Indirect Tax Exam

billdoor

I'm sitting this exam tomorrow and wondered if anybody had any advice for it?

I've gone through the text and answered all the questions in my Question Bank, all seems fine so far. I'm going to be doing practice assessments today.

Anything I should be aware of / wary of? Is it similar to the practice assessments?

I keep being told about the reference material that will be available in the exam - is this provided on-screen or should I expect my exam provider to have a paper copy ready?

Thanks:001_smile:

Popbud

Hi there,

Good luck for tomorrow , I haven't sat the assessment myself this will be my next one but as far as I am aware I think there is a pop up screen and you are not allowed the paper reference material into the exam room.

billdoor

Thanks popbud, much appreciated.:001_smile:

I've done two practice exams from my book so far and haven't needed the reference material yet but good to know where I can find it in the exam.

nightshade

I'm sitting mine Friday, so I'd be interested in anything that comes up!

Don't forget to let us know how you get on, and good luck! :thumbup:

billdoor

Thanks nightshade!

I've managed to do six practice assessments today and it all seems to be okay. I've actually quite enjoyed this module tbh.:blushing:

I'll let you know how I get on tomorrow, best of luck with your exam on Friday.:thumbup1:

billdoor

Passed Indirect Tax today:001_smile:

It was similar to the practice assessments, there's a mix of word questions and calculation questions, the VAT return is the most important bit. Make sure you can do a VAT return and know what is supposed to go in each box.

As per your textbook, make sure you're comfortable with sales/purchases outside the UK, schemes, errors, and the basic bits at the beginning i.e. registration, documents etc.

Basically just make sure you're happy with everything and you should be fine - the reference material is part of the exam, it amazes me that this is included as you could figure a lot of things out using it if you got stuck.

Good luck with your exams.:thumbup:

Popbud

Congratulations. & thanks for all the info

Spamkebab

I think the reference material in the exam is there to reflect real life situations. With the ever changing tax figures and tax law, you would have to visit HMRC's website and other sources for news on new regs quite often to keep ahead of the game.

Neil.

billdoor

I agree Neil, it's good to have a test that includes the requirement to look up information and translate it to provide an answer. It also just seems very odd to sit an exam where you can find most of the answers in the reference material. I'm sure people could do the bare minimum of studying for this module and still pass.

I did enjoy this module though, probably found it the most interesting on Level 3 so far ( thought I still have to do PEAF and Costs and Revenues so that may change).

nightshade

heh, I hope you're right. Just doing last min prep now, but should be ok.
It's a good point though, not much in the way of 'actual' accounting in this module, more just looking up, referencing and remembering dates and such.

I'm taking PEAF next too. I've heard it's an easy module, so have given myself 2 weeks till my exam. I hope that's enough! :huh:

Spamkebab

If you enjoyed it then you must have a good grasp on the subject. I hope you enjoy Costs & Revenues as i considered this to be my first taste of proper accounting, albeit foundation. The scary posts on here are not worth worrying about, I wish you good luck in both exams.

Neil.

billdoor

nightshade - best of luck in your exam today.:001_smile:
I'm doing PEAF next too, I've pencilled in two weeks but am waiting for the book to arrive today so I can see how big it is. I did a practice assessment for PEAF last night and passed, which is a bit weird as I haven't seen the material yet. Some of it seemed common sense and some of it you clearly have to know.

Neil - thanks very much, I'm looking forward to doing Costs and Revenues as it will be my last Level 3 module and the Basic Costing was by far my favourite from Level 2. Glad to hear it's not that scary.

nightshade

Thanks Billdoor - I'm through :thumbup:

Onwards and upwards

billdoor

Congratulations nightshade:thumbup1:

When are you sitting PEAF? I have mine tomorrow. It hasn't been quite as boring as I thought it might be but certainly not the most exciting module!

Apologies for the late reply btw, I've had no internet for about ten days.:mad2:

Spamkebab

No internet for 10 days? i'd rather go without food and water lol.

billdoor

Me too, it was supposed to be switched over on the same day - sad thing is that it's frustrating not to have the internet, then when it's back on I just check the football news and I'm done.:laugh:

Anyway, I passed PEAF today so now have just Costs and Revenues remaining for Level 3.:001_smile:

nightshade

Hi Billdoor,

Don't worry about your late reply - I haven't been on the forum in ages lol! Life is so hectic, I use every free second for studying. I normally log in here to rummage around for last minuet tips.
PEAF exam is 14.00 today! Hopefully it'll all be ok. I've been naughty and have been studying Financial Performance from level 4 at the same time, as I've just got a job in management accounts and there are significant rewards for getting it all finished. So, we'll see how that all works out - I wouldn't recommend it with some modules!

Big congratulations on getting through PEAF, Costs and Revenues isn't that bad, you'll be through in no time!

billdoor

Thanks, CRS is okay so far - did you pass PEAF???

nightshade

I did thanks, yeah.
Have started on financial performance now, and booked in for 14th dec. I was a bit gutted to learn that ICAS is a 3 month project! I'd hoped to have finished all of level 4 in 3 months, not just one module. Pah!