[Candy]

Thank you

Yes I added back the non cash in both NP.

I can see that this is not available for 2006, but I added it to my 340 in 2007 as well as leases and GW – ended up with 418.

If this is to come up in an exam question, should I assume it has been added back already as may have happened in this questinon?

[Candy]

Dear tutor,

No they do not show the workings, this is often the case with many of the answers, I have tried to arrive the answer but have failed.

Looking at my calculation above, can you identify where I have gone wrong or what I have missed?

Thank you

[Candy]

Thank you,

I am after the figures.

I know exactly how to calculate materiality etc?

Thank you

[Candy]

Dear Tutor,

I went back and reviewed the lectures and can see that you addressed this in Goodwill, NCI and group retained earnings – ACCA (SBR) lecture.

If partial GW then all goes to Parent.

If Full GW – we need to split Parent % & NCI %?

If so how do we record this in NCI –

If Gain Cr NCI%
If Loss Dr NCI%

[Candy]

Ok thank you very much for your prompt response.

To confirm:

If simple Investment (under 20%) – just account for the profits and not the cost?

Dr Investment % profits
Cr P&L/GRE % profits

But if

Associate – account for cost of associate + profit % for period (20% – 50%)

Dr Investment in Associate % profits
Cr P&L/GRE % profits

Thanks again

[Candy]

Please explain because I am lost now.

Only one answer can be correct right?

But please explain how I account for Loss $7.3m?

Otherwise I will get to the exam and feel like i do not know what to do

Thanks in advance

[Candy]

This clears it up for me.

Thank you

[Candy]

Ok thanks for confirming.

As it is in the current syllabus, where can I find relevant lectures?

Is it in F7 somewhere?

[Candy]

Hi,

Well I noticed in a few lectures, right now for instance I am watching Current issues, and the slides in lecture differ from the one page in notes with 6 bullet points?

[Candy]

Dear Roshan,

Are they still avail and are you in London?

Thanks

[Candy]

Hi Mel,

Can I have the revision book sent to me for £10 and £3 postage?

[Candy]

Hi,

I can now see that it is cumulative and first paid goes in first to enjoy nil rate band.

Just to clarify, it does not matter whether it is PET or CLT etc, always the first paid will first benefit from nil rate band first?

Thanks

[Candy]

All gone now!

Thanks

[Candy]

Ok I have been on HMRC website and it says states:

“You do not have to pay tax on benefits and expenses covered by concessions or exemptions. If the concessions or exemptions apply to you, do not enter the benefits and expenses concerned on your tax return.”

Please confirm if this means that all the examples given in your list DO NOT TAX?

Deductible expenses = Reduction in our taxable income

Exemption benefits = Are just excluded from the taxable income, therefore neither increase or reduce

Taxable benefits = Increase our taxable income

Please confirm if I have now understood correctly?

Many thanks

[Candy]

Sorry me again,

At one point I thought you explained Exempt benefits were assessable.

In removal expenses example you say £10k , only £8k is non assessable and £2k is assessable.

So by Exempt benefits – do you mean they are exempt from being included in the taxable income calculation?

I think an example including some of these benefits may have aided my understanding?

Right now as you can tell I am extremely confused

Many thanks

[Candy]

Hi,

Sorry I am still a little confused.

Please clarify what the difference is between Exempt benefits (list you have kindly provided) and taxable benefits – Are they both assessable and taxable?

Many thanks

[Candy]

Sorry I meant when A retired on 30.09.18 not FC.

[Candy]

Hi I think I have been confusing myself.

I thought applying to s.r was after the £200k limit had been exceeded.

But I think you mean if we identify that it will exceed £200k, then we should assign it first to the s.r. to enable better allowance on m.p items that will be outside the £200k.

Thanks

[Candy]

Hi again,

“If expenditure exceeds the AIA limit, the AIA should be allocated firstly to special rate (s.p.)”

This to me means, if it exceeds the £200k limit then anything left over should go to special rate?

This is why I am confused by above, you say that it should be treated as m.p and not s.r?

Can you please explain your quote above and when it applies?

Maybe it is the wording, could you please try to explain it in a different way?

[Candy]

Hi Kelly,

Don’t give up, I just passed finally on my 3rd attempt, I too struggled a lot with F7 more so than with any other paper and was considering a tutor.

Due to the cost I did not, I decided to go through all the notes and lectures quickly and then spend at least a whole month in the evenings doing past paper questions.

The focus on past questions made a difference so try to do as many as you can, at first you will make many mistakes, but just learn from them.

[Candy]

Hi All,

Thankfully I passed with 55 on my 3rd attempt.

So anyone who has failed this time, try not to be too disheartened.

My first attempt I got 48, and then second only 43, so please have hope.

[Candy]

Dear tutor,

Yes I have watched them, it is my only source of studies.

However I am getting confused by nil rate, 0% starting rate etc.

So do we first consider if they qualify for the nil rate band.

Then secondly see if 0% starting rate of tax will apply? For instance if £4000 in NSA income therefore £1000 remains. Do we apply 0% to only £1000 remaining from the £5k?

[Candy]

Dear Mike,

Please show how you arrived at A?

Many thanks

[Candy]

Hi Sorry

All I have is Revision kit.

If interested please send email add so we can discuss me handing it over.

[Candy]

Dear John,

I now understand that for Forward exchange rates we use IRP.

Please confirm the circumstances we would use PPP?

And also please confirm if foreign currency is always counter and homes currency is always base rate in Future rate calculation?

Many thanks

[Author]

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