Trang Chính
P6 Advanced Taxation (ATX)
Standard proformas
Learn the standard proformas – for example a profit adjustment always Starts with net profit and adds back disallowables – this is how the markers are used to seeing and marking things. They will not be happy with you if you try to set things out in a different ( your own way) and you will loose marks.
Use the reading time effectively –especially to decide which questions to tackle in part b.
Don't expect to finish everything- Watch the clock
Expect not to finish every question. When you run out of time for that question, stop and move on to the next. Not finishing a question is not something to feel bad about, it’s just part of your technique for passing the exam.
Think about all the taxes – if students are asked generally for the Tax of a transaction most think IT,IHT,CGT,CT But very few think NIC,NAT,SDLT and always tell the examiner which tax you are talking about – answers are often a muddle of CGT and IHT in particular – Put a heading CGT – Write about this then a new heading IHT.
More than just a set of rules
You must accept that this paper is a step up from F6 and that the examiner is looking for more than just a set of rules that you have committed to short term memory. Think Tax planning – it is what in the real world clients would pay most for after all.
Requirements analysis
Review the question requirement carefully - often students miss key requirements or answer the question they would like to answer because they skim over the requirement.
Consider presentation of your answer - there will be up to 4 marks for communication and presentation so you ensure you write in proper sentences and paragraphs and use headings. Be prepared to support your calculations with explanations, they don't have to be complex the examiner is looking for communication as much as complex analysis - this is a paper that cannot be passed on calculations only. You will have to write reports, letters and memoranda.
Practice as many questions as possible across the syllabus. It is absolutely vital that you become familiar with the examiner’s terminology and presentation.
Reading time
Use the reading time effectively - identify the main content of the compulsory section and decide which optional questions to attempt.
Easy marks
Don’t miss out on easy marks. The questions will often have several elements. Make sure you leave sufficient time to attempt any easier parts. They may be at the end of the question. Some questions can be attempted out of sequence, so do the easy parts first.
Key areas of the syllabus include for example, Inheritance Tax, corporation tax and groups, sole trader/partnership losses, employment income, all aspects of capital gains tax and overseas aspects of income tax and capital gains tax. Expect computational and written questions on all of the above.
Most questions will involve written elements and marks are often lost because of the lack of information.
Stating the obvious
Never be afraid to state the obvious, as long as it is relevant to the question.
The questions in the compulsory section will often be lengthy. Time allocation is important. When you run out of time on a question, stop and move on to the next.
Read the examiner’s articles that have been updated for the new Finance Act.
FAQ
Q. Do I need to retain knowledge of F6?
A. Yes - the examiner has indicated there is not enough new areas in P6 to not enable him to include F6 areas so expect them to be examined frequently.
Q. Will the IHT questions focus on Trusts?
A. Trusts are not a core area of IHT for P6 - they are primarily examined without numbers as detailed knowledge is not expected. The examiner has written an article on trusts.
Q. Is the exam unduly time pressured.
A. Very much so - all ACCA exams are time pressured but particularly at the option level. The examiner will expect you to use common sense shortcuts to explain the tax treatment.
Q. The syllabus is enormous – how can I possibly learn it all?
A. Don’t rely on just last minute revision – start work ASAP. Practice as many questions as you can – we learn best by making our own mistakes. Accept that you are aiming to pass and that you don’t need to know absolutely everything for this to happen.
Q. Is presentation important? Can I abbreviate?
A. Yes – if your answer cannot be read, it will gain no marks, and a badly presented paper communicates you are slap dash and lazy, but standard abbreviations such as DTR for double tax relief are fine.
Standard proformas
Learn the standard proformas – for example a profit adjustment always Starts with net profit and adds back disallowables – this is how the markers are used to seeing and marking things. They will not be happy with you if you try to set things out in a different ( your own way) and you will loose marks.
Use the reading time effectively –especially to decide which questions to tackle in part b.
Don't expect to finish everything- Watch the clock
Expect not to finish every question. When you run out of time for that question, stop and move on to the next. Not finishing a question is not something to feel bad about, it’s just part of your technique for passing the exam.
Think about all the taxes – if students are asked generally for the Tax of a transaction most think IT,IHT,CGT,CT But very few think NIC,NAT,SDLT and always tell the examiner which tax you are talking about – answers are often a muddle of CGT and IHT in particular – Put a heading CGT – Write about this then a new heading IHT.
More than just a set of rules
You must accept that this paper is a step up from F6 and that the examiner is looking for more than just a set of rules that you have committed to short term memory. Think Tax planning – it is what in the real world clients would pay most for after all.
Requirements analysis
Review the question requirement carefully - often students miss key requirements or answer the question they would like to answer because they skim over the requirement.
Consider presentation of your answer - there will be up to 4 marks for communication and presentation so you ensure you write in proper sentences and paragraphs and use headings. Be prepared to support your calculations with explanations, they don't have to be complex the examiner is looking for communication as much as complex analysis - this is a paper that cannot be passed on calculations only. You will have to write reports, letters and memoranda.
Practice as many questions as possible across the syllabus. It is absolutely vital that you become familiar with the examiner’s terminology and presentation.
Reading time
Use the reading time effectively - identify the main content of the compulsory section and decide which optional questions to attempt.
Easy marks
Don’t miss out on easy marks. The questions will often have several elements. Make sure you leave sufficient time to attempt any easier parts. They may be at the end of the question. Some questions can be attempted out of sequence, so do the easy parts first.
Key areas of the syllabus include for example, Inheritance Tax, corporation tax and groups, sole trader/partnership losses, employment income, all aspects of capital gains tax and overseas aspects of income tax and capital gains tax. Expect computational and written questions on all of the above.
Most questions will involve written elements and marks are often lost because of the lack of information.
Stating the obvious
Never be afraid to state the obvious, as long as it is relevant to the question.
The questions in the compulsory section will often be lengthy. Time allocation is important. When you run out of time on a question, stop and move on to the next.
Read the examiner’s articles that have been updated for the new Finance Act.
FAQ
Q. Do I need to retain knowledge of F6?
A. Yes - the examiner has indicated there is not enough new areas in P6 to not enable him to include F6 areas so expect them to be examined frequently.
Q. Will the IHT questions focus on Trusts?
A. Trusts are not a core area of IHT for P6 - they are primarily examined without numbers as detailed knowledge is not expected. The examiner has written an article on trusts.
Q. Is the exam unduly time pressured.
A. Very much so - all ACCA exams are time pressured but particularly at the option level. The examiner will expect you to use common sense shortcuts to explain the tax treatment.
Q. The syllabus is enormous – how can I possibly learn it all?
A. Don’t rely on just last minute revision – start work ASAP. Practice as many questions as you can – we learn best by making our own mistakes. Accept that you are aiming to pass and that you don’t need to know absolutely everything for this to happen.
Q. Is presentation important? Can I abbreviate?
A. Yes – if your answer cannot be read, it will gain no marks, and a badly presented paper communicates you are slap dash and lazy, but standard abbreviations such as DTR for double tax relief are fine.
