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Paper F6 (UK)

Finance Act 2014
This article summarises the changes made by the UK Finance Act 2014, and is relevant to those sitting Paper F6 (UK) in either June or December 2015. (Those planning to take the exam in December 2014 should refer to the Finance Act 2013 article below instead).

Finance Act 2013
This article summarises the changes made by the UK Finance Act 2013, and is relevant to those sitting Paper F6 (UK) in December 2014.

Benefits
Benefits feature regularly in the Paper F6 (UK) exam, and this article mainly covers those aspects of benefits that have been examined in previous sittings of Paper F6 (UK).

Chargeable gains, part 1
This article looks at chargeable gains in either a personal or corporate context. This article is relevant to candidates sitting Paper F6 (UK) in 2014.

Chargeable gains, part 2
The second of a two-part article focuses on shares, reliefs, and the way in which gains made by limited companies are taxed.

Groups
It is important that Paper F6 (UK) candidates know the group relationship that must exist for reliefs to be available. Working through the examples in this article will prepare you for anything that could be set in the exam.

Inheritance tax, part 1
The article considers the scope of inheritance tax, transfers of value, rates of tax and exemptions.

Inheritance tax, part 2
The second of a two-part article covers the more difficult aspects of lifetime transfers, the calculation of the value of a person’s estate, and the payment of inheritance tax. It also includes an example of an exam standard question, plus a test of your understanding.

Motor cars
Motor cars have featured in every Paper F6 (UK) exam paper that has been set to date, which is not surprising given that acquiring, running, or having the use of a motor car can have income tax, corporation tax, value added tax (VAT) or national insurance contribution (NIC) implications.

Value added tax, part 1
Paper F6 (UK) will always contain a minimum of 10 marks on value added tax (VAT). Among the areas discussed in the article are VAT registration and deregistration, and output and input VAT.

Value added tax, part 2
The second of a two-part article covers VAT returns, VAT invoices, penalties, overseas aspects of VAT, and special VAT schemes, plus a test of your understanding.

Adjustment of profit
Advice on attempting exam questions on adjustment of profit, with a working example of a question in a recent Paper F6 (UK) exam.

Paper F6 - variant papers

Personal allowances
Relevant to Paper F6 (CYP)
It is important that candidates ensure that they appreciate the difference between allowable expenses and personal expenses as part of their preparation to sit the Paper F6 (CYP) exam.

The pitfalls of interest deduction claims by individual taxpayers
Relevant to Papers F6 (HKG) and P6 (HKG)
This article is relevant to candidates preparing to sit Paper F6 (HKG) and Paper P6 (HKG). It aims to explain, in layman terms as far as possible, the Hong Kong tax rules and practice surrounding the claims for interest deductions by individual taxpayers.

Pakistan’s tax laws
Relevant to Paper F6 (PKN)
The Finance Act 2013 is effective from 1 July 2013 and is therefore examinable in the June and December 2014 sittings of Paper F6 (PKN). It has been observed that many candidates do not give due attention to the changes brought about in the latest examinable Finance Act. Therefore, candidates are advised to go through these amendments carefully so that they can answer exam questions accurately and earn good marks accordingly.

Tax implications of financial arrangements for motor vehicles
Relevant to Paper F6 (MYS)
A look at company vehicles and explains how the nature of their use – rather than their model – distinguishes them as either commercial or non-commercial vehicles. In this article, the tax implications of this principle are explained with the use of a case study scenario.

New company start-up relief

Relevant to Paper F6 (IRL)
The purpose of this article is to explain the workings of Ireland’s tax relief for start-up companies, which was introduced in the Finance Act 2009 to encourage new business activity. The article sets out details of the scheme, including the maximum and marginal tax-exempt amounts allowable and the time limits for the relief.

Hong Kong tax issues arising from outbound investments by Hong Kong resident taxpayers
Relevant to Paper F6 (HKG)
This article addresses the main issues relating to outbound investments made by a Hong Kong resident taxpayer – namely source of profits, permanent establishment and transfer pricing.

Understanding withholding tax rules in Singapore
Relevant to Paper F6 (SGP)
A focus on the various payments subject to withholding tax in Singapore, the applicable withholding tax rates, and the compliance obligations.

Taxation of termination payments
Relevant to Paper F6 (IRL)
From 2011, termination payments are examinable in Paper F6 (IRL).

2010-2011 budget – tax measures

Relevant to Paper F6 (HKG)
An outline of the tax measures in the Hong Kong 2010–2011 budget.

Company car tax in Hungary
Relevant to Paper F6 (HUN)
The examiner for Paper F6 (HUN) outlines the changes to the car tax system in Hungary.

Aggregate to total income
 
Relevant to Paper F6 (MYS)
This article covers all the deductions found under Section 44 of the Income Tax Act 1967, although detailed explanations are restricted to items examinable for Paper F6 (MYS).

Refund of Czech VAT to foreign tourists
Relevant to Paper F6 (CZE)
This article looks at the process of refunding Czech VAT to visitors from outside the European Community (EC). It briefly explains the main conditions that have to be fulfilled to apply for a VAT refund, and covers the administration process.

Joint and separate assessment

Relevant to Paper F6 (MYS)
The principles of joint and separate assessment.

Corporation tax losses – part 1
Relevant to Paper F6 (IRL)
In the first of two articles on how losses incurred by a company can be used against profits in the current, previous, or future accounting periods, we focus on trading losses.

Corporation tax losses – part 2 
Relevant to Paper F6 (IRL)
The second part of two articles covers the relief available to a company for Case V and capital losses. It also outlines the tax consequences if a company is late in submitting its corporation tax return (CT 1).

Study support videos

Gaining the easy marks
Helen Gray from BPP suggests ways to gain the easy marks in the Paper F6 exam by looking at examiner’s comments on how students performed in past sittings, general exam tips and specific tips for Paper F6.
Cannot access Youtube? Watch it here

Gaining the harder marks
Stuart Williams from Kaplan Financial explains how to tackle the more difficult questions in the Paper F6 exam.
Cannot access Youtube? Watch it here

Syllabus updates

Changes to the ACCA Qualification Skills module and Professional level in 2014–15
This article explains the planned updates to the ACCA Qualification syllabuses taking place as part of the process of continuous syllabus refreshment and improvement. The article highlights structural changes to exams, including the latest syllabus changes.

Exam technique

Examiner's approach to Paper F6 (UK)
The Paper F6 (UK) examiner outlines the aims of the paper, and how the syllabus will be tested.

Key advice on how to pass Paper F6 (POL)
Advice on how to pass the Polish tax paper.

Last updated: 10 Nov 2014