Business Tax what to expect on Tuesday??????

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hey <BR><BR>Anyone out there got any ideas on what they think will come up?????<BR><BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Business Tax what to expect on Tuesday??????

    My tutor has said Share Pools will almost definitely come up and also Basis Periods, she said that what the AAT have said won't come up is the computation for Gift Relief although we will be able to know about it incase they throw in a question i.e What does Gift aid mean?<BR><BR>Good luck!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Business Tax what to expect on Tuesday??????

    Erm...don't confuse Gift Aid (charity donation) with Gift Relief (a holdover relief for transfer of business assets between connected parties, similar to rollover)<BR><BR>Most likely to come up as a memo-type question but rollover relief was there in June as a number-cruncher question and with the trick twist in that £30K of the proceeds was not rolled-over and thus immediately liable to be taxed as a Chargeable Gain.<BR><BR>I think it's a cert that calculating schedule D case 1 profits and CG for a sole trader (or a partnership) will come up. If they are nasty, they'll chuck in two or three partners coming and going w/ different basis periods for each. If they're nice, it'll just be simple NIC calcs.<BR><BR>Then I expect in the company section there'll be shares, IBA, CA and CGT - in the form of rollover - plus a standard PCTCT comp with a short or long AP thrown in (or an associate). It's invariably a 'marginal relief' rate of CT for an SME<BR><BR>(Hot tip: Schedule D Case III interest schedules haven't come up for a while in PT...so my tutor thinks this might be nigh).<BR><BR>There'll be a memo-style question on losses. (Says my crystal ball.)<BR><BR><BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Business Tax what to expect on Tuesday??????

    Sorry to throw a spanner in the works but you cant question spot. I sat AAT exams a few years ago and made the mistake of question spotting (a few times). Just make sure you can do the basics (that will get you through the paper - believe me). <BR><BR>Tutors can tip certain core areas (but that is what they are - core areas) they cannot tell you what is on the paper. The best tip I give is to WATCH THE DATES - the examiner will invariably throw in a year end of 31 Dec with a 31 July transaction. That always happens!!<BR><BR>Anyway, GOOD LUCK - you deserve it!! Let me know how you get on
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Business Tax what to expect on Tuesday??????

    Thanks Poobear. I sat the June paper this year and passed section1 failed section 2 boo hoo. I so wish they had left this unit as a devolved!!!! Hey in the June 2004 paper the Ltd company section how do I know it a small company as they used the small co. % ? <BR><BR>Are you good with basis periods? Can you explain to me taxing the 2nd year why we tax again to the start date of the business???

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