转帖-2012.Jun exam 猜题 F6

yinjuexin

F6 UK Exam tips – June 2012 sitting (4 posts)
Opentuition
Students should never rely on tips from any sourceas exam success is based on a sound knowledge of the basic rules that underpinthe computations required for each tax and the ability to apply this knowledgewithin the 3 hours and 15 minutes available. This is based on considerablepractice of past examination questions which have been updated for Finance Act2011 and by sitting a mock examination in the allotted time. It can be oflittle surprise that students fail exams if the last time they sat such an examwas when they failed at the previous sitting!
If any of the areas tipped should appear thenthis, if you are prepared, should be a bonus – you should not be expecting these areas and thenbe disappointed when they do not appear and therefore be immediately at apsychological low in the exam room!
Be properly prepared through work effort, expectthe worst but know if you do your best you will pass whatever exam is placed infront of you!!
Q.1 Income Tax / VAT
This question always requires the preparation ofan Income Tax Computation for at least one individual, possibly two (spouses orcivil partners) or even three taxpayers (members of the same family) The twomain sources of income tested within the computation are Employment Income andthe adjusted trading profits of the Self Employed. Interest income isfrequently tested with examples of taxable interest received net and gross plusexempt interest and of course some dividend income.
A scenario involving a transition from employmentto self employment part way through the tax year would allow both employmentincome with assessable benefits for part of tax year to be tested along withadjustment of profits and a capital allowances computation for a short or longopening period of account and dealing with pre trading revenue and capitalexpenditure. The adjusted profit would then be used to determine theassessments in the opening years of the new business and the computation of theoverlap profits.
The changes to the pension contribution rules withthe introduction of the Annual Allowance (AA) and AA Charge will probablyattract the examiners attention in this year’s exams so should be understood – this could feature as part of Question 4 or 5instead.
Class I NIC’s for the period of employment and or Class 2 and4 NIC’s for the period of self employment could also betested.
If VAT was included in such a question then itcould test issues of VAT registration, submission of first VAT return dealingwith pre registration input VAT and suitability of small business accountingschemes such as cash and annual accounting and the flat rate scheme.
Q.2 Corporation Tax / VAT
Will require the preparation of a Corporation TaxComputation for a Chargeable Accounting Period which will probably straddleFinancial Years 2010 and 2011
e.g. Accounting Year Ended 31 December 2011 or 9months to 30 September 2011.
A significant amount of marks are usuallyavailable for the adjustment of profit statement and Capital AllowancesComputation. The company may be in a gains group. If VAT featured in thisquestion it might include group VAT registration Q.3 ChargeableGains
If a question involves corporate gains rather thanan individual then the main assets that a company may dispose of would include:
Properties – this may involve establishing the cost of theproperty from an earlier acquisition via a no gain no loss transfer from afellow gains group member and/or the cost may have been reduced by a rolloverrelief claim at the time of acquisition. The gain arising may now also bedeferred by a full rollover or partial rollover relief claim or if a depreciatingasset is now acquired a holdover relief claim may instead be available.
Land – apart disposal of land
Shares
Chattels – e.g. a painting from the boardroom
Questions 4 and 5
IHT see***ikely to be a regular feature of part ofa question and it would seem likely that at some point the examiner will testthe more difficult problem of CLT’s notonly taking place within the 7 years before the date of death but there alsobeing a CLT more than 7 years before death. This would not itself be chargeableon death but given the cumulative nature of IHT would impact on the transferswithin the 7 years following it which do then become chargeable on death.
Groups if not tested in Q.2
Income tax loss reliefs and / or partnerships
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LSBF
Question 1
Income tax computations for husband and wife
•For a self employed person involving adjustmentof a loss.
Question 2
(a)Corporation tax computation with a straddlingchargeable accounting period and maybe long period of account.
(b)VAT
•Due date for VAT registration or surcharges forpaying the VAT late.
•Pre-registration input VAT.
Question 3
Capital gains/ loss computations for a company orindividuals and capital gains tax.
•Determining capital gains and losses with chattelrules.
Question 4
Pensions and the new rules.
Question 5
Inheritance tax. BPP • Income tax – with a focus on partnerships.
• VAT –penalties and special schemes.
• Corporation tax – long period of account, plant and machinery,computation.
• CGT – froma company’s perspective. Disposals involving shares,replacement of business asset relief, part disposal.
• Changing in accounting date rules for soletrader/partnerships.
• IHT liabilities of lifetime gifts.
• Self-assessment scheme.
• Pension contributions.
• Loss relief – income tax, corporation tax. Kaplan Financial • Income tax – husband and wife, calculation of PA based onadjusted net income.
• Corporation tax – straddling long/short period of account, capitalallowances.
• VAT return – including discounts and impaired debtsrelief, cash accounting scheme/flat rate scheme.
• Capital gains tax – transfer between spouses, rollover and giftrelief.
• Sundry topics for Q4 and 5 – groups; losses/gains group, income tax basicplanning First Intuition •Adjusting trading profits, including capital allowances.
• Income tax computation.
• Basic income tax losses.
• Computation of corporation tax, basic grouprelief, payment in installments.
• Corporate gains, including rollover relief andre-organisations.
• IHT, lifetime transfers and the death estate.
• VAT, calculation of liability and flat ratescheme.

alanlee13

thank you!

yinjuexin

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