Business Tax - Any Tips?

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Jo Clark
Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
So this is it... the last exam I need to sit.

Business Tax is the last module with an exam that I need to do. My brain is on overload mode having spent a week on practice papers, greenlight, sample assessments and Osborne Website questions!

I'm feeling rather nervous which is silly really. I guess I need to take the advice I always tell other students on here.

Can any of you who have sat this exam give me any tips/reassurance - not like me to ask I know!

I wish all of you sitting exams this week the best of luck, especially if it is your last.

After I have sat the Business Tax exam I will hopefully complete ICAS without too much trouble.

Have a nice evening all.


JC
~ An investment in knowledge always pays the best interest ~
Benjamin Franklin

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  • NicF
    NicF Registered Posts: 108 Beyond epic contributor 🧙‍♂️
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    Hi Jo

    I actually found business tax one of the more enjoyable and easier exams at level 4 (credit management and control was even easier). This is purely because it is pretty much entirely numbers and knowing how to do the various calculations, which is very much more me than having to write reports etc. The exam is very similar in format to the practise exams on the AAT website. The 'written' questions aren't written like in FNST and Financial Performance, but are just empty boxes that you have to do your calculations in so you have to know how to set them out and what headings to use. There is information available to you in the exam with various tax levels on as in the mocks, so it's probably worth familiarising yourself with this if you haven't already. It's also worth making sure you know all the deadlines for submission of returns and penalties for not doing so as there will be questions on these, although I used to get confused on the penalties and still passed so it's not a major part of the exam.

    Like all the other exams remember your exam technique (I'm sure you know what good exam technique is as I'm sure I've seen you advise others on this) and I'm sure you will be fine.

    Good luck
    Nicola
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Thanks Nicola

    I am probably (hopefully) worrying unnecessarily. I feel like I have done so much practice that if I do anymore it will be too much. I think WelshWizard wrote a post where they mentioned about not studying too late/close to the exam.

    Anyway, off to bed now... early night for a change!


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • BeccaLouJ9
    BeccaLouJ9 Registered Posts: 896 Epic contributor 🐘
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    Good Luck Jo, I know you'll do fab, I'll give you a text later to see how it went.

    xxx
  • Diddy Mau
    Diddy Mau Registered Posts: 238 Beyond epic contributor 🧙‍♂️
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    Hello,

    I sat the 2010 version and awating results. I would suggest you know the rules and format for the AIA/FYA.
    this was in section1 and I have a feeling it is heavily weighted on this question.

    It has the same feel as PTAX, questions on most things, alot of drop down options, tick boxes.
    Good luck
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Thanks Becca :o

    I'm here and waiting to be called in! It is so hot as well... hope they have the air con on in the exam room.

    Chat soon.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • janwal
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    Hi Jo

    Good luck, I am sure you will do fine.

    Jan
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello Diddy Mau

    Thank you for your reply.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello Jan

    Thank you for your good luck wishes.

    Starting to cool off and calm down a little now :)

    Will be here later all being well.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • MarieNoelle
    MarieNoelle Registered, Moderator Posts: 1,368
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    Hi Jo,
    hope all went well. Let us know how you got on,
    Best wishes
    MN
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello MN

    Will catch up later... I have a migraine from all the excitement of sitting my last exam (hopefully) so going to lay in a dark room!

    Chat soon.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Diddy Mau wrote: »
    It has the same feel as PTAX, questions on most things, alot of drop down options, tick boxes.

    Hello Diddy Mau

    My BTX exam was just like my PTX exam!!! Even had a shares calculation for an 'individual'.

    The rest of the paper was as you said, drop down and true/false tick boxes.

    Fingers crossed I have done enough to pass... it was a nice exam but I don't really want to sit it again! :)


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello MN

    I think it went as well as can be expected. I answered all the questions and there was only one which I don't recall reading about in my books or class material! so as it was a true/false I used common sense and selected an answer 50% chance of getting some marks :) Rest of the paper seemed ok but will need to wait six weeks before I know. I have the project to keep my mind off the results waiting.

    How is EXA going?


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • MarieNoelle
    MarieNoelle Registered, Moderator Posts: 1,368
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    Jo Clark wrote: »
    How is EXA going?


    JC

    I was supposed to sit it next week but I haven't done anything yet so I have asked to postpone to mid July. It's all words, words, words so I really need to concentrate on it. I don't really have to do it as I have already done 2 options but will give it a go!

    I am glad you found BTAX ok. Now just the case study and you're done. Good luck:thumbup1:

    MN:001_smile:
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Thanks MN

    Keep in touch and let me know how you find the EXA exam. Have you enjoyed the module? What books did you use?


    JC :)
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • MarieNoelle
    MarieNoelle Registered, Moderator Posts: 1,368
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    Jo Clark wrote: »
    Thanks MN

    Keep in touch and let me know how you find the EXA exam. Have you enjoyed the module? What books did you use?
    JC :)

    I am studying with Osborne books but haven't really taken anything on at college - I know it's a dry subject but the teacher doesn't make it particularly exciting either. The only bit I can remember is the similarity with ICAS. I am going to need a lot of brain cells for this one and unfortunately I don't think I have many left after this year!:tongue_smilie:
  • Sailorgirl
    Sailorgirl Registered Posts: 40 Regular contributor ⭐
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    My last weekend of study!

    This will be my last weekend of study for AAT, and I have BTX on Weds. Just about to go through mock exams on line and in BPP book.
    A little bit excited I have to say.
    Well done to those who sat it this week, really useful info on here about what to expect.
    I kind of breeze over the layout of stuff, and just get to the answer, but will concentrate on FYA/AIA as advised.
    I can't stand the penalties and fines, find it too much, so I'll have to put in extra effort there. I know a question or two will come up, but it is not at the top of my priorities.
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Good luck Sailorgirl

    Make sure you learn the admin side i.e. penalties/dates as I had about 5 questions on this based on individuals and companies.

    Definitely learn your Capital Allowances computation and remember the rules re time apportioning and those for individuals compared to companies when it comes to personal use of assets.

    It is a nice exam :)

    Shout if you need any help.


    JC :o
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Sailorgirl
    Sailorgirl Registered Posts: 40 Regular contributor ⭐
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    Well, that's it. Sat Business Tax last night, and can do no more.

    Agree with an earlier post, in that it was one of the easier exams at Level 4. I would go as far as to say easier than PTX, but I did work my a** off for this one, believing that it was one of the hardest. Thats what college said, and that they had no-one to teach it, so 3 of us self studied for it.
    Just working from the BPP books, they could have made the exam much harder, but glad they didn't!

    Anyhow, that's me done now, just got to wait for the results :lol:
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