Tax Processes for Businesses
Haisam1989
Registered Posts: 15 New contributor 🐸
I am going to start L3 Q2022 soon. Does anyone know regarding Tax Processes for Businesses should I wait for the FA2023 edition or can I use Finance Act 2021?
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You can use the Finance ACT 2021 fine if your planning to take exam in the next few months.
It is from 29 January 2024 that TPFB assessments will be based on the Finance Act 20230 -
Hi Wilburnet,
Thank you so much for your reply!
Do you know if Should I wait for Q2023 for the rest modules or if I can Study them from Q2022?0 -
Sorry to but in, but the content will be very similar I think.0
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anomy123,
No problem at all
. Thank you for your help! 0 -
For the tax processes, pretty much 90% of the content is provided during the exam. You just need to click on the button to show you. Eg standard rates 20% reduced rate 5% and zero rates 0%.1
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Just remember the exams on the AAT website are a lot easier than the real ones.0
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If you are starting l3 then look at the accruals and prepayments for financial statements as this was the hardest for everybody. The payments need to relate to the year that it happened. Eg. Jan 2022 - Dec 2022. If there was a prepayment made in November fir the months Nov Dec and Jan 2023. You will need to remove Jan 2023 as it does not relate to that financial year.
This would be a prepaid expense so you will need to dr prepaid expenses as this is an asset and cr expenses.0 -
Please say if it doesn’t make sense1
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anomy123,
Thank you for your help. I really appreciate that.0 -
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Anomy123,
Yes, It makes sense. thank you so much!0
