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ACCA PAPER F6 TAXATION (UK) FA 2013 PRACTICE & REVISION KIT FOR EXAMS IN 2014 ThiNganHang.com ThiNganHang.com
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P R A C T I C PAPER F6 E TAXATION (UK) & FA 2013 R E V BPP Learning Media is an Approved Learning Partner – content for the ACCA I qualification. In this, the only Paper F6 Practice and Revision Kit to be reviewed by the examiner: S • We discuss the best strategies for revising and taking your ACCA exams I • We show you how to be well prepared for your exam • We give you lots of great guidance on tackling questions O • We show you how you can build your own exams N •OurThiNganHang.comPasscard andWe provide you with three mock exams including the December 2013 exami-Pass products also support this paper. K I T FOR EXAMS IN 2014 ThiNganHang.com
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First edition 2007 Eighth edition January 2014 ISBN 9781 4727 5304 5 (previous ISBN 9781 4453 6646 3) ebook ISBN 9781 4727 0251 7 British Library Cataloguing-in-Publication Data A catalogue record for this book All our rights reserved. No part of this publication may be is available from the British Library reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd. Published by BPP Learning Media Ltd We are grateful to the Association of Chartered Certified BPP House, Aldine Place Accountants for permission to reproduce past London W12 8AA examination questions. The suggested solutions in the exam answer bank have been prepared by BPP Learning www.bpp.com/learningmedia Media Ltd, except where otherwise stated. Printed in Singapore by Ho Printing 31 Changi South Street 1 Changi South Industrial Estate Singapore 486769 Your learning materials, published by BPP LearningThiNganHang.com© Media Ltd, are printed on paper obtained from BPP Learning Media Ltd traceable, sustainable sources. 2014 ii ThiNganHang.com
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Contents Page Finding questions Question index .................................................................................................................................................................. v Topic index .................................................................................................................................................................... viii Helping you with your revision Tackling revision and the exam ........................................................................................................................................ ix Selecting questions.......................................................................................................................................................... ix Making the most of question practice............................................................................................................................... ix Attempting mock exams ................................................................................................................................................... ix Revising F6 Topics to revise................................................................................................................................................................ xi Reading articles................................................................................................................................................................ xi Question practice ............................................................................................................................................................. xi Passing the F6 exam ....................................................................................................................................................... xii Exam information ............................................................................................................................................................ xv Analysis of past papers ................................................................................................................................................ xxii Useful websites ........................................................................................................................................................... xxiii Planning your question practice BPP Learning Media’s question plan..............................................................................................................................xxv Build your own exams...................................................................................................................................................xxix Questions and answers Questions..........................................................................................................................................................................3 Answers ..........................................................................................................................................................................61 Exam practice Mock exam 1 • Questions ............................................................................................................................................................197 • Plan of attack .......................................................................................................................................................207 • Answers...............................................................................................................................................................209 Mock exam 2 • Questions ............................................................................................................................................................225 • Plan of attack .......................................................................................................................................................233 • Answers...............................................................................................................................................................234ThiNganHang.com Mock exam 3 (December 2013) • Questions ............................................................................................................................................................251 • Plan of attack .......................................................................................................................................................261 • Answers...............................................................................................................................................................262 Tax tables................................................................................................................................................................279 Review form iii ThiNganHang.com
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A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials do not write and update themselves. People write them: on their own behalf or as employees of an organisation that invests in this activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content. Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media: • Photocopying our materials is a breach of copyright • Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to facebook or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we do not supply ‘unlock’ codes to people who have bought them second-hand. And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website. A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that do. If they act illegally and unethically in one area, can you really trust them? 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: • Learning to Learn Accountancy gives further valuable advice on revision • Passcards provide you with clear topic summaries and exam tips • Success CDs help you revise on the move • i-Pass CDs offer tests of knowledge against the clock You can purchase these products by visiting http://www.bpp.com/acca ThiNganHang.com iv ThiNganHang.com
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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) because their style and content are similar to those that appear in the current 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, Lauren, Tom, Sarah and Louise 22 40 3 61 2 Domingo, Erigo and Fargo (TX 06/09) 25 45 4 64 3 The Wind Family (TX 12/11) 25 45 5 67 4 Joe Jones (TX 12/10) 25 45 6 71 5 Sam and Kim White (TX 06/08) 25 45 7 74 6 Sammi Smith (TX 12/10) 15 27 9 78 Property income 7 Edmond Brick (TX 12/07) 15 27 9 79 8 Peter Chic (TX 12/08) 25 45 10 81 9 Leticia Stone (TX 12/11) 15 27 11 85 Pensions 10 Peach, Plum and Pear (TX12/08) 10 18 12 87 Sole trader businesses 11 Na Style (TX 12/09) 25 45 13 88 12 Simon House (TX 12/09) 15 27 14 91 13 Bayle Defender (TX 06/11) 30 54 15 94 14 Samantha Fabrique (TX 12/07) 10 18 17 97 15 Michael and Sean (TX 06/12) 15 27 17 99 Partnerships 16 Ae, Bee, Cae, and Eu (TX 12/08) 10 18 18 100 17 Auy Man and Bim Men (TX 06/10)ThiNganHang.com30 54 19 102 18 Flick Pick (TX 06/12) 30 54 21 105 Administration 19 Pi Casso (TX 06/08) 15 27 22 109 20 Ernest Vader (TX 06/10) 15 27 22 110 Finding questions v ThiNganHang.com
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Time Page number allocation Marks Mins Question Answer Part B: Chargeable gains for individuals 21 Aloi, Bon, Cherry and Dinah (TX 06/11) 15 27 24 112 22 Winston King (TX 06/12) 15 27 25 114 23 Jorge Jung (TX 12/11) 15 27 26 116 24 Nim and Mae (TX 06/09) 20 36 27 120 25 Andrea, Bo and Charles (parts (b), (c) TX 12/09) 15 27 28 123 Part C: Inheritance tax 26 Naomi 15 27 29 125 27 Ning Gao (TX 06/12) 15 27 29 128 28 Artem 15 27 30 129 29 Jimmy (TX 06/11) 15 27 31 133 30 IHT transfers 15 27 31 135 Part D: Taxation of companies Calculation of the corporation tax liability and payment of tax 31 Molten-Metal plc (TX 06/11) 25 45 32 137 32 Scuba Ltd (Pilot paper) 30 54 33 140 33 Mice Ltd (TX 06/10) 25 45 35 143 34 Do-Not-Panic Ltd (TX 06/08) 10 18 37 146 35 Quagmire plc (TX 06/10) 10 18 37 148 36 Heavy Ltd and Soft Ltd (TX 06/12) 25 45 37 149 Capital allowances 37 Thai Curry Ltd (BTX) 26 47 39 153 Chargeable gains 38 Hawk Ltd (TX 12/08) 20 36 40 156 39 Problematic Ltd (TX 06/10) 20 36 41 158 40 Lim Lam (TX 12/10) 15 27 42 161 LossesThiNganHang.com 41 Starfish Ltd (TX 12/11) 30 54 42 163 42 Volatile Ltd (TX 12/09) 10 18 45 167 43 Jogger Ltd (TX 12/08) 30 54 45 169 vi Finding questions ThiNganHang.com
