F6 Taxation

According to BPP following are the topics that are expected to appear in F6 Taxation for June 2008 attempt. WARNING: The examiners deliberately try to avoid question spotting. Use the tips as areas to have a good look at, but remember that no-one knows what’s in the exam except the examiner. Your safest bet is to achieve good syllabus coverage in your revision, as the examiner aims to do in the exam. The areas that we would expect to see most regularly in the exam are:

Question 1  

1.  Income from employment, in particular assessable income, allowable deductions and benefits (a typical question from theAugust 2007 BPP Study Text is question 5)

2.  Income from self-employment, in particular basis of assessment, allowable expenditure, assessable profits on commencement and cessation, capital allowances and relief for trading losses (see August 2007 BPP Study Text questions 9,10,11)

3.  roperty and investment income, in particular property business profits, savings income and dividend income (see August 2007 BPP Study Text question 8)

4.  The computation of taxable income and the income tax liability (see August 2007 BPP Study Text question 3)

5.  The self-assessment system

6.  The time limits for the submission of information, claims and payment of tax (see August 2007 BPP Study Text question 26)

Question 2

1.  Computing profits chargeable to corporation tax, in particular allowable expenditure, capital allowances, property business profits and relief for trading losses (see August 2007 BPP Study Text questions 33)

2.  Computation of corporation tax liability (see August 2007 BPP Study Text question 31)

3.  Groups and overseas aspects of corporation tax (see August 2007 BPP Study Text questions 34 and 36)

If VAT is included within Question 1 or 2 or on its own the following are the most regularly examined areas:

1.  Circumstances in which a person must register for VAT (see August 2007 BPP Study Text question 38)

2.  The computation of VAT liabilities, in particular the tax point, the valuation of supplies, non deductible input VAT, the relief for impairment losses on trade debts (see August 2007 BPP Study Text questions 39 and 40)

3.  Cash accounting, annual accounting and flat rate schemes

Question 3

1.  Computation of capital gains for an individual or company 

2. Part disposals

3.  Chattels (see August 2007 BPP Study Text question 21)

4.  rincipal private residence relief (see August 2007 BPP Study Text question 22)

5.  Share identification rules for individuals and companies (see August 2007 BPP Study Text question 25)

6.  Computation of capital gains tax payable for individuals in particular computing taper relief (see August 2007 BPP Study Text question 20)

7.  Rollover and holdover reliefs (see August 2007 BPP Study Text question 23)

Other areas that we would expect to see in questions 4 and 5 are:

1.  artnerships (see August 2007 BPP Study Text questions 16 and 17)

2.  Trading losses for individuals and companies (see August 2007 BPP Study Text question 15)

3.  Commencement and cessation rules for self employed individuals (see August 2007 BPP Study Text questions 12)