Personal Tax - Passed!

Becky V
Becky V Registered Posts: 374 Dedicated contributor 🦉
in AAT Level 4 (Level 8 in Scotland)
Hi to you all, just wanted to share my good news, i have passed my personal tax exam!!!!! Yippee!!!!!!

Comments

  • Daz1865
    Daz1865 Registered Posts: 67 Regular contributor ⭐
    Congratulations :-)

    What was the exam like?
  • Becky V
    Becky V Registered Posts: 374 Dedicated contributor 🦉
    Hi it was ok better than i thought it would be. You never know how well you have done until you get that result!
  • zara5034
    zara5034 Registered Posts: 170 Dedicated contributor 🦉
    Well done you!

    I also passed, I think I took mine a week or so before you Becky, I really didn't expect to pass it, there was so many fiddly little multiple choice questions that tripped me up!
  • Becky V
    Becky V Registered Posts: 374 Dedicated contributor 🦉
    Well done Zara5034, its such a relief! Another one done and dusted!!!
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
    well done both, another step closer :P

    Tracy
  • awatson86
    awatson86 Registered Posts: 60 Regular contributor ⭐
    Congratulations! Did you guys wait the full 6 weeks for the result to be uploaded? Took mine 4 weeks ago, wasn't too bad apart from the multiple choice questions. Took Business Tax this Tuesday which I found harder.
  • Becky V
    Becky V Registered Posts: 374 Dedicated contributor 🦉
    I had to wait 6 weeks and 1 day! Then i had to phone up as it hasnt been uploaded because apparantly the person who does it is on holiday so would have to wait next week! They emailed me my results! Im looking to study business tax next.
  • awatson86
    awatson86 Registered Posts: 60 Regular contributor ⭐
    Good luck with business tax. Think I may have failed that one!

    I had a question on the business tax exam:

    Disclosure of erros:
    Careless
    Deliberate but not concealed
    Deliberate and concealed

    prompted & unprompted % required.

    I know the percentages for these errors but don't see in my book what the difference is for prompted and unprompted. Would be grateful for any help.
  • pirate
    pirate Registered Posts: 469 Dedicated contributor 🦉
    A disclosure is unprompted if the error or inaccurancy or under-assessment has been found before the HMRC have seen it or the person has no reason to believe that HMRC have discovered or are about to discover the inaccuracy. Otherwise it is a prompted disclosure i.e the HMRC are prompting you to disclose your error
    HTH
  • awatson86
    awatson86 Registered Posts: 60 Regular contributor ⭐
    pirate wrote: »
    A disclosure is unprompted if the error or inaccurancy or under-assessment has been found before the HMRC have seen it or the person has no reason to believe that HMRC have discovered or are about to discover the inaccuracy. Otherwise it is a prompted disclosure i.e the HMRC are prompting you to disclose your error
    HTH

    Ok, thanks, that is what I thought, but what is the difference in the percentages?
  • pirate
    pirate Registered Posts: 469 Dedicated contributor 🦉
    up to 30 per cent if the inaccuracy is careless
    up to 70 per cent if the inaccuracy is deliberate
    up to 100 per cent if the inaccuracy is deliberate and the person attempts to conceal it
    For careless errors, penalties can be reduced to nil if a full unprompted disclosure is made. This means telling HMRC about the error, helping to determine the correct amount of tax due and allowing access to the figures to check the result. Simply correcting an error on the next return is not an unprompted disclosure.
    I am not sure about the others as I dont have my book with me but from memory in my book it sort of said 0% to 30% for careless so I am assuming 0% for full disclosure unprompted and 30% for prompted on a careless mistake.
    Which books do you have it was definitely in mine
  • awatson86
    awatson86 Registered Posts: 60 Regular contributor ⭐
    pirate wrote: »
    up to 30 per cent if the inaccuracy is careless
    up to 70 per cent if the inaccuracy is deliberate
    up to 100 per cent if the inaccuracy is deliberate and the person attempts to conceal it
    For careless errors, penalties can be reduced to nil if a full unprompted disclosure is made. This means telling HMRC about the error, helping to determine the correct amount of tax due and allowing access to the figures to check the result. Simply correcting an error on the next return is not an unprompted disclosure.
    I am not sure about the others as I dont have my book with me but from memory in my book it sort of said 0% to 30% for careless so I am assuming 0% for full disclosure unprompted and 30% for prompted on a careless mistake.
    Which books do you have it was definitely in mine

    Thanks, I have Kaplan Business Tax. It has the percentages in general but not for prompted/unprompted.

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