Business Tax

Joe Barraclough
Joe Barraclough Feels At HomeRegistered Posts: 69
in General AAT student discussion
Hi I know i have been posting alot in case any of you have noticed but this forum is like a life saver, i am now confused on the business tax, i am buying the business tax books soon, what is the difference between FA 2009/2010/2011, which one should i do? and there doesnt seem to be any exams on the aat on the busines tax FA2011 so i dont what to pick as the mock exams are where i learn the most

thanks for any help that you can provide on this matter

Comments

  • Monsoon
    Monsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    Exams are based on the previous tax year.
    So, for example, exams in 2011 are based on the 2010-11 tax year (FA2010).

    You need to buy the book that relates to the FA for the year you will be sitting your exam. I would guess that you need FA2011 for this year's exams? But check...

    This means that prior year exams may be under prior year FA rules, but that's just part of the joys of tax...
  • uknitty
    uknitty Experienced Mentor Registered Posts: 591
    The part that is mega confusing though is the date that AAT plan to switch over tax years for assessment.

    I am studying from 10/11 and it states that it will be assessed until May 2012

    http://www.osbornebooksshop.co.uk/p/business_taxation_2010_11_tutorial_finance_act_2010/category/1068

    but then the 11/12 text states it will be assessed from March 2012.

    http://www.osbornebooksshop.co.uk/p/business_taxation_2011_12_tutorial_finance_act_2011/category/1068

    So... which tax year is going to be assessed between March and May? Or is it the case that there are two live assessments in this crossover period and you have to specify which FA you are following when you book to sit an exam?
  • Joe Barraclough
    Joe Barraclough Feels At Home Registered Posts: 69
    thanks

    thanks for the advice, i will probably be sitting in march/april so i think its best to go for the FA 2011, the mock exams from previous years, are they more or less the same?
  • Louise89
    Louise89 Trusted Regular England, UKMAAT Posts: 296
    I'm sitting FA2010 next month and our class have been told that there isn't a big difference between the different acts but FA2011 will have the new rates which you will have to take into consideration in certain calculations, so 2009 and 2010 will be the same and 2011 will be different - if that makes any sense. :)
  • clegganator
    clegganator Well-Known Registered Posts: 184
    My tutor at college said that FA2010/11 will no longer be assessed from May '12, which would make sense as they allow two months transitional grace.


    You're best to study FA2011/12 because if you take in April, 6 weeks marking period goes by and find you've failed, by the time you can retake you have to learn a whole new finance act.

    While there isn't a great difference between the two acts it's enough to trip you up. In my rates & tables book the changes include basic rate band, personal allowances and older people's allowances, blind person's allowance and annual exemption amount for CGT.
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