Paper 2.3: June 2006 Exam Tips (FTC)

This post expands on the FTC's exam tips posted before:

ACCA
JUNE 2006 Exam Tips (FTC)
Paper 2.3

This is the 10th Paper 2.3 examination being set by the examiner
These may be the important areas this time in June 2006 examination

Section AQ1 (Corporation Tax)
Trading Loss relief with capital allowances & industrial buildings allowance and some calculation of chargeable gain

Q2 (Income Tax)
Income tax computation with Benefits as well as Schedule D Case I/II implications leading to income tax and possible gains tax payable.
Section B

Q3 (VAT)
Computational and discursive question dealing with Registration /Return
Misdeclaration penalty

Q4 (CGT)
Capital Gains Tax
Shares – bonus/rights/ takeover
Rollover and Gift Relief
As from June 2005 exam, the format of the exam has changed and questions 5 to 7 can now be set on any topic:

• Overseas implication – Double tax relief
• Partnership with losses
• Employment Verses Self Employment with income tax and NIC calculations
• Disposal of business with capital allowances, CGT and some planning
• [Terminal loss relief for both Sole Traders has not been examined ]

Pre examination

• Review lecture notes after the end of the course.
• Rework all questions that were worked during your tuition or revision phase.
• Read, re-read and understand the examiner’s articles, as these invariably form the basis for questions on the exam paper.
• Practice as many other exam standard questions as possible, including completing and course tests/examinations.

In the exam

• Stay calm – if you have done the work suggested you are well prepared for the exam.
• Start with section A first as it is compulsory and needs to be done.
• Be precise with time allocation between questions and within questions.
• Where possible, do written sections first.
• Show all workings – as marks are awarded for method even if the answer is wrong. To award method marks, workings must be easy to follow.
• Start each answer on a new page.

Author's Note: The tips are taken directly from ftc4success.