Personal Tax AQ2013 - (FA 2016)

LouboutinLou1

Hi,

Can anyone help with the following, or are they errors in the book?

Practice Assessment 1
Task 7
I have worked out the the answers correcting for the employers but seem to get to a dead end with Celia's.
53500-8061=45439*2% = 909
The correct answer is 4402 ?

Task 8
Julie has total income of 110,000. If she pays 4000 (net) to a charity under gift aid, her personal allowance will increase by 2500?

Task 11
The only way i can get to the correct answer is if i use 32000 rather than 33000?
32000-13500-11100*20% = 1480?

Practice Assessment 2
Task 8 (b) ?

Task 11 again
Della (friend) The answer is 180 but i keep getting 140?
Why is it that some you can work out by the proceeds and the other by the market value. How can you tell between the two?

Task 12
A little puzzled

Practice Assessment 3
Task 8 (b)
Last question regarding childcare vouchers. The answer is 572?

Task 12
Doesn't tie up with the allowances?

Many thanks

KoopaCooper

Could you tell which book you're getting these questions from, please? Kaplan, BPP, Osbourne, or someone else?

LouboutinLou1

Hi Koopa,

All from Osbourne books.

Thank you

LouboutinLou1

Any advice would be much appreciated, I have my exam next week

N4T

Hi,

I don't have the Osborne workbook so can't help. However PA 2 task 11 you asked when to use proceeds and market value. This relates to "connected persons" in capital gains.

The rules are:
Husband/wife - no gain/no loss
Connected person other than husband/wife - market value
Not connected person - proceeds.

So the "friend" should have been calculated using proceeds.

You may know this by now, if not learn who comes under the definition of a connected person. This is a popular question so highly likely to come up in the exams.

Good luck this week.

pradapanda

Check the calculation on that e right side of the question. I got it wrong as well. Hope it helps. I also got the exam on Friday and completely panic.

pradapanda

im working through them tonight. Hopefully I find out all the answer for you night

LouboutinLou1

Thank you very much

hal978

National Insurance Contributions are not assessable in AQ2013.
Osborne Books have a free "Transitional Guidance" PDF on their website which shows the difference between AQ2013 and AQ2016 for Personal Tax (and other modules as well) and also contains plenty of practice assessments.

N4T

Likewise Inheritance Tax is not assessable under AQ2013 - not sure if any of your questions above is on this topic.

Self assessment e.g penalties and submission deadlines are assessable under AQ2013 but not AQ2016 so don't forget to revise this area as it won't be covered in the AQ2016 workbook. Kaplan provided a supplement for AQ2013 students and I imagine Osborne should as well.

pradapanda

> @hal978 said:
> National Insurance Contributions are not assessable in AQ2013.
> Osborne Books have a free "Transitional Guidance" PDF on their website which shows the difference between AQ2013 and AQ2016 for Personal Tax (and other modules as well) and also contains plenty of practice assessments.

Would you mind forwarding the link please? I couldn’t find it on Osborne webs

pradapanda

> @pradapanda said:
> > @hal978 said:
> > National Insurance Contributions are not assessable in AQ2013.
> > Osborne Books have a free "Transitional Guidance" PDF on their website which shows the difference between AQ2013 and AQ2016 for Personal Tax (and other modules as well) and also contains plenty of practice assessments.
>
> Would you mind forwarding the link please? I couldn’t find it on Osborne webs
>
>

Is there any other changes at all? I have no idea about that at all! Now very panic

Marshy77

osbornebooksshop.co.uk/files/osborne_books_personal_tax_fa2016_aq2013_transitional_guidance.pdf

pradapanda

> @Marshy77 said:
> osbornebooksshop.co.uk/files/osborne_books_personal_tax_fa2016_aq2013_transitional_guidance.pdf

Thank you so much for the link.

124 pages!

Ok I’m going to cancel my exam and start reading my book all from scratch!

N4T

@pradapanda I'm glad you found out in time. Don't start reading your book from scratch if you mean your Osborne Tutorial! Forget NIC and Inheritance Tax questions and focus on the transitional guidance in the above link. I think the Kaplan supplement was exactly the same document. Everything else in the AQ2016 syllabus will be relevant.

New to you as you these topics are not in your AQ2016 book as per the transitional guidance
1) self assessment
2) Holiday letting and rent a room
3) Completing tax return

1) Self assessment - learning dates and content - basically memorise information
2) Holiday letting and rent a room - learning rules
3) Completing tax return - not sure why they even tested us this, very easy. If you can read you can do this question so practice questions so you know what to expect. You will only be tested on one of the returns pot luck which one you get.

The above are not difficult topics. Overall PTAX is straight forward however there are lots of rules to remember. The questions are made up of different parts and each part is a only a few marks. The problem is you can be asked anything on for example benefit in kind. For my revision I focused on what I thought were the more difficult areas and they didn't come up as I had hoped and therefore uncertain in my answers on the relatively "easier" topics.

