Mock Exam Question Reference:
Q 1: Q1 M1 BPP
Q2 M3Q2 BPP
Q3: Q12 BPPK
Q4: Q 33 BPPK
Q5: Q 37 BPPK
- You scored (1) mark straight away by presenting your answer in nice form.
Calculation of shortfall of cash to cover the expenses was calculated perfectly which earned you (4) marks.
Option 1- your scored (4) marks here. You lost half marks because of deducting annual exempt amount whereas it specifically says in question its already used.
Option 2- you did few omissions here, it said in question that amount will be deposited in bank which pays interest at 3%, on which he may have paid tax. You lost marks here, which shows to me you were rushing during the answer without carefully reading the question. Always read the question carefully and ask yourself why this information is given? Am I answering everything? Asking yourself these questions will earn you extra marks. You scored (5) marks here.
Option 3- you lost few marks here because of your so brief answer and lack of explanation. You ignored gift relief too. You ignored additional income required in dividends, instead you wrote as amount as dividend. You scored (2) marks in this part.
Option 4- there was no gift relief instead it was rent a room. You ignored this part and lost some marks, apart from it your answer was right but lacked explanation, you need to elaborate your calculations to earn maximum marks. You scored (3) marks in this part.
Your total score in this part of the question is (19) out of possible 21
- This part was all about writing and no calculations were needed. You raised few good points however you missed many, e.g. double taxation relief, cost of administering overseas property, qualifying trade for BPR, rate of BPR on building used by partnership, funeral cost, money paid to political party, residence status etc. and lost many marks. Your scored in this part is (4) out of possible 10.
Your answer was presented professionally and you earned (2) presentation marks.
Your Total score in this question is 25 out of possible 35
Your “de grouping charge” and “Substantial shareholding exemption” is weak. Capital gains group is weak. Please remember it’s not F6 Exam where only calculations are needed, its P6 exam where you need to write commentary and explain your calculations. Identify in the question why this information is given? Examiner does not give any information without purpose. Always incorporate all information in your answer to maximize your marks.
- Sale was at non gain no loss because of Chargeable gains group, so cost will be when purchased by A, plus indexation allowance first from the date of purchase by A to 1st march 2014 and then again another indexation allowance from that date to 24th June 16. SSE will be available if both companies are trading companies; De grouping charge needs to be explained too. There was 8 marks allocated to commentary in this question of which you gained no marks. For calculation there were 3 marks, and you gained (2) marks of it.
- Now this part asks to “calculate” so majority of marks are for calculations. You did not read the requirement carefully, examiner asked you to calculate what will be tax liability if you pay amount as bonus or as dividend. Which amount? Amount you already calculated in part A of this question. You lost majority of marks, I however gave you (1) marks for calculating NIC.
- This is typical “Ethics” question which you can expect in almost every P6 UK exam. You scored (4) marks out of possible 5 in this part. You said Nondisclosure is tax evasion, its not right way to say. You should have said, it could be tax evasion. This is very very easy and very very important area to secure 5 marks in P6 paper. Revise it and do couple of questions more on it.
You scored total of 7 marks in this question out of possible 25.
- It was commentary part as it says in question “Explain” so no calculations were necessary. There were couples of marks for explaining the circumstances when CGT could be paid in installment, relating these rules with scenario and explaining further why or why not in this case CGT will be paid in installment would have earned you marks. You wasted your time calculating instalment which earned you no marks. You understanding about when to pay CGT by instalment is weak which needs improvement. In this case it was gift and gift relief was not claimed, you needed to mention it in answer. You earned couple of marks for stating circumstances and interest charge. You earned (2) marks in this part out of 6. Always ask yourself after finishing part of a question (Did I raise enough valid ideas according to marks allocated to this part?) one idea = 1 mark. Another important tip is always highlights word “AND” on question requirement, it means examiner is asking you to do this AND do that.
- This part was again about writing and no calculation was needed. It asked to tell what would be penalty because there was error in Tax return of previous tax year. Your knowledge about self-assessment is very weak, revise it, you scored (1) marks in this part. Maximum penalty in this was 30% of Potential lost revenue to HMRC, which may be reduced to minimum of 15% depending on your circumstances.
- Most of this part was about calculation, one of candidate’s favorite. You calculations were right at time but did not had any support(workings). Always explain the calculations in words, why did your took DTR? How did you calculate it? Always ask yourself why examiner is given me this information. What he want me to do with this information. You scored (2) marks in this part. Revise your IHT calculations and theory too. Your interest calculation was wrong which clearly shows you don’t know when it was due. There was no further tax on shares on death as it was 7 years old, you did not mention it.
Your Total marks in this question are 5 out of possible 20
- “Explain with the support of calculations” means 90% explanation and 10% calculations. You did otherwise. Your all calculations were wrong too. It looked like you did not understand what was required; it was close company and gift to a participator of a close company. You scored (0) any marks here.
- You again seem to be missing what was asked. You did not understand what was going on in the question. It was again close company and loan. Your close company knowledge is ridiculously weak please improve as its Hot topic in exams. you scored (1) mark here
- Par (i) was about VAT partial exemption and you did not prepare this topic and lost all marks, you score in this part (0)
Part (ii) was about annual test which gives you option to apply “de minimis test” test once a year. This area was weak too and you scored (0) marks.
You Failed this question in worst possible way and it was optional question which means you choose this question because this was your best prepared topic. It shows your poor selection of optional question. Always choose a question which you think you can answer well.
Your Total score in this question 0 out of 20
Unfortunately you could not pass this mock exam but don’t be upset, learn from mistakes and apply in exam, you still have many days from exam, try & read all the tips which are pointed out, learn from mistakes and don’t repeat them in real exam. Read question carefully, what is being asked, take your time planning the answer, give special attention to words like “AND” in the question it is asking you to do two different things and marks are divided. Ask yourself why this piece of information is given to me in the question and what I can do with it. Improve theory of AccountacyTube notes & learn rules on finger tips. Do not spend much time deciding which optional question to choose. Do not write irrelevant stuff which wastes your time and effort, 1 good point is better than 5 irrelevant points, so spend time thinking instead of writing irrelevant stuff.
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