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Time Page number allocation Marks Mins Question Answer Groups of companies 44 Black Ltd, Cherry Grey and Blu Reddy (parts (a),(c) TX 12/11) 15 27 47 172 45 A Ltd 10 18 48 174 46 Apple Ltd 15 27 49 175 47 Sofa Ltd (TX 12/07) 22 40 50 177 48 Gastron Ltd (TX 06/09) 30 54 52 180 Part E: Value added tax 49 Lithograph Ltd (BTX) 10 18 54 183 50 Aston Martyn (TX 06/11) 15 27 55 185 51 Ram-Rom Ltd (BTX) 10 18 56 187 52 Sandy Brick (BTX) 10 18 57 188 53 Anne Attire (TX 06/09) 15 27 58 189 Mock exams Mock exam 1 1 Josie Jones (TX 12/12) 25 45 197 209 2 Clueless Ltd (TX 12/12) 30 54 198 212 3 Acebook Ltd (TX 12/12) 15 27 201 215 4 Sophia Wong and Andrew Zoom (TX 12/12 and TX 06/09) 15 27 202 217 5 Rosie Rohan, Sam Shire and Tom Tirith (TX 12/12) 15 27 203 219 Mock exam 2 1 John and Rhonda Beach (TX 06/13) 25 45 225 234 2 Greenzone Ltd (TX 06/13) 30 54 226 237 3 Ginger, Aom, Innocent and Nigel (TX 06/13) 15 27 228 241 4 Dominic, Katie and Opal Ltd (part (c) TX 06/13) 15 27 229 243 5 Pere Jones and Phil Jones (TX 06/13) 15 27 230 246 Mock exam 3 1 Richard Feast (TX 12/13) 30 54 251 262 2 Softapp Ltd (TX 12/13) 25 45 254 265 3 Delroy, Marlon and Leroy (TX 12/13)ThiNganHang.com15 27 256 268 4 Fang, Hong, Kang, Ling and Ming (TX 12/13) 15 27 257 271 5 Afiya (TX 12/13) 15 27 258 273 Planning your question practice Our guidance from page xxv 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. Finding questions vii 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, 4, 11, 13, 19, 20, ME1 Qu 1, ME3 Qu 1 Administration of tax – companies 31, 34, 35, 37, 43, 45, 48, ME1 Qu2, ME3 Qu 2 Capital allowances 16, 17, 18, 31, 32, 33, 36, 37, 41, 43, 47, 48, ME1 Qu 1, ME1 Qu 2, ME2 Qu 2, ME2 Qu 4, ME3 Qu 1, ME3 Qu 2 Chargeable gains – reliefs 21, 22, 23, 24, 25, 39, 40, ME1 Qu 3, ME2 Qu 3, ME3 Qu 3 Chargeable gains – companies 22, 31, 32, 38, 39, 40, ME1 Qu 3, ME3 Qu 2 Chargeable gains – individuals 12, 21, 22, 23, 24, 25, 40, ME1 Qu 4, ME2 Qu 3, ME2 Qu 5, ME3 Qu 3 Companies – calculation of taxable total profits 6, 31, 32, 33, 34, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, ME1 Qu 2, ME2 Qu 2, ME2 Qu 4, ME3 Qu 2 Companies – calculation of tax 6, 31, 32, 34, 35, 36, 37, 38, 40, 43, 44, 45, 46, 48, ME1 Qu 2, ME1 Qu 4, ME2 Qu 2, ME3 Qu 2 Companies – groups 33, 44, 45, 46, 47, 48, ME2 Qu 2, ME3 Qu 2 Companies – losses 37, 41, 42, 43, ME1 Qu 3 Income tax computation 1, 2, 3, 4, 5, 6, 8, 11, 12, 13, 33, ME1 Qu 1, ME1 Qu 4, ME1 Qu 5, ME2 Qu 1, ME2 Qu 5, ME3 Qu 4 Individuals – employment income 2, 3, 4, 5, 6, 8, 13, 18, ME1 Qu 1, ME1 Qu 4, ME2 Qu 1 Individuals – property income 7, 8, 9, 18, ME1 Qu 1, ME2 Qu 1, ME2 Qu 5 Individuals – trading income 2, 3, 5, 11, 12, 13, 16, 17, 18, ME1 Qu 1, ME3 Qu 1, ME3 Qu 4 Individuals – losses 14, 15, ME3 Qu 4 Inheritance tax 26, 27, 28, 29, 30, 44, ME1 Qu 5, ME2 Qu 5, ME3 Qu 5 National insurance contributions 3, 6, 8, 12, 13, 17, 18, 33, ME1 Qu 4, ME2 Qu 1, ME3 Qu 1 Partnerships 13, 16, 17, 18, ME 3 Qu 4 Pensions 2, 3, 10, ME1 Qu 5, ME2 Qu 1 Value added tax 17, 18, 32, 41, 43, 49, 50, 51, 52, 53, ME1 Qu 2, ME2 Qu 2, ME3 Qu 1 ME1 is Mock Exam 1, ME2 is Mock Exam 2 and ME3 is Mock Exam 3 ThiNganHang.com viii Finding questions ThiNganHang.com
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Helping you with your revision BPP Learning Media Approved Learning Partner – content As ACCA’s Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use examiner- reviewed revision materials for the 2014 exams. By incorporating the examiner’s comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision. 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. • We look at the dos and don’ts of revising for, and taking, ACCA exams • 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. • A full question index • 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 • BPP's question plan highlighting the most important questions and explaining why you should attempt them • 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. • Our Top tips included for certain questions provide essential advice on tackling questions, presenting answers and the key points that answers need to include • 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 • We include marking guides to show you what the examiner rewards •• ThiNganHang.comexamWe includeWe refer to examiners’ commentsthe FA 2013 Study Textto show you where students struggled or performed well in the actual(for exams in 2014) for detailed coverage of the topics covered in questions Attempting mock exams There are three mock exams that provide practice at coping with the pressures of the exam day. We strongly recommend that you attempt them under exam conditions. Mock exams 1 and 2 reflect the question styles and syllabus coverage of the exam and Mock exam 3 is the December 2013 paper. Using your BPP Learning Media Practice and Revision Kit ix ThiNganHang.com
