 and output VAT on piecemeal sale of fixed assets or TOGC 5 Factors indicating employment, income tax and national insurance as ME1 Qu 5 employee and self employed ThiNganHang.comPassing F6 xiii
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Examiner’s comments This was another exceptionally good performance with many candidates achieving high marks. The simplification of capital gain tax for individuals, having a separate VAT question, and a fairly straightforward question five all contributed to the good pass rate. In addition, candidates seemed very well prepared for this examination. Areas, such as NIC, which a few diets ago were causing problems, are now handled with ease. December 2008 Question in this kit 1 Employment income, property income, calculation of income tax, 7 national insurance 2 Calculation of loss for company, use of loss, penalties for late 37 submission of return, VAT default surcharge, annual accounting scheme 3 Chargeable gains for company, shares, part disposal, relief for 34 replacement of business assets 4 Partnership, change of accounting date, cessation of sole trade 18 5 Pension provision 8 Examiner’s comments This was an exceptionally good performance with many candidates achieving high marks. None of the questions caused any problems, and even candidates who did not do particularly well with questions 1, 2 and 3, often managed to achieve a pass mark by scoring good marks on questions 4 and 5. June 2008 Question in this kit 1 Employment income, trading income, calculation of income tax, 5 national insurance 2 Accounting period for corporation tax, computation of PCTCT for short 30 period, VAT registration 3 Chargeable gains for individual, residence and ordinary residence, CGT 26 reliefs, part disposal 4 Income tax administration 20 5 Corporation tax for long period of account 31 Examiner’s comments This was a reasonable performance. The main problem was caused by question four, which many candidates found surprisingly difficult. This question was usually left until last, and it was often obvious that insufficient time had been left to attempt it properly.December 2007ThiNganHang.com Question in this kit 1 Employment income, trading income, calculation of income tax, 13 national insurance 2 Adjustment to profit, loss, group relief 44 3 Chargeable gains for married couple, jointly owned property, CGT 25 reliefs, calculation of CGT 4 Property income calculations 6 5 Loss relief for sole trader n/a xiv Passing F6 ThiNganHang.com
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Examiner’s comments This was a very good performance for the first sitting of this paper. Those candidates who marginally failed to achieve a pass mark generally did so because of poor time management. Also, many candidates that were obviously running out of time surprisingly opted to attempt question five, which was quite the most technically demanding on the paper, rather than question four where it was relatively easy to score 9 or 10 marks. Practicing questions under timed, exam-style conditions prior to sitting the examination would have helped as regards time management. Pilot paper Question in this kit 1 Employment, self-employment, property income, calculation of income ME1 Qu 1 tax, records 2 Calculation of PCTCT and corporation tax, VAT default surcharge, 29 disclosure of errors in VAT return 3 Chargeable gains for individuals 24 4 Change of accounting date for sole trader ME1 Qu 4 5 Corporation tax losses n/a ThiNganHang.com ThiNganHang.comPassing F6 xv
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Analysis of past papers The table below provides details of when each element of the syllabus has been examined and the question number and section in which each element appeared. Further details can be found in the Exam Focus Points in the relevant chapters. Covered in Text Dec June Dec Dec Pilot chapter 2009 2009 2008 June 2008 2007 Paper UK TAX SYSTEM 1 Introduction to the UK tax system INCOME TAX AND NATIONAL INSURANCE CONTRIBUTIONS 2 The computation of taxable income and the 1c, 4b 1a 1a 1b, 1c 1a 1a income tax liability 3 Employment income 1a, 5 1a 1a 1a 1a 4 Taxable and exempt benefits. The PAYE 1a 1a 1a 1a 1a system 5 Pensions 1a 5 1a 6 Property income 1a 4 1a 7 Computing trading income 1b 4a, 4b 1a 1a 8 Capital allowances 1a 1a 9 Assessable trading income 1a 5 1a 1a, 4 10 Trading losses 5 11 Partnerships and limited liability 4 partnerships 12 National insurance contributions 4b 5 1b 1a CHARGEABLE GAINS FOR INDIVIDUALS 13 Computing chargeable gains 3a, 3b, 3 3 3 3 3c, 4b 14 Chattels and the principal private residence 3c 3 3 3 exemption 15 Business reliefs 3a, 3b 3 3 16 Shares and securities 3b 3 3 3 TAX ADMINISTRATION FOR INDIVIDUALS 17 Self assessment and payment of tax for 1c, 1d 1b 4 1a 1b individuals CORPORATION TAX 1819 ThiNganHang.comComputing the corporation tax liabilityComputing profits chargeable tocorporation tax 2a2a 2b2a 2a3a 2a, 55 2a 2a2a 20 Chargeable gains for companies 3a, 3b 21 Losses 5 2a 5 22 Groups 2d 2b 23 Overseas matters for companies 2a 2a 24 Self assessment and payment of tax by 2c 2a companies VALUE ADDED TAX 25 An introduction to VAT 2b 2a 2b 2b 1b 26 Further aspects of VAT 2b 2b 2b 1b 2b xvi Passing F6 ThiNganHang.com
