Perosnal Tax

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I've just started personal tax and the book says this unit covers tax if you are employed, not self empolyed. Does this mean the unit looks at people who are freelance and their self-assessment tax return or would this come under business tax? Also does business tax cover sole trader and partnership tax or would this come under self-assessment in personal tax? Thanks I'm a little confused.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Perosnal Tax

    In the personal tax exam you will be asked to calculate the tax an individual will have to pay on their earnings. As you rightly say they are assessed on their trading profits (from self employment), employment income, interest and rental income. In the PTC tax exam you will have to be able to calculate all income except trading income as they will give you this figure.

    If you were to study BTC you would then be assessed on actually calculating the figure, but for PTC this is just given to you
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Perosnal Tax

    Many tahnks for your help. What would trading income be? In the personal tax exam if the client was an employee but also ran there own business would this be classified as trading income? Or would you just include this as income, is it this figure that they just give you because my Kaplan bok says you don't need to worry about self-employment for this unit?

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