ACCA P6

Mary2014

Any thoughts on P6 paper ?

adrianw

it used to be a very tough paper when a previous examiner used to set the Irish variant. It's still difficult but i assume most would agree not as difficult as it was circa late 2009 to early 2011.

On a positiver note, i thought it was the most interesting of the elective papers.

Paddy001

What kind of thoughts are you looking for, are you sitting it on Friday? I am

Mary2014

Paddy001 wrote: »

What kind of thoughts are you looking for, are you sitting it on Friday? I am

I am sitting it on Friday as well

Paddy001

Mary2014 wrote: »

I am sitting it on Friday as well

How are you finding it? There's so much material and eventualities!

Mary2014

Paddy001 wrote: »

How are you finding it? There's so much material and eventualities!

Best of luck tomorrow !

Lovbnmoma

Hey guys did this today. How did ye find it? I found it ok. No nasty surprises I don't feel. Its my 3rd time doing it so please god I got it this time!

sboyle01

Second time doing it. Was surprised by a 25 mark question for groups and also disappointed with lack of income tax which is my strongest subject.

Lovbnmoma

Did you give retirement relief on the business assets in question 1? I panicked in the middle thinking I shouldn't have given it cause it was over threshold of 750k but then I thought the nephew should be classed as family.

KevHurley

Lovbnmoma wrote: »

Did you give retirement relief on the business assets in question 1? I panicked in the middle thinking I shouldn't have given it cause it was over threshold of 750k but then I thought the nephew should be classed as family.

I gave retirement relief on the trade asset value of the shares (minus the investment) on the basis that he was his nephew and worked there for over 5 years. And gave business property relief for CAT.

I thought it was pretty hard this time round. My first time doing it but I've done a lot of the past papers and I thought today was as hard as the 2010 / 2011 papers. Maybe it's lack of exam experience. There was so much in question 1. Took me an hour and a half and 10 pages so that threw me off for time for the rest of the paper.

Lovbnmoma

KevHurley wrote: »

I gave retirement relief on the trade asset value of the shares (minus the investment) on the basis that he was his nephew and worked there for over 5 years. And gave business property relief for CAT.

I thought it was pretty hard this time round. My first time doing it but I've done a lot of the past papers and I thought today was as hard as the 2010 / 2011 papers. Maybe it's lack of exam experience. There was so much in question 1. Took me an hour and a half and 10 pages so that threw me off for time for the rest of the paper.

Yeah I did find question one very long too. I did the revision course with Julie Hawkins and a couple of things we had revised recently came up thank god. Aw well will just have to wait 8 weeks now!

jodieS

The loss question was tricky enough. I ended up with just 2 of the companies having a corp tax liability, the case v and the chargeable gain. Thw question where the grandfather was disposing shares, cash, ppr to the grandaughter, did anybody suggest transfering them to a trust?? In q5, i said the part time worker was an employee due to the fact he worked fixed days, received a fixed wage???? Also in the loss quest, i said that they couldnt claim holding company relief as Idle was not part of a cgr group due to fact he was not a trade company??? Any thoughts???

Lovbnmoma

jodieS wrote: »

The loss question was tricky enough. I ended up with just 2 of the companies having a corp tax liability, the case v and the chargeable gain. Thw question where the grandfather was disposing shares, cash, ppr to the grandaughter, did anybody suggest transfering them to a trust?? In q5, i said the part time worker was an employee due to the fact he worked fixed days, received a fixed wage???? Also in the loss quest, i said that they couldnt claim holding company relief as Idle was not part of a cgr group due to fact he was not a trade company??? Any thoughts???

For the holding company question I said the same bout idle and not been able to claim the relief. For the loss question the only company I had that had a liability was the new Ltd cause it only joined in middle of year.
Didn't think of the trust. I said to transfer the gov securities instead as she could use them to pay off her future cat.
For question five I wrote the same on the guy being an employee. Lets hope were right!

KevHurley

jodieS wrote: »

The loss question was tricky enough. I ended up with just 2 of the companies having a corp tax liability, the case v and the chargeable gain. Thw question where the grandfather was disposing shares, cash, ppr to the grandaughter, did anybody suggest transfering them to a trust?? In q5, i said the part time worker was an employee due to the fact he worked fixed days, received a fixed wage???? Also in the loss quest, i said that they couldnt claim holding company relief as Idle was not part of a cgr group due to fact he was not a trade company??? Any thoughts???

For the gift I suggested the government securities since there's no cgt and the income is at case 3 rather than 4.

I had the company joining mid year with a case 1 profit as loss relief wasn't available. So CT on 50k profit instead of 120. I also said Idle couldn't get the relief since the assets were property. Fairly sure that's right but I didn't have time to write the other conditions.

At least it's over. I can relax now for the next 8 weeks!

KevHurley

Lovbnmoma wrote: »

For the holding company question I said the same bout idle and not been able to claim the relief. For the loss question the only company I had that had a liability was the new Ltd cause it only joined in middle of year.
Didn't think of the trust. I said to transfer the gov securities instead as she could use them to pay off her future cat.
For question five I wrote the same on the guy being an employee. Lets hope were right!

