Tax Processes for Businesses

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Haisam1989
Haisam1989 Registered Posts: 15 New contributor 🐸
in Level 3 general discussion
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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  • wilburnet
    wilburnet Registered Posts: 81 Regular contributor ⭐
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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 2023
  • Haisam1989
    Haisam1989 Registered Posts: 15 New contributor 🐸
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    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?
  • anony123
    anony123 Registered Posts: 430 Dedicated contributor 🦉
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    Sorry to but in, but the content will be very similar I think.
  • Haisam1989
    Haisam1989 Registered Posts: 15 New contributor 🐸
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    anomy123,
    No problem at all :). Thank you for your help!
  • anony123
    anony123 Registered Posts: 430 Dedicated contributor 🦉
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    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%.
  • anony123
    anony123 Registered Posts: 430 Dedicated contributor 🦉
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    Just remember the exams on the AAT website are a lot easier than the real ones.
  • anony123
    anony123 Registered Posts: 430 Dedicated contributor 🦉
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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.
  • anony123
    anony123 Registered Posts: 430 Dedicated contributor 🦉
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    Please say if it doesn’t make sense
  • Haisam1989
    Haisam1989 Registered Posts: 15 New contributor 🐸
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    anomy123,

    Thank you for your help. I really appreciate that.
  • anony123
    anony123 Registered Posts: 430 Dedicated contributor 🦉
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    @Haisam1989

    Does that make sense?
  • Haisam1989
    Haisam1989 Registered Posts: 15 New contributor 🐸
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    Anomy123,

    Yes, It makes sense. thank you so much!

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