Indirect Tax Problems!

Mollypod88

Hi All,

I seem to be struggling a bit with Indirect Tax. I’ve heard it’s an easy exam as it’s small and you get the reference material but it doesn’t seem to be going in :crying:

Any helpful tips or pointers would be greatly appreciated

Thank you

JaffasGirl

Anything in particular you are struggling with? i think the only general pointer is just keep doing practice questions using the reference material, so you don't spend lots of time in the exam trying to find info.

amyjayne27

Hi Molly,

The best advice I can give for this exam is don't rely too much on the reference material. I think people that fail this one rely too heavily on it and therefore don't revise enough. I had a quick flick through the reference material but didn't rely on it in the exam I just used it after I did the exam for checking.

Make sure you know inside out how to fill in a VAT return and you will be fine!

Good luck

tink1382

I am studying for the indirect tax module at the moment and this is the first i have heard about reference material! I am finding it difficult to absorb all the different bits and came on here to see if anyone had any tips i could use. I study with premier training and have heard nothing about reference material in the exam. Is this still the current practice? What does the material include and is there a way of seeing it prior to sitting the exam? Im confused as there hasn't been any material given in an exam ive sat yet and i dont know why it hasn't been mentioned to me!... :001_unsure:

liveprincess

Hi I am studying ITX now as well. In my book (Kaplan's) it is being mentioned constantly, from the first to the last page so I really hope that it is still a current practice because it is quite helpful. It consists of the most important rules for VAT and VAT returns, it is supposed to be available at the exam. I will see it when I start practicing mock exams on AAT website. The reference material is also supposed to be available on AAT website (or so does my book say anyway). It's strange that your training provider doesn't mention it. Maybe somebody who has recently took this exam can tell us more?

SamiH

When I sat ITX in June, the reference material was available during the exam, it was all on the right hand side of each part of the exam for looking at when/if required

JaffasGirl

Yes, the reference material will be available in the exam. If you want to see a copy of it, then go to where you would normally find the practice exams on the AAT website and there is a PDF copy to download. Beware that new textbooks come out in the beginning of september. Not sure whether anything will be changing with this unit, but worth checking.

Sulew17

Just wanted to say that the most important part of this exam is completing the VAT return correctly. All the people I know that failed it did so because of the return. The reference material is useful if you want to double check things but don't rely on it too much. That said, most of the answers are in the ref material. The CBT is very much like the practise assessments on the website so use them. I also found greenlight very helpful. I took the exam and, thankfully, passed. Good luck.

liveprincess

Earlier today I have booked my exam for Indirect tax and just had some thoughts I wanted to share. This was the first unit I didn't really enjoy at all, I found it really boring and couldn't get into it. I think I now know why, it was just not really challenging. All the information to answer questions are given in the reference material, and the vat return is so straight forward as well. This unit doesn't teach you how to get all the information you need in real life when you do a vat return for the business you work in, or a client of a practice. All the info is given (i.e. sales and purchasing figures, they are split already for you into UK, EC and exports; all we have to do is calculate vat from it). You need to remember which box to put the amount for the vat from bad debt you are claiming back, and how to correct simple errors. That's it. There is mention in the book about claiming vat for fuel used in business but nothing like this is in the vat return in the exam. So when I pass this exam my boss could expect from me to do a vat return for our business and would I know where to even start? I wouldn't have a clue.

I know that there is so much more to it than is included in the book, and learning everything would not be possible, also not everybody comes across quirky things in their work, but I have a feeling that this unit basically teaches how to pass a very easy exam and doesn't really give you the skills you need when you are in work.

Sorry if this sounds like moaning, but I just feel like I wasted few weeks and not really learn anything useful.

Mind you, I haven't passed it yet...
How did other people find it, did you enjoy it?

Mollypod88

Hi All,

Well I think it's sinking in more now.

I'm able to complete both of the mock VAT returns correctly.

Just one more question - Will the exam be like the mock or slightly different?

liveprincess

Hi
I heard it's the same or very similar. I am doing mine tomorrow :ohmy:
when is yours?

Mollypod88

liveprincess wrote: »

Hi
I heard it's the same or very similar. I am doing mine tomorrow :ohmy:
when is yours?

Mines the 19th

Let us know how you get on ... good luck!

liveprincess

Hiya, I passed, although I had two 'did not meet' but exceeded in Vat return. Some questions weren't very clear, for example it said "a sale invoice" but it could have been a proforma, or a proper Vat invoice, question didn't really clarify this. Well, anyway, it's done and dusted now. Onto the next one. Good luck with yours Mollypod. Let us know how it goes.

Mollypod88

Well done! Im dreading it ... now hopefully I'll pass