There are 100 marks in total in PTAX where as other units such as Performance may have a total of 146 marks (don't quote me on the 146). Losing 1 mark in PTAX makes a bigger impact than in other units.

NB: AQ2013 is 2 hours of exam whereas AQ2016 is 2.5 hours, beware if you have been relying on AQ2016 material.

Everybody's study methods are different but I cannot stress enough do as many questions as you can, the same questions several times if you run out of questions, don't spend too much time on taking notes and reading your tutorials. Use that as a reference for questions you can't answer. Your learning is from doing the questions - that's my own experience anyway.

Good luck!!

pradapanda

> @N4T said:
> @pradapanda I'm glad you found out in time. Don't start reading your book from scratch if you mean your Osborne Tutorial! Forget NIC and Inheritance Tax questions and focus on the transitional guidance in the above link. I think the Kaplan supplement was exactly the same document. Everything else in the AQ2016 syllabus will be relevant.
>
> New to you as you these topics are not in your AQ2016 book as per the transitional guidance
> 1) self assessment
> 2) Holiday letting and rent a room
> 3) Completing tax return
>
> 1) Self assessment - learning dates and content - basically memorise information
> 2) Holiday letting and rent a room - learning rules
> 3) Completing tax return - not sure why they even tested us this, very easy. If you can read you can do this question so practice questions so you know what to expect. You will only be tested on one of the returns pot luck which one you get.
>
> The above are not difficult topics. Overall PTAX is straight forward however there are lots of rules to remember. The questions are made up of different parts and each part is a only a few marks. The problem is you can be asked anything on for example benefit in kind. For my revision I focused on what I thought were the more difficult areas and they didn't come up as I had hoped and therefore uncertain in my answers on the relatively "easier" topics.
>
> There are 100 marks in total in PTAX where as other units such as Performance may have a total of 146 marks (don't quote me on the 146). Losing 1 mark in PTAX makes a bigger impact than in other units.
>
> NB: AQ2013 is 2 hours of exam whereas AQ2016 is 2.5 hours, beware if you have been relying on AQ2016 material.
>
> Everybody's study methods are different but I cannot stress enough do as many questions as you can, the same questions several times if you run out of questions, don't spend too much time on taking notes and reading your tutorials. Use that as a reference for questions you can't answer. Your learning is from doing the questions - that's my own experience anyway.
>
> Good luck!!

Thanks so much for all the information. I’ll do as told! I appreciate Every word!

N4T

@pradapanda just checking you are definitely sitting the AQ2013 syllabus and not AQ2016? Is this your last exam in level 4?

pradapanda

> @N4T said:
> @pradapanda just checking you are definitely sitting the AQ2013 syllabus and not AQ2016? Is this your last exam in level 4?

Yes sadly this is my last paper and I have failed it before. So I’m very panic about it. Self studied through level 4, found it difficult to gather all the information myself without going to any institution. I’m so glad I found this changes out before I set my exam which suppose to be today. I’ll try to get this one out of my way no later than the end of this month. Then hope for the best! Thanks again for all
The information!

N4T

@pradapanda well done for getting this far. There's no way I can be a self studier - I would still be at level 2. It's expensive and also difficult to find time to attend classes but for peace of mind I prefer to pay a training provider and I have been very lucky with my choice so it was a good investment.

If you need any other help let me know. PM me if you want. PTAX was also my last unit which I passed a month ago so things still a bit fresh in my mind. I purchased the BPP question bank which is specifically for AQ2013 so the practice assessments were all relevant for us and the questions in the order as you would see in the actual exam.

KoopaCooper

LouboutinLou1 said:

Hi Koopa,

All from Osbourne books.

Thank you

LouboutinLou1 said:

Any advice would be much appreciated, I have my exam next week

@LouboutinLou1

Sorry I never responded in time - I didn't see that the thread had had a reply.

Unfortunately, I'd've been unable to help anyway, as the college I was with provided all Kaplan books for level 4.

pradapanda

N4T said:

@pradapanda well done for getting this far. There's no way I can be a self studier - I would still be at level 2. It's expensive and also difficult to find time to attend classes but for peace of mind I prefer to pay a training provider and I have been very lucky with my choice so it was a good investment.

If you need any other help let me know. PM me if you want. PTAX was also my last unit which I passed a month ago so things still a bit fresh in my mind. I purchased the BPP question bank which is specifically for AQ2013 so the practice assessments were all relevant for us and the questions in the order as you would see in the actual exam.

Where can i purchase a BPP question bank please?
I think i will need that badly.

N4T

@pradapanda

I purchased the BPP AQ2013 FA2016 question bank online from Blackwell Bookshop. £13.69 free UK delivery. Link below.

https://bookshop.blackwell.co.uk/bookshop/product/AAT-Personal-Tax-AQ2013-FA2016-by-BPP-Learning-Media/9781472748898

It may also be available on Amazon or BPP's own website.