P6 ACCA

greenketchup

Just to vent.. I HATE P6!!!:D

agon86

June 2010 pass rate -> Dec 2010 pass rate

P5: 44% -> 35%
P6: 35% -> 44%

I really think that she (P6 examiner) was very lenient in Dec 2010, because pass rate for June 2010 was bad.


my story:
ok, p6 pass rate for June 2010 was 35%.. I answered >95% of the questions, and I got 34.

then i took p5 for dec 2010, i managed to answer (as far as I remember) ONLY around 70% (i'm a very very very slow writer), then i passed with 57..:eek: and the overall pass rate was 35%??:eek:
i really dont know what the hell was going on.
maybe i am not destined to be a tax advisor. :P

anyway, i am now an ACCA.

good luck everyone!

Online01

greenketchup wrote: »

Just to vent.. I HATE P6!!!:D

Too late to change now...although i bet i'd get a better mark if i turned p on the day and did P4/5

P6 I;ve never worked so hard to pass an exam, and yet still feel like I know nothing when it comes to Monday.

I mean at the finals stage, people have done enogh ACCA exams to realise the volume of work needed....but P6 is in a league of its own.

Wish i had headed the warnings

P2 is a baby compared to this monster..

Best of luck to all on Monday

Online01

Hi

Can someone clarify if im thinking correctly here

VAT on property - when its "old" a sale of it will be exempt

There may be a clawback under the CGS

Is this clawback only if the property is sold within its VAT life - it 20 years?

Also Leases

Long Leases liable to CGT in normal way
Short Leases liable to CGTusing x-Y formula for cost

How does this tie in with VAT on leases? Or does it?

Many thanks

greenketchup

Online01 wrote: »

VAT on property - when its "old" a sale of it will be exempt

There may be a clawback under the CGS

You will not charge VAT on the sale if the property is over 5 years old and hasn't been developed, ie isn't 'New'. Unless the seller can find someone willing to be charged VAT on the sale they will suffer a CGS adjustment if they claimed an input credit on the acquisition.

Online01 wrote: »

Is this clawback only if the property is sold within its VAT life - it 20 years?

Yes unless its redevelopment expenditure then its 10 years

Online01 wrote: »

Long Leases liable to CGT in normal way
Short Leases liable to CGTusing x-Y formula for cost

The CGT on leases is the same i think, doesnt matter if you have a long or short one? (I think/hope!!) The income bit is set against case 1/V on a year by year basis, then the rest is the capital portion, you work out the remaining cost after wasting (cost *factor1-factor2/factor1) then deduct from MV to give you your gain. (again i think!)

Online01 wrote: »

How does this tie in with VAT on leases? Or does it?

You cant charge VAT on a residential lease and have to get the renter to agree to it on a commercial lease (21%), basically when they can claim an input credit. Connected persons must be able to claim 90% inputs for you to be able to charge them. Im not sure how this ties in with CGT though? I assume that the CGS adjustment is the same process on disposal/cessation of charging VAT on any other asset.


I hope this is all correct, just my understanding, someone please correct me if im wrong

Online01

Actually...I can;t even begin with the autopsy...I;m totally wiped.

Im more intrigued about the gestapo cutting the label of everyone water bottles...

If they went near my snickers with the sissors there'd a been blood spilt...

oh yeah....an no revenue audit anywhere...even 5 /6 sympathy marks

The examiner needs to get her hand on the Griffith and Independant manuals to see where a student is coming from ....3 months....n its take the whole of that to cover the syllabus, let alone understand teh complexties faced in the exam scenarios

No way I am doing this over - P4/P5 or something.

There will be no students doing P6 in future exams - GTD

Grennketchup: Thanks for the help - it really did sort out my confusion:) Hope you got on ok td.

stormpiper

I agree with you Online1. Todays paper was horrible. Mind you I get the feeling it wasn't so bad if the stuff you wanted came up. So much stuff to learn, it's completely stupid

greenketchup

Online01 wrote: »

Actually...I can;t even begin with the autopsy...I;m totally wiped.

Im more intrigued about the gestapo cutting the label of everyone water bottles...

If they went near my snickers with the sissors there'd a been blood spilt...

oh yeah....an no revenue audit anywhere...even 5 /6 sympathy marks

The examiner needs to get her hand on the Griffith and Independant manuals to see where a student is coming from ....3 months....n its take the whole of that to cover the syllabus, let alone understand teh complexties faced in the exam scenarios

No way I am doing this over - P4/P5 or something.

There will be no students doing P6 in future exams - GTD

Grennketchup: Thanks for the help - it really did sort out my confusion:) Hope you got on ok td.

No probs, hope it went well for everyone too.. this is my 3rd time doing this b*stard of an exam, should of been finished a year ago if id done P5!!

Todays exam was her best of the last 3 imo, i thought it was fair(ish), the last few exams she went of on these tangents with the questions, got really into the nitty gritty of the regulations. Today i don't think she did it to the same extent, i hope not anyway cause i didnt spot it

Im quietly confident, however i was last time too... sure we'll see in August, either way i'm never sitting a tax exam again!! Good luck everyone else with the rest of theirs..

Bartman76

Hi All,

Sat P6 for the 3rd time yesterday and thought it was one of her fairer papers, at least it examined the core areas of tax!!!

Got a bit muddled in Q1 with the buyback but had a good stab at the rest of the paper.

Heres hoping for 3rd time lucky eh................

JuanSeba

Im more intrigued about the gestapo cutting the label of everyone water bottles...

One of the funniest things I've read on boards!

emsie1404

Hi,

Congrats to you all who have P6 out of the way and are now qualified! I am repeating the scourge of a paper but doing it myself this time, does anyone know anybody doing this paper that might have gotten some tips off the lecturers?

Thanks