Exam Tomorrow

_Jordan_
_Jordan_ Registered Posts: 25
Hi,

Does anyone have any last minute advice for the Business Tax exam?
Anything at all would be great as I'm nervous already!

Thanks <3

Comments

  • Pian32
    Pian32 MAAT Posts: 473
    Take your time to read things carefully.

    Include entries for all items in the question even if exempt and show as a 0 (explanation if theres space)

    For indexation of shares remember to work through each event in order.
    AAT Level 4, MAAT
    ACCA in progress
    F4- Passed Aug 2020
    F5- Passed Dec 2020
    F6- Passed Sep 2020
    F7- Passed June 2021
    F8 - Passed Sep 2021
    F9 - Passed June 2021

    SBL
    SBR - Passed Mar 22
    ATX - Passed Dec 21
    APM -
  • 350b
    350b MAAT, AAT Licensed Accountant Posts: 18
    Very easy exam, not to knock the complexity but use your time wisely and the reference material will help. I think you’ll find you won’t need it as much as you thought though.

    I wish you all the best!
    AAT Level 4, MAAT (level 2, 3, 4 completed in 364 days in total)
    ACA in progress

    Proud self studier.
    Self definition: a person's essential being that distinguishes them from others, especially considered as the object of introspection or reflexive action.
    Studier definiton: person engaged in or dedicated to the pursuit of knowledge
    _Jordan_
  • _Jordan_
    _Jordan_ Registered Posts: 25
    Thank you so much, both <3
    I'll be on my way there soon. I really hope it's a very easy exam!
    350b
  • 350b
    350b MAAT, AAT Licensed Accountant Posts: 18
    Jordan I hope it went smoothly! Let me know if you have any questions as I did the BTAX also as an optional unit.
    AAT Level 4, MAAT (level 2, 3, 4 completed in 364 days in total)
    ACA in progress

    Proud self studier.
    Self definition: a person's essential being that distinguishes them from others, especially considered as the object of introspection or reflexive action.
    Studier definiton: person engaged in or dedicated to the pursuit of knowledge
    _Jordan_
  • _Jordan_
    _Jordan_ Registered Posts: 25
    Thank you! <3
    It was surprisingly not as bad as I expected! You were right about the reference material. I found the Business Tax exam to be better than Personal Tax honestly even though I found Personal Tax more interesting. Did you also take Personal Tax as an optional unit?

    I have a few questions. I can't find a question similar to this in my textbook.

    • Am I right in thinking the private usage of a car for a sales manager is irrelevant when calculating capital allowances for a sole trader? The private usage percentage only matters when it's the sole trader himself using the car?

    • Also, when a car is eligible for FYA but is used by the sole trader privately for 30%, then only 70% of the FYA is claimed? This car doesn't need a pool and the FYA is deducted in full in the FYA column in the grid and then entered as 70% of this value in the capital allowances column?

    If it doesn't make sense to you, please let me know and I'll try to explain further :)
  • 350b
    350b MAAT, AAT Licensed Accountant Posts: 18



    (This is for personal tax purposes)

    A sales manager would be classed as an employee of a company.

    RELEVANT % X LIST PRICE OF CAR


    RELEVANT %
    Benefit arises where an employer provides a car and its available for private use. The benefit is;
    Relevant % Based on the CO2 emissions. 14% + 1% for every 5g/km over 55g/km. Additional 2% cars registered pre April 6th 2020 (except pure electric cars). 4% diesel supplement overall 37% cap.

    LIST PRICE OF CAR (WHEN NEW)
    Include extras over £100. Reduce by employee capital contributions (max £5000). Additional 2% cars registered pre April 6th 2020 (except pure electric cars.

    (Business tax purposes)

    Capital allowances are the same as for companies except for;

    Private use assets and The impact of the length of the accounting period.

    Private use assets - Each asset with private use by the owner has a separate column I the capital allowance computation. Capital allowances are calculated as AIA/WDA/FYA but the actual allowance given is restricted to business use only

    in other words... the sales manager wouldn't be classed as private usage if he is an employee... So it would be calculated as normal.



    I have tried to answer your question, but if I misunderstood your question please let me know I will try my best always to answer. Also yes, I did PTAX. It is a much easier exam in my eyes, as it is fun to learn because it will relate to your life.


