Personal Tax

Options
Hi Everyone,

anyone who has completed the exam for personal tax or is studying for it try to summarize the most important things to learn?

Any tips are appreciated.

Cheers,

Comments

  • Whirlwind
    Whirlwind Registered Posts: 249 Beyond epic contributor 🧙‍♂️
    Options
    I took this test 4wks ago and got my results today with a pass!!

    With the random question pool who knows what questions you could be asked, but I found the following were essential:
    - memorising penalties and interest calcs (written question);
    - understanding payroll giving and where to deduct from salary calc;
    - ISA limits (typically I dont have an ISA so didnt memorise!!);
    - understanding CGT calc;
    - shares additions and disposals (to be recorded in a box where you have to add titles);
    - what rental expenses are allowable.

    With all the exams its important to read question slowly to make sure you understand whats being asked of you. In the written task I explained clearly how payment in advance work and are calculated and yet when I worked out what interest would be charged I totally forgot to include from the 31/01 and 31/07 dates - see I should have thought longer about what I was being asked. Cant wait to see my feedback to see what that task earned.

    All the best with your studies - when are you sitting this test?
  • James Patterson
    James Patterson Registered Posts: 281
    Options
    Thankyou for that - Very Helpful!

    Its this Saturday, I have Friday off to try and blitz 10 hours of revision, I've focused on memorizing general tax bands, Fuel ranges and allowable expenses.

    Its just there are so many areas to focus on i wasn't entirely sure which is most essential.
  • Whirlwind
    Whirlwind Registered Posts: 249 Beyond epic contributor 🧙‍♂️
    Options
    Before you memorise anything check out the online practice assessment as there is a table provided with percentages, etc, needed. It's the same as the table at front of BBP practice assessments. I didn't realise until after I'd memorised a load!!

    All the best for Saturday!!
  • Bongo
    Bongo Registered Posts: 25 Epic contributor 🐘
    Options
    I just passed this exam, what I noticed with mine was I didn't have a written section to complete.

    good luck!
  • James Patterson
    James Patterson Registered Posts: 281
    Options
    Bongo wrote: »
    I just passed this exam, what I noticed with mine was I didn't have a written section to complete.

    good luck!

    Good for you :) I had a written part in mine, didn't make sense what they were asking me so i spent 45mins on it, we'll see how i do in a few weeks
  • KarenB
    KarenB Registered Posts: 3 New contributor 🐸
    Options
    Just got my results today as well and really pleased that I passed as I sat this the day before going on holiday :-)

    James can only re-iterate what Whirlwind says about revision, do the green light tests on MyAAT and the practice assessments.

    Nicola yes the cash and overall limit for each tax year.

    So glad that one is passed and over.

    Very best of luck to you all that are about to sit it.

    Karen
  • mrb82
    mrb82 Registered Posts: 147 Beyond epic contributor 🧙‍♂️
    Options
    Took the exam on the 10th and have checked my assessment results 3 times a day since! The wait is killing me!
  • James Patterson
    James Patterson Registered Posts: 281
    Options
    mrb82 wrote: »
    Took the exam on the 10th and have checked my assessment results 3 times a day since! The wait is killing me!

    Unfortunately i have bad expectations, you know when you think its gone well, but it probably only be 60%
Privacy Policy