Home For AAT student members AQ 2013 AAT Level 3 (Level 6 in Scotland)
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


ITAX HELP!

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!
[Deleted User]

Best Answers

Answers

  • marcocara1marcocara1 Registered Posts: 6
    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
  • Jules18Jules18 Settling In Nicely Registered, Tutor Posts: 102
    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
  • marcocara1marcocara1 Registered Posts: 6
    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)
  • marcocara1marcocara1 Registered Posts: 6
    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!
  • mike150185mike150185 KentRegistered Posts: 41
    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.
  • marcocara1marcocara1 Registered Posts: 6
    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!!
Sign In or Register to comment.