    AAT Level 4, MAAT (level 2, 3, 4 completed in 364 days in total)
    ACA in progress

    Proud self studier.
    Self definition: a person's essential being that distinguishes them from others, especially considered as the object of introspection or reflexive action.
    Studier definiton: person engaged in or dedicated to the pursuit of knowledge
  • Pian32
    Pian32 MAAT Posts: 473
    @350b nice answer

    The personal tax generally considered the easier of the two exams but since most people do PTAX then BTAX then two things can happen.

    1. You already have the majority of tax rules in place so can focus on the more fiddly parts (exempt items)

    2. Because you've already done the hard part of captial gains you just need to add on indexation.


    Interestingly the BTAX exam has a better pass rate than PTAX. I think this is partly due to people self selecting away from tax after doing the PTAX exam. I certainly know that some providers don't provide the BTAX module as it's seen as one of the hardest exams.
    AAT Level 4, MAAT
    ACCA in progress
    F4- Passed Aug 2020
    F5- Passed Dec 2020
    F6- Passed Sep 2020
    F7- Passed June 2021
    F8 - Passed Sep 2021
    F9 - Passed June 2021

    SBL
    SBR - Passed Mar 22
    ATX - Passed Dec 21
    APM -
    350b
  • 350b
    350b MAAT, AAT Licensed Accountant Posts: 18
    @Pian32 learnt from the best! you definitely helped me out quite a bit at times. AAT should be paying you =)

    They usually suggest to take Personal tax before Business tax as some basic principles are transferable. I honestly don't think it matters too much, either way you study to pass.

    @_Jordan_ One thing I do suggest though always is BPP exam practise book, well and truly worth the money. It is a lot harder than the actual exam, you may get discourage at first. If you learn how to complete their questions successfully, in my opinion you are set up to succeed every time.
    AAT Level 4, MAAT (level 2, 3, 4 completed in 364 days in total)
    ACA in progress

    Proud self studier.
    Self definition: a person's essential being that distinguishes them from others, especially considered as the object of introspection or reflexive action.
    Studier definiton: person engaged in or dedicated to the pursuit of knowledge
  • _Jordan_
    _Jordan_ Registered Posts: 25
    @350b Excellent - thank you so much for such a detailed response! Sounds like I answered my exam question on capital allowances correctly from your answer. Unless, of course, I made any silly mistakes! But you have really made me feel so much better about it so thank you!

    I use the Kaplan books at the moment. They are very helpful but I will definitely try the BPP books for my next exam. I'd rather get mad at a book and eventually figure the question out than panic in the exam that I don't know what I'm doing! :3
    Thank you for the recommendation <3

    I only have Management Accounting - Budgeting and the Synoptic left (if I find out I passed Business Tax in September). I have heard that Budgeting is the easiest exam in Level 4? Do you have any opinions on this you could share with me please?

    It really interests me that both of you think that the Personal Tax exam is easier! I sat Personal Tax in May this year and even though I received over 90% for it eventually in July, the massive writing question (Task 1) really had me confused and it knocked my confidence massively for the remainder of the exam.
    I can see why Business Tax has the higher pass rate but they are pretty even overall in terms of difficulty.

    It did definitely help that I did Personal Tax first! Business Tax has such a large amount of content to learn compared to Personal Tax so it really helps to have the previous knowledge of capital gains/shares for individuals :)
    350b
  • 350b
    350b MAAT, AAT Licensed Accountant Posts: 18
    It is relatively simple, level 4 all comes down to exam prep really. Studying in my opinion makes up a smaller fraction of the course. Budgeting was my favourite topic but I only scored an 89%, I was traveling back to the UK to sit my examinations.

    If you are getting 90% in your tax examinations you clearly have a good study/exam prep method just keep up that consistency you'll most likely score very high.

    I wish you all the luck!
    AAT Level 4, MAAT (level 2, 3, 4 completed in 364 days in total)
    ACA in progress

    Proud self studier.
    Self definition: a person's essential being that distinguishes them from others, especially considered as the object of introspection or reflexive action.
    Studier definiton: person engaged in or dedicated to the pursuit of knowledge
    _Jordan_
  • azariy
    azariy Registered Posts: 1
    Hi, and how was it?
    [url=https://www.worktime.com/employee-time-tracking-software] employee tracking software [/url]
  • _Jordan_
    _Jordan_ Registered Posts: 25
    Hello. Not too bad, thank you :)
    I'll get the exam results on the 2nd September.
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