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Revising F6 Topics to revise Firstly we must emphasise that you will need a good knowledge of the whole syllabus. 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. • Income tax computation including the personal allowance and the tax bands and rates. • 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. • 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. • Calculation of taxable total profits, in relation to companies. Be aware that you may need to calculate the various elements that make up the taxable total profits such as property business income, interest income, gains and so on. • 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 exempt amount. • Inheritance tax computations, including lifetime transfers and the death estate. • How to calculate VAT payable or repayable depending on the type of supply (ie standard rated, zero rated or exempt). • The different classes of NIC payable by employees and their employers compared to those due from self employed individuals or partners. Reading articles The examiner has stressed the importance of reading the technical articles published in Student Accountant that relate to F6. The Finance Act 2013 article is particularly relevant as it highlights topical aspects which are likely to be tested in the 2014 exams. Question practice You should use the Passcards and any brief notes you have to revise the syllabus, but you mustn't spend all your 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 planThiNganHang.com on page xxi tells you what questions cover so that you can choose questions covering a variety of syllabus areas. Revising F6 xi ThiNganHang.com
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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 have 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: • Make the most of the information given in the question • Follow the question requirements • 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. • Speed read through the question paper, jotting down any ideas that come to you about any of the questions. •• ThiNganHang.comDecide the order which you’re likely to tackle questions (probably easiest questions first, most difficultquestions last).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). • 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. xii Revising 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. • 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. • 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. • 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 Revising F6 xiii ThiNganHang.com
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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 xiv Revising 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. 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. Question three will focus on chargeable gains (either personal or corporate) and will be for 15 marks. Questions four and five will be on any area of the syllabus, can cover more than one topic, and will be for 15 marks each. 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. There will always be between 5 and 15 marks on inheritance tax. Inheritance tax can be included within questions three, four or five. 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 may be examined in either question two, question four or question five. A small element of chargeable gains may be included in questions other than question three. Any of the five questions might include the consideration of issues relating to the minimisation or deferral of tax liabilities. December 2013 Question in this Kit 1 Adjustment of profit for sole trader. Employer’s national insurance ME3 Qu 1 contributions. Filing of tax return. Compliance check. Registration for VAT. Ethical considerations on client refusal to register for VAT. VAT simplified invoice. Filing of VAT return and payment of VAT. 2 Computation of taxable total profits. Property business income. Loan ME3 Qu 2 relationships. Capital allowances. Groups of companies. 3 Capital gains reliefs for business assets. Transfer between spouses. ME3 Qu 3 Principal private residence relief. Disposal of shares. Basic capital gains tax planning. 4 Basis of assessment for sole trader on commencement. Pre-trading ME3 Qu 4 ThiNganHang.comexpenditure. Relief for trading loss against income and gains. Partnership income. Basis of assessment on cessation. 5 Inheritance tax on lifetime transfers and death estate. Payment of tax. ME3 Qu 5 Revising F6 xv ThiNganHang.com
