Personal Tax Exam

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hello, I am doing a retake on my tax exam in dec as I failed in June, could anyone advise me if there is anything significant that would have changed since the june exam as I have just been studying from home and haven't actually attended any college classes.
Also I am assuming everything in the 2005/2006 book still applies and they havent changed the book or anything?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax Exam

    Hi Im in exactly the same boat!!
    What have you been using as revision aids?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax Exam

    Just my notes from studying at the begining of the year. I kinda been just going over the whole book to remind myself of stuff and doing activities etc. I only failed section 2 so really need to concentrate on that, but doing just general stuff. What have you been doing?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax Exam

    I failed section 2 only aswell.
    Ive made sure I understand shares, chattels, PPR, Land part disposal. And then Ive just topped up my knowledge on the benefits. Need to read about confidentiality, and tax rules again
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax Exam

    I keep getting stuck on shares to be honest and I am struggling to understand chattells to. I just dont get why the 5/3 rule?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax Exam

    I remember that if they are bought and sold under £6000 you leave them.
    If they are sold for less than £6000, then you deem the proceeds to be £6000
    I will have to re check the 5/3, but Im sure its a restriction on the proceeds, just cant remember how to apply it!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax Exam

    5/3 is just a rule. When something has a gain of over 6000, you take the lower of the following:

    1. The Proceeds less Costs

    2. The Proceeds less 6000 x 5/3
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax Exam

    Have a look at late filing/payment penalties - might be worth a mark or two in a written tax question.

    Scott.

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