ajgz
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Anyone who gave this on here? Feeling absolutely **** after the exam, wondering if I’m the only one?
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DarkWillow
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Also sat the exam, spent half my time on question 1 and then had to do question 3 in about 20 minutes, also had no clue on the third question mainly due to the panic. Didn’t even do 3.2 either..

Feel like I did well on question 1 (40 marker), but probably got maximum 5/30 on the final question... so also don’t feel great
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ajgz
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(Original post by DarkWillow)
Also sat the exam, spent half my time on question 1 and then had to do question 3 in about 20 minutes, also had no clue on the third question mainly due to the panic. Didn’t even do 3.2 either..

Feel like I did well on question 1 (40 marker), but probably got maximum 5/30 on the final question... so also don’t feel great
Same - barely got time for the 3rd..
also the 2nd one threw me off? Was it liquidation of an unincorporated business and IR35?
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DarkWillow
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(Original post by ajgz)
Same - barely got time for the 3rd..
also the 2nd one threw me off? Was it liquidation of an unincorporated business and IR35?

Yeah was defo about IR35, but I didn’t talk about liquidating , just talked about sale of trade and assets Which is the same pretty much tho.

and then about the terminal loss releif she would have to use on her own income in prior years
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MaxwellSH
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(Original post by DarkWillow)
Yeah was defo about IR35, but I didn’t talk about liquidating , just talked about sale of trade and assets Which is the same pretty much tho.

and then about the terminal loss releif she would have to use on her own income in prior years
Was it IR35 or MSC? I was thrown off because they didn't give any information about the nature of the relationship between her and the company.
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Jtg1998
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Also did it, found it had to get a lot of detail in question one but wasn’t too bad identifying the issues. Question 2 was harder as I had only previously seen questions on a company disincorporating, and IR35 I didn’t get exactly right, but think I got most basics. Question 3 wasn’t bad with the cash basis stuff, and nor was the corporation tax really.
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kradziolska1
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What did you do with lease? Was it long or short?Also, did anyone talk about Value Shifting ???? I hate BPT. Interesting to revise to it, but the exam is so time pressured that I forget everything
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Jtg1998
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Yeah seem the lease but just ignored it as I didn’t have time🤣 mentioned value shifting for question 1, just copied my notes out of the book on it
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ajgz
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(Original post by Jtg1998)
Yeah seem the lease but just ignored it as I didn’t have time🤣 mentioned value shifting for question 1, just copied my notes out of the book on it
The issues in the first one - was it share for share takeover and DPT for the last two???
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Jtg1998
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Yes, If I recall correctly they were given shares cash and loan stock, so just talk about the treatment of all three
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Jtg1998
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For the Cash vs accruals basis question, how did you work out the rent cost when calculating his profit for the year, I couldn’t see it in the question??

Edit: maybe this was from TC exam I did before
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ajgz
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(Original post by Jtg1998)
For the Cash vs accruals basis question, how did you work out the rent cost when calculating his profit for the year, I couldn’t see it in the question??

Edit: maybe this was from TC exam I did before
Haha this is definitely not BPT 😰
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ajgz
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(Original post by Jtg1998)
Yes, If I recall correctly they were given shares cash and loan stock, so just talk about the treatment of all three
Alsooooo LAST question the bonus part. What was the bit about giving the bonus as a dividend???
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Jtg1998
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(Original post by ajgz)
Alsooooo LAST question the bonus part. What was the bit about giving the bonus as a dividend???
Ah yeah, so if you give it as a salary, that means the person pays NICs on it and they’ll pay different tax rates compared to dividend. But you don’t pay NICs on a dividend. So basically you worked out how much net pay she’s get For each and see which gives the most. Well that’s what I thought anyway.
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kradziolska1
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(Original post by ajgz)
Haha this is definitely not BPT 😰
That was TC.
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kradziolska1
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(Original post by ajgz)
The issues in the first one - was it share for share takeover and DPT for the last two???
DPT and CFC. And yeah, there was Share For share
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DarkWillow
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(Original post by kradziolska1)
DPT and CFC. And yeah, there was Share For share
I did this also. Although wasn’t 100% sure if it was a CFC also so only did half of the CFC up until the gateway bit and then moved on because I was running out of time
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Aca2020
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I did a long from long so just a simple capital gains calc, what did you do?
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Aca2020
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#19
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(Original post by kradziolska1)
What did you do with lease? Was it long or short?Also, did anyone talk about Value Shifting ???? I hate BPT. Interesting to revise to it, but the exam is so time pressured that I forget everything
I did long from long, so simple cap gain calc, what did you do?
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DarkWillow
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It was definitely a long lease I remember it being 55 years and they’d already had it like 30 or so years
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