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Useful websites The websites below provide additional sources of information of relevance to your studies for Strategic Financial Management. x www.accaglobal.com ACCA's website. The students’ section of the website is invaluable for detailed information about the qualification, past issues of Student Accountant (including technical articles) and even interviews with the examiners. x www.bpp.com Our website provides information about BPP products and services, with a link to the ACCA website. ThiNganHang.com ThiNganHang.comPassing F6 xvii
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Planning your question practice We have already stressed that question practice should be right at the centre of your revision. Whilst you will spend some time looking at your notes and Paper F6 Passcards, you should spend the majority of your revision time practising questions. We recommend two ways in which you can practise questions. x Use BPP Learning Media's question plan to work systematically through the syllabus and attempt key and other questions on a section-by-section basis x Build your own exams – attempt questions as a series of practice exams These ways are suggestions and simply following them is no guarantee of success. You or your college may prefer an alternative but equally valid approach. BPP Learning Media's question plan The BPP Learning Media plan below requires you to devote a minimum of 36 hours to revision of Paper F6. Any time you can spend over and above this should only increase your chances of success. Step 1 For each section of the syllabus, review your notes and the relevant chapter summaries in the Paper F6 Passcards. Step 2 Answer the questions for that section as shown in white boxes in the table below. Try to complete your answers without referring to our solutions. In some cases we suggest that you make notes for the written part of a question or make answer plans, if you are short of time. You must make sure that you attempt a variety of questions from the whole syllabus and not just concentrate on a few aspects. Step 3 Once you have worked through all of the syllabus sections attempt Mock exam 1 under strict exam conditions. Then have a go at Mock exam 2, again under strict exam conditions. Just before the exam, if you have time, attempt Mock exam 3, again under strict exam conditions This is the December 2009 paper. ThiNganHang.com xviii Planning your question practice ThiNganHang.com
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Passcards Questions Done Syllabus section chapters in this Kit Comments 5 Revision period 1 Income tax 1, 2, 3 1 Work through this question carefully. It covers the basic computations income tax computation you will have to do in the exam. Revision period 2 Pensions and 5 8 Pensions are topical so work through this question very property income carefully. 6 6, 7 Property income can appear as part of a longer question or as a question on its own like this one. Revision periods 3/4 Employees 3, 4, 5, 6, 2, 3, 5 These questions are typical of Question 1 in the exam. If 12, 17 you are short of time, prioritise Q2 and Q5 which are recent exam questions. Revision periods 5/6 Trading profits and losses for individuals Adjustment of 2, 7, 8, 9, 9, 10, 13 Important questions that also include basis period rules profits 12, 13, 15, for an individual. Q9 and Q13 also covers employment 17 income: a good comparison with trading income. You should ignore the disposal in Q10 if you are short of time. Change of 2, 9 12 You should make sure that you are happy with the accounting date calculations in this question. Losses 10 11, 14 Losses are a key area so answer these questions carefully. Watch out for the extended loss relief rules. Revision period 7 Partnerships 5, 7, 8, 11, 15 to 18 Useful questions covering this important topic. 12 Revision period 8 Self assessment 17 19, 20 Self assessment is a key topic. If you are short of time, make bullet points for the Revision period 9NIC ThiNganHang.com2, 12, 4 A question covering a number of taxes. Work throughwritten elements of these questions. 13 – 16 carefully. Revision period 10 Capital gains Gains will be tested in Question 3 in the exam and may also be tested in any of the other questions. The gains rules are therefore key for your exam. Basics 13 – 16 22 You can attempt part (a) of this question now. Leave part (b) until you have revised reliefs in Revision period 12. ThiNganHang.comPlanning your question practice xix
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