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June 2013 Question in this Kit 1 Employment income. Personal pension contributions. Computation of ME2 Qu 1 income tax. National insurance contributions. Restriction of personal allowances. Furnished holiday lettings. 2 Adjustment of trading profit. Capital allowances. Associated companies. ME2 Qu 2 Corporation tax computation. VAT payable. Input tax not recoverable. Late submission of VAT return and late payment of VAT. Group registration for VAT. 3 Use of annual exempt amount. Replacement of business assets. ME2 Qu 3 Disposal of shares with and without entrepreneurs’ relief. 4 Part (a) and (b) no longer in syllabus. Part (c) long period of account for ME2 Qu 4(c) company. 5 Inheritance tax on lifetime tax and death estate. Capital gains tax on ME2 Qu 5 disposal of house. Income tax on property business income. Examiner’s comments The vast majority of candidates attempted all five questions, and there was little evidence of time pressure. Overall, this was a particularly impressive performance. Candidates performed particularly well on questions 1a, 1b, 1c, 2a, 2b(i), 2b(iii), 2c(i), 2c(iii), 3b, 3c, 4c, 5a(i) and 5b. The questions candidates found most challenging were questions 1d, 2b(ii), 2c(ii), 3a and 5a(ii). December 2012 Question in this Kit 1 Trading income assessment. Employment income. Property business ME1 Qu 1 income, investment income. Calculation of income tax payable. Payment of income tax under self-assessment. 2 Computation of taxable total profits, capital allowances. Submission of ME1 Qu 2 corporation tax returns. VAT cash accounting scheme and annual accounting scheme. VAT overseas aspects. 3 Chargeable gains for company. Share pool, part disposal and ME1 Qu 3 compensation for destruction of asset. 4 Part (a) extracting profits from company as salary or dividends. Part (b) ME1 Qu 4(a) no longer in syllabus. 5 Pensions. Individual savings accounts. Inheritance tax on lifetime ME1 Qu 5 ThiNganHang.comtransfers. Examiner’s comments The vast majority of candidates attempted all five questions, but question four was often left to last and answered under time pressure. This problem often arose because the workings for parts 1a and 2a were far too detailed. Question 4 was the most difficult of the three 15-mark questions, although the calculations themselves were quite straightforward. What candidates needed to do with this question was to spend several minutes thinking their answer through and making sure that basic concepts were not overlooked. Many candidates appeared to be rushing, and making basic mistakes, such as calculating NIC in respect of dividend income. Candidates performed particularly well on questions 1a, 1b(i), 1b(ii), 2a, 2c(i), 3a, 3b, 5a, 5b and 5c. The questions candidates found most challenging were questions 2b(i), 2b(ii), 2c(ii) 2b, and 4a. xvi Revising F6 ThiNganHang.com
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A number of common issues arose in candidate’s answers: ● Failing to read the question requirement clearly. For example, calculating the CGT liability in question 3(b) despite being told that only chargeable gains were required. ● Poor time management. For example, the 1 mark requirement for part 2b(i) needed just a date, so time was wasted by writing a whole paragraph. ● Poor use of workings. The workings for parts 1a and 2a were often far too detailed. Many of the calculations could have been included within the main computation, and once something such as the exempt premium bond prize was shown once there was no need for further explanation. However, when it came to the share pool in part 3b there was often a complete lack of workings for the indexation calculations – making marking extremely difficult. June 2012 Question in this Kit 1 Employee. Partnership profits. Property income. Classes of national 18 insurance contributions. Choice of accounting date. VAT flat rate scheme. Tax point. 2 Two companies, adjustment of trading profits. Capital allowances. Long 36 period of account. Calculation of corporation tax. 3 Liability to tax on chargeable gains. Calculation of CGT at different rates. 22 Chargeable gain for company with rollover relief. 4 Government tax policies. Trading losses in early years and on cessation. 15 5 Inheritance tax transfer of nil band. Death estate with prior lifetime 27 transfers. Examiner’s comments The vast majority of candidates attempted all five questions, and there was little evidence of time pressure. Where questions were left unanswered by candidates, this appeared to be due to a lack of knowledge or poor exam technique, as opposed to time pressure. Question 4 was the most difficult of the three 15-mark questions, so it was a sensible strategy to leave this question until last. If time was running out, it would have been much easier and quicker to score marks on question 5. Candidates performed particularly well on questions 1a, 1b, 1d(i), 2a, 3a, 3b, 3c(i), 4a, 5a and 5b. The questions candidates found most challenging were questions 1c, 1d(ii), 1d(iii), 2b, 3c(ii), 4b and 5c – approximately one-third of the paper. This is mainly due to candidates not covering the entire syllabus as part of their studies A number of common issues arose in candidate’s answers: • Failing to read the question requirement clearly. For example, calculating the income tax in question 1(a) • ThiNganHang.comdespite being told that only the taxable income figure was required.sentence rather than a long paragraph.Poor time management. For example, the 1 mark questions should have been answered with a brief • Not learning lessons from earlier examiner’s reports and hence making the same mistakes. For example, the necessity of learning basic rules (such as where there is a long corporation tax period of account) has previously been highlighted several times. • Poor layout of answers. For example, the two sections of question 2 were sometimes combined into one long very confusing answer. The same with question 3(b) where it was often not clear which of the two sections was being answered. Revising F6 xvii ThiNganHang.com