Ah! I forgot about the securities settling CAT!

jodieS

Did anybody do the partnership quest. Very little in bpp book and revision on partnerships. I did it but wasnt sure wat i was at. Lol. Advised that they should transfer the equipment at twdv to avoid balancing charge. And to minimise the debtors before transfering to the partnership as 2% stamp duty would be payable on them. But that all sounds very like transferring a sole trade to a company. Alot of marks going for this part of quest considering there is so little on partnerships. 😁😁

KevHurley

jodieS wrote: »

Did anybody do the partnership quest. Very little in bpp book and revision on partnerships. I did it but wasnt sure wat i was at. Lol. Advised that they should transfer the equipment at twdv to avoid balancing charge. And to minimise the debtors before transfering to the partnership as 2% stamp duty would be payable on them. But that all sounds very like transferring a sole trade to a company. Alot of marks going for this part of quest considering there is so little on partnerships. ðŸ˜ðŸ˜

Yeah I did that question. A lot of marks for very little info provided. Sure all you could say is the stamp duty, cgt and vat implications without providing any calculations because of the lack of info.

I think the bpp material is very inadequate. Apart from all the typos in the book, they state that retirement relief is available if aged 55 with one exception - illness. They don't mention that the exception is that the person must be within 12 months of their 55th birthday if ill to avail of it.

All in all very disappointed with bpp study materials. You're almost better off just reading the revenue website for P6 than paying Bpp for study materials.

jodieS

Yes I agree KevHurley. Bpp book is full of errors. There is a sheet at back of text book that you can send back to them with any errors that you found. My sheet is overflowing. Yes i agree with reading Revenue website as it is much more informative and correct, i hope. This is first time ive sat an Irish Variant paper and there are very few technical articles etc to back info up with. I cant 100% say whether i passed today or not but ive me fingies crossed that i have as then ive only auditing left 😅

sboyle01

I was just checking the timetable for the extra sitting in September and there does not seem to be an Irish variant for the P6. Anybody know anything about this. http://www.accaglobal.com/content/dam/ACCA_Global/Students/exam/september-2015-exam-timetable-new2.pdf

Paddy001

sboyle01 wrote: »

I was just checking the timetable for the extra sitting in September and there does not seem to be an Irish variant for the P6. Anybody know anything about this. http://www.accaglobal.com/content/dam/ACCA_Global/Students/exam/september-2015-exam-timetable-new2.pdf

They aren't doing any of the variant papers in September this time as they are easing in the extra sitting so it will be December

oldstudent01

Failed 38 % gutted did so much work for this and only question I struggled with was Q2 any advice regards lecturers I travel anywhere in ireland for best .Thanks hope everyone else passed

sboyle01

oldstudent01 wrote: »

Failed 38 % gutted did so much work for this and only question I struggled with was Q2 any advice regards lecturers I travel anywhere in ireland for best .Thanks hope everyone else passed

I got 49% and it was my last exam. Very disappointed. It was a difficult exam and also I just study from home.

cics21

Hi all

I want to sit P6 in December but I can't seem to get a lot of info on it.
I have rang BPP, Kaplan and DBS and no one can explain the study texts tec.

I usually self study with BPP - course notes, study text and P&R kit and find this sufficient.
But BPP only does UK version of notes, can someone tell me where to get notes for this exam?

Thanks!

Lovbnmoma

cics21 wrote: »

Hi all

I want to sit P6 in December but I can't seem to get a lot of info on it.
I have rang BPP, Kaplan and DBS and no one can explain the study texts tec.

I usually self study with BPP - course notes, study text and P&R kit and find this sufficient.
But BPP only does UK version of notes, can someone tell me where to get notes for this exam?

Thanks!

Hi I just had to order my book off O'Mahonys website. That was the only place I could find my books. They have the P&R kit too.

cics21

Thank you for that. I'm a bit scared of there being so little material on this exam. I'm not sure if I'll be able to get a full book done, I always depend on the course notes as it is summarised nicely and so much easier to learn.

I'm thinking of not doing the tax exam now, maybe I might do performance management instead, even though I hate that subject!!

Lovbnmoma

cics21 wrote: »

Thank you for that. I'm a bit scared of there being so little material on this exam. I'm not sure if I'll be able to get a full book done, I always depend on the course notes as it is summarised nicely and so much easier to learn.

I'm thinking of not doing the tax exam now, maybe I might do performance management instead, even though I hate that subject!!

I studied it on my own the first time and the second and failed both times, it was only on my third attempt I passed after going to a revision course in Dublin with Julie Hawkins so its a tough one to get on your own but its doable! If you like I can send you my practice questions that Julie did up by email?

cics21

That would be so helpful thank you.

When you registered for the revision course did you get sent out all the study material also?

Lovbnmoma

cics21 wrote: »

That would be so helpful thank you.

When you registered for the revision course did you get sent out all the study material also?

No I had to get my own study text, she uses the BPP text that I got and then just did up her own revision questions. PM me your email address and Ill forward them onto you!

sboyle01

Just wanted to start a thread for the advance taxation exam on Thursday. This will be my third attempt, got 49% last time so hoping to get over the line this time as it is my last exam. I'm hoping for income tax this time as it doesn't seem to come up often.

CP30

Anyone sitting P6 tomorrow? I don think I'll sleep a wink tonight. It's my last exam, failed in June got 44%. Really need to pass tomorrow can't handle waiting until next June to do it again!

Paddy001

CP30 wrote: »

Anyone sitting P6 tomorrow? I don think I'll sleep a wink tonight. It's my last exam, failed in June got 44%. Really need to pass tomorrow can't handle waiting until next June to do it again!

Know that feeling, I got 49% in June! Good luck