Amazed at the tax gods

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
I'm studying taxation and financial planning on my degree and i'm amazed at how much stuff there is to learn!

How on earth do you guys in practice do it?

I had a look at the AAT personal tax exam and that dosen't seem to scratch the surface!

All these different schemes AMAPs, statutory deductions, charges on income, termination payments, benefits in kind blah blah blah etc

arrrghhhh i'm going nuts!

sorry rant over.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Amazed at the tax gods

    Not to mention group consortium relief, double taxation relief, terminal loss relief, amendments to statutory instruments and let's not forget the never-ending and continually changing VAT legislation!

    Boring yes - even moreso if it were straightforward!

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Amazed at the tax gods

    mmm those things don't seem to be on my list, but you know what its like with this stuff they will be there under a different name.

    They refer to accounting as the language of business, but little do the non-accountants realise that behind each piece of jargon lies a nightmare of understanding.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Amazed at the tax gods

    Yes but least we don't have to worry about CT marginal relief and excess dividend c/f.

    We now have UITF 40 spreading!

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Amazed at the tax gods
    How on earth do you guys in practice do it?

    we learn how to say 'I'll get back to you on that' or 'I'll give you the number of Mr xxx, he'll be able to help you with that' :wink:

    well, that's what I do anyway :lol:

    have you come accross the wonders of shadow act yet? (or has it finally been scrapped?)
    oooo you're in for a treat :lol:


  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Amazed at the tax gods

    It's all down to experience. Exams are a grind but when you work day in, day out in tax it will eventually just sink in.

    I would compare it to learning a language in the classroom compared to actually living in another country.

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