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December 2011 Question in this Kit 1 Income tax liabilities. NICs. Employment income. Pensions. 3 2 Taxable total profits. Loss relief. Value added tax liability. 41 3 Chargeable gains for individuals. Entrepreneurs’ relief. CGT liabilities. 23 4 Property income. Furnished holiday letting. Rent a room relief. Losses. 9 5 Part (a) group relief. Part (b) no longer in syllabus. Part (c) inheritance 44(a), (c) tax on lifetime transfer. Examiner’s comments This was another good performance, although many candidates achieved a pass mark without particularly excelling. There are two aspects that are worth mentioning. The first is that candidates should sometimes stand back and think about their answers to see whether they make sense. For example, for question 5 part (c) it should have been fairly obvious that an answer with six marks attached to it was not simply that no inheritance tax was due. The second aspect is that candidates should give particular attention to the requirements, especially any guidance that is given. In this paper they would have seen that in question 3 there was no need to calculate any CGT liability, in question 4 they were given advice on how to layout their answer, and in question 5 they were told to ignore annual exemptions - making their answer much more straightforward. June 2011 Question in this Kit 1 Sole trader. Adjustment of profit. Income tax computation and 13 administration. National insurance contributions. Partnerships. 2 Company. Taxable total profits including trading income. Capital 31 allowances. Property income. Chargeable gain. Payment of corporation tax by instalments. 3 Chargeable gains for individuals. Shares with takeover. Entrepreneurs’ 21 relief. CGT liabilities. 4 Value added tax. Registration. Invoices. EU services. Penalty for 50 understated tax. Annual accounting scheme. 5 Inheritance tax on lifetime transfers and death estate. Payment of tax. 29 Examiner’s comments This was a very good performance and it was pleasing to see how well the first Paper F6 inheritance tax question was answered. One particular problem at this sitting was that candidates wasted quite a bit of time where something should have been obvious without having to produce detailed calculations, and also where more calculations were done than was necessary because the requirements were not read properly. This is where thereading time should be put to good use.ThiNganHang.com xviii Revising F6 ThiNganHang.com
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December 2010 Question in this Kit 1 Employment benefits. Taxable income. PAYE. 4 2 Taxable total profits. Calculation of corporation tax. VAT. n/a 3 Chargeable gains for individual. Valuation of deemed proceeds. Shares. 40 Entrepreneurs’ relief. Part disposal. Chargeable gains for company. 4 Salary or company car. Income tax and NIC aspects for employee and 6 employer. 5 Losses for individual. n/a Examiner’s comments This paper continued in the same style as that of the June paper, with the aim of being less predictable and required candidates to think a bit more in order to achieve a pass mark. Although the overall result was satisfactory, the performance was not quite as good as expected. The main problems were that candidates were obviously not expecting a question on PAYE, and question 4, although not being particularly difficult, required some careful planning before doing the computations. June 2010 Question in this Kit 1 UK residence for individuals. Adjustment of profit. Partnerships. National 17 insurance contributions for self employed. VAT tax point. Calculation of VAT under normal rules and flat rate scheme. 2 Property business income for company. Taxable total profits. Loss relief. 33 Capital allowances. Income tax and national insurance contributions for director. 3 Chargeable gains for company. Share pool with rights issue. Insurance 39 proceeds. Rollover relief. Part disposal. 4 Income tax administration. Deliberate withholding of information by 20 client. Ethics. Written information notice. Discovery assessment. Interest and penalties for overdue tax. 5 Payment of corporation tax. Quarterly instalments. 35 Examiner’s comments This style of this paper was slightly different from recent papers, with more smaller sub-parts enabling more of the syllabus to be covered: Some of the other changes were that the VAT information needed for question 1 part (d) was not shown separately (instead being included within the main text), and in question 2 the group relief and capital allowance aspects were in separate sections (requiring explanations instead of straightforwardcomputations) rather than being examined computationally as part of the main corporation tax question. Candidatescannot expect to have an easy income tax or benefits computation in every paper. The pass rate achieved was quiteThiNganHang.com satisfactory. Revising F6 xix ThiNganHang.com
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