Thread for Mock Exam 2 queries

[Ben Whisken]

#323359

Hi Tessa,

I have had the pleasure today of attacking mock exam paper 1 and paper 2. Learns from today are that the 3 hours should not be an issue, but also make sure not to rush!!!

On reviewing the papers it would appear that I am making some very simple mistakes that are having the knock on effect on the future calculations.

For example for the PPRR question I for some reason used the total occupancy of 30 years rather than total ownership being 30.5 years. Therefore the figures are inaccurate but the method has been followed correctly. Would I pick up marks for showing the method but as a result of using 30 years rather than 30.5 years the figures produced will not be 100% accurate? (being hopeful with that question) – The best thing to do is of course use the correct figure!!!!!!

Is there a history in the past exams of testing the married couples allowance? I for some reason had not paid too much attention to it in the study material but will retain the learns from the mock exam.

When I’ve had the chance to reflect on the answers I may have some further questions to pop across on this one.

thanks

[Tessa Roberts]

#323361

Yes re getting marks if your method is correct, but your answer is out.

MCA comes up rarely – very few people benefit from it :-)

[Tessa Roberts]

#323362

That smiley face is not because so few people benefit from it – just the fact it comes up rarely!

[Ben Whisken]

#323364

? thanks for confirming

In which case I undermarked ?

[Julie Stewart]

#323367

Thanks for clarifying Tessa, I might be under marking some of mine too ?.

One of the questions I had today in another paper asked to explain the benefit, in detail, of a spouse transferring a shareholding to the other spouse. I put in the detail ie this would result in less income tax of £x and dividends of £y due to being taxed as basic rate rather than higher rate, however the answer simply said ‘ now taxed at basic rate’, use of spouse dividend allowance etc. I assume I’d still get the marks here?

Ben – you could get a few marks on the MCA just from the tax tables as they state upper/ lower bands and birth date to qualify. That’s where my marks would be coming from if it comes up!

[Ben Whisken]

#323371

Julie,

That’s exactly right, when I looked at the question I started to remember it’s a tax reduce then looked at the tax table and picked up some marks.

That goes for some of the other questions, i’m trying to remember an answer and then look at the tax table and there are marks available to pick up like agricultural relief ?

[Tessa Roberts]

#323380

Hi Julie,

Yes you’d get the marks – but double check the question to make sure it doesn’t say ‘there’s no need for a calc’ – you might not have time to do calcs where they’re not needed.

[Gary Youssef]

#323475

Morning Tessa
Re Question 1 – the 10% of gross salary paid into GPP pension i.e. £4000 is RAS method which means increasing the tax bands. It was suggested by another tutor that if the exam question for GPP quotes a % of salary as pension contribution then apply this as the gross figure for extending the bands ie.£4000. If the question gives you the £ and pence figure i.e. £4000 rather than the %, then gross this up in the usual way i.e. £4000/0.8 = £5000 to extend the tax bands. Can you please clarify as your mock answer grosses up the %?

Thanks
G

[Tessa Roberts]

#323477

Hi Gary,

Thats odd timing as I was having that same conversation earlier today with a fellow tutor as there does seem to have been some discussions going on around this.

We looked at a few past papers and I agree with you (and will change the mock shortly) – if it says she makes a contribution of £100 a month, then gross up, if it says it’s a % of salary then that’s the amount to extend the BRB by.

Will drop a note out to all shortly.

[Gary Youssef]

#323482

Great thanks Tessa

[Peter]

#323572

Hi Tessa,

Just one query with the very last answer on the paper. It states that the dividend allowance is £5,000, when, of course, it’s £2,000.

I’ve a query with the first paper, which I’ll share in that thread.

Many thanks,

Peter

[Tessa Roberts]

#323574

Cheers Peter – you had me panic there thinking I’d missed it in a calculation – it’s a while now since £2k came in! But I see it now in the explanation re Daniel (which is probably how I missed it!). Thanks for letting me know :-)

[Tessa Roberts]

#322703

To avoid spoilers (once the answers come out) – can you keep all Mock Exam 2 queries to this thread please.

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