Caught the tax bug, please help!

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missymaverick
missymaverick Registered Posts: 5 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
I've just started studying personal tax and to my suprise I'm really enjoying it and can't wait to do business tax!

Has anyone else had this happen to them? and if so are there any cures? :laugh::laugh:

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  • villapb
    villapb Registered Posts: 357
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    Yes and then you do ATT like us..............but makes aat ptax and btax look like a walk in the park tbh..........
  • amurray
    amurray Registered Posts: 304 Dedicated contributor 🦉
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    missymaverick wrote: »
    I've just started studying personal tax and to my suprise I'm really enjoying it and can't wait to do business tax!

    Has anyone else had this happen to them? and if so are there any cures? :laugh::laugh:

    Hi Missymaverick,

    How are the tax units at Level 3? - Would you say quite tricky / easy?

    Cheers :)
    MAAT, AATQB, MICB PM.Dip.
    Completed AAT in March 2020
  • deborahcarpenter
    deborahcarpenter Registered Posts: 161 Dedicated contributor 🦉
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    Yeh I caught the tax bug at level 3. Now i am a MIP with my own practice and loving it!!!!:001_smile:
  • beckyln
    beckyln Registered Posts: 52 Epic contributor 🐘
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    Have you found anything difficult? I'm enjoying it to an extent but finding it hard to get anything to sink in!
  • deborahcarpenter
    deborahcarpenter Registered Posts: 161 Dedicated contributor 🦉
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    I didnt really have any difficulty with personal tax. business tax is a bit more complex when it comes to things like group relief etc. that was the only thing that challenged me really, but i honestly enjoyed studying all levels of taxation
    and enjoy working with it every day now!! Although I must say you still do learn something new every day even after
    3 years of being a MIP. It will all just 'click' one day and make sense if you keep at it. Good luck x
  • villapb
    villapb Registered Posts: 357
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    aat tax modules are about 30% of att modules imo.............not enough depth
  • missymaverick
    missymaverick Registered Posts: 5 Regular contributor ⭐
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    I think the only tax I had at level 3 was VAT, which I found easy as most of the information is given to you in the exam and you just have to apply it to the situation.

    I'm really enjoying the methodical way that tax is calculated, but there are lots of rules that can sometimes be challenging to remember, especially with Capital gains

    One thing I'm trying to get my head round at the moment is how to calculate gains on Antique paintings. The Osbourne book doesn't apply the chattel rules and I don't understand why?
  • missymaverick
    missymaverick Registered Posts: 5 Regular contributor ⭐
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    One thing I'm trying to get my head round at the moment is how to calculate gains on Antique paintings. The Osbourne book doesn't apply the chattel rules and I don't understand why?[/QUOTE]

    I think I've figured it out, is it because the proceeds are over £15,000 and therefore you just calculate the Net Gain?
  • villapb
    villapb Registered Posts: 357
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    just check cost because if its less than £6000......then the gain is limited to : 5/3 x ( gross proceeds - £6000 )
  • steve2008
    steve2008 Registered Posts: 89 Epic contributor 🐘
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    villapb wrote: »
    aat tax modules are about 30% of att modules imo.............not enough depth

    Hi I know nothing of ATT, but enjoy Tax, I must admit i was surprised PTax didnt even mention NIC.

    Do you mind giving me a little info on ATT, you say the modules are 3 times as big/hard thats compared to the level 4 AAT modules right? how many are there? is it all one level? is the cost per module similar to AAT?

    I'm only really at the start of level 4 AAT so it will be sometime before I even consider doing ATT really, thanks.
  • villapb
    villapb Registered Posts: 357
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    Hi Steve have a look at http://www.att.org.uk/students, also Tolley tax training and bpp.........when you have done aat give us a shout I will be happy to help further if you need...........
  • steve2008
    steve2008 Registered Posts: 89 Epic contributor 🐘
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    Cheers. just 3 exams needed then. I will be tempted, but I don't think I can afford the membership fees for both AAT and ATT until I have got a job in the industry, at least then it's tax deductible.
  • beckyln
    beckyln Registered Posts: 52 Epic contributor 🐘
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    At least you can claim your tax back on subscription fees! :001_smile:

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