F6 EXAM TIPS

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Question 1 will test income tax with a VAT section attached as a separate part. The income tax will focus on a self employed individual with property income and some investment income. Dates for paying tax may also be examined. The VAT section will look at registration, pre registration expenses and computation of VAT payable.
Question 2 will test corporation tax and could involve a long period of account, capital allowance computations for plant and machinery and payment of tax.
Question 3 will test capital gains tax from an individuals’ perspective. This question will involve a number of different disposals involving entrepreneurs’ relief, part disposals, chattels and shares with a computation of capital gains tAx payable.
Questions 4 and 5 will test anything else. Possible topics that may be examined here are:
- commencement, cessation and change of accounting date rules for sole traders and partnerships
- inheritance tax testing the inheritance tax liabilities on lifetime gifts and as a result of the individual’s death.
- Group relief
- Self assessment system
- Employment versus self employment