ACCA Taxation (TX) Exam Tips September 2018 session given below are just intelligent guesses from exam point of view provided by famous tuition providers. These exam tips must not be relied on totally. To increase chances of success in Exams you must prepare full breadth of syllabus and topics.
ACCA TX Exam Tips September 2018:
ACCA TX Exam Tips September 2018 Session is given below by famous tuition providers
Make sure you read the tax rates and allowances in the exam. You may find they prompt you to remember things. For example, as high emission cars only receive an 8% WDA for capital allowances it may remind you that high emission leased cars with CO2 of > 130g/km have a restriction in taxed adjusted profit computations of 15%.
The badge of trade to determine if someone is self-employed can be remembered using the mnemonic SOFIRM and FAST:
- Subject matter of the transaction
- Ownership period
- Frequency of the transactions
- Improvements and marketing
- Reasons for sale
- Motive (profit)
- Acquisition (method of)
- Similar transactions
Section A will see a wide range of topics. Expect at least a couple of the OTQs to be devoted to the administration of income tax and corporation tax. So you need to be comfortable with due dates, filing dates and penalties and interest for late payments and returns.
Other areas to look out for:
– VAT rules on registration, impairment loss (bad debt) relief, and the SME schemes relating to cash accounting, annual accounting and flat-rate schemes.
– Inheritance tax due on lifetime transfers both in the donor’s life and on death.
– Statutory residence tests for individuals.
– Identification of groups of companies for corporation tax loss reliefs and gains.
– Trading loss reliefs for both companies and sole traders.
In section B expect similar questions to those in section A – just longer!
You know the two longest questions in section C will focus on income tax and corporation tax. These are likely to include:
– Employment benefits.
– Property income (possibly including relief for finance costs).
– Relief for pension contributions.
– Adjustments to profit to arrive at trading income for both companies and sole traders – in past sittings we have seen a number of questions whereby you have to correct errors in computations included in the scenario.
– Capital allowance computations.