ITAX HELP!

marcocara1

Hi guys,

I've sailed through most of this level until Itax.....hhheeeelllpp!! This will now be my fifth attempt but I'm not giving up! Does anyone have any advice please? I struggle massively on task 6 in the exam but seem to get exceeded in tast 7!

sabina

I would strongly recommend learning the equations for task 6, as one mistake could leave you with no marks.
It's not that hard, as some boxes are simply just differences, and some you need to add up the necessary numbers needed.
Have you asked your training provider for further guidance on this, or a breakdown of which numbers to use for each box for task 6, as I think this will benefit you?

marcocara1

Thank you so much for your response Sabina! Yes I have tried with my tutor but has suggested practising in our text book and she has also sent me a quiz to fill in but nothing in that quiz appears in the exam or really help in anyway....

sabina

You should request for a list of all numbers that are needed for each boxes. There should be a breakdown in most revision guides - I think this will benefit you the most for this question. Learn it all, and you'll pass!
Have you thought of changing training providers, cause it sounds like your tutor is not helping you??

marcocara1

Thanks Sabina! No not really but I'll have a think about it! I'm so eager to pass this now so trying really hard

Jules18

If you are exceeding in Task 7 which is worth 17 marks (more than the first three tasks put together) you are doing well. The same principles apply to Task 6 as 7 - are you checking the additional adjustments under the days books and control account extracts - making sure it is clear if the figures are net or gross of tax (standard or reduced rate) - any strange items check in the blue reference material for correct treatment. Remember cars are not VAT reclaimable but trucks are. Good luck

marcocara1

Thanks Jules! Yes I'm exceeding on task 7 but struggle on task 6 for some reason. I'm still asking my tutor for more assistance so hopefully fingers crossed i'll get to the finishing line!:O)

marcocara1

Can anyone help me on this question please for preparation of the vat return please.....a custome has purchased a company car for £1500 and vat charged at £300.... Do you deduct the vat (£300) on the purchases vat account and deduct £1500 from the purchases account? Would this be correct??

Thanks again!

mike150185

Unless it's mainly used as a taxi or for driving instructors (I imagine it isn't), the VAT can't be claimed so £1800 would be debited on purchases with no effect on VAT.

marcocara1

Thank you!

Can someone assist me with this....if I make a deposit payment with VAT at £2500, I would need to adjust the VAT account and purchases account....would I deduct the vat a/c with 2500 and add the 2500 onto the purchases account....would this be correct?

thank you again!!