As the name suggests, this module examines the basic principles of taxation.
This is a very vital location for licensed accountants as many areas of exercise contain a consideration of taxation issues.
It also provides a foundation for Advanced Taxation (ATX – UK) which will be chosen by those who work in a tax environment.
Members of the Taxation (TX – UK) examining team have written several technical articles including two on Inheritance Tax, two on chargeable gains, one on groups, two on VAT, one on benefits, one on motor cars, one on adjustment of profit and one on Finance (No.2) Act 2017 and Finance Act 2018. All these articles are available on the ACCA website. Make sure you read them to gain further insight into what the Taxation (TX – UK) examining team is looking for.
You are introduced to the rationale behind – and the functions of – the tax system. The syllabus then considers the separate taxes that an accountant would want to have a distinctive understanding of, such as income tax from self-employment, employment, and investments, the (employer) Corporation tax liability of the individual companies and companies of companies, the country wide insurance plan contribution liabilities of both employed and self-employed persons, the Value added tax liability of businesses, the chargeable gains arising on disposals of investments by way of each individuals and companies, and the inheritance tax liabilities arising on chargeable lifetime transfers and on death.
You will be predicted to have a certain knowledge of these taxes; however, no previous understanding is assumed. You need to find out about the basics cautiously and analyze the seasoned pro-forma computations. It then will become simple to complete these by means of slotting in figures from your certain workings.
As well as being in a position to calculate tax liabilities, you may be required to give an explanation for the basis of the calculations, follow tax planningstrategies for people and groups and become aware of the compliance issues for each primary tax through a variety of commercial enterprise and personal scenarios and situations.
2 What skills are required?
Be able to integrate knowledge and perception from across the syllabus to allow you to whole certain computations of tax liabilities.
Be capable to explain the underlying concepts of taxation by means of providing an easy precis of the regulations and how they apply to the particular situation.
Be in a position to practice/Apply tax planning strategies by way of identifying reachable choices and testing them to see which has the greater impact on tax liabilities.
Revising Taxation (TX – UK)
All questions are obligatory so you should revise the complete syllabus. Since the exam includes 15 objective tests questions in Section A and 15 objective test questions in Section B, you should expect questions to cover a large part of the syllabus. The selective revision will restrict the variety of questions you can answer and subsequently reduce your chances of passing. It is higher to go into the examination understanding a reasonable quantity about most of the syllabus rather than concentrating on a few subjects to the exclusion of the rest.
Question practice
Practicing as many exam-style questions as possible will be the key to passing this exam. You must do questions under timed conditions and ensure you write full answers to the discussion parts as well as doing the calculations.
Also, ensure that you strive all three mock tests underneath examination conditions.
Passing the Taxation (TX – UK) exam
You will be required to identify the requirements of objective test questions quickly so that you can make your answers confidently within the available time.
In constructed response questions you will be required to carry out calculations, with clear workings and a logical structure. If your numbers are not perfect you will not necessarily lose too many marks so long as your method is correct and you have stated any assumptions you have made.
You will also be expected to apply your tax knowledge to the facts of each particular question and also to identify the compliance issues for your client.
You may also be required to describe rules and conditions, so take care to practice the descriptive elements of the answers.
Avoiding weaknesses
There is no choice in this exam, all questions have to be answered. You must, therefore, study the entire syllabus, there are no short-cuts.
Ability to answer objective test questions and cases improves with practice. Try to get as much practice with these questions as you can.
The constructed response questions will be based on simple scenarios and answers must be focused and specific to the requirement of the question.
Answer all parts of the constructed response questions. Even if you will not able do all the calculation elements, you will still be able to gain marks in the descriptive parts.
How to improve your chances of passing
There is no preference in this exam, all questions have to be answered. You must, therefore, learn about the complete syllabus, there are no short-cuts.
The first part of the examination consists of 15 multiple choice questions, worth two marks each. These will inevitably cover a huge vary of the syllabus.
The 2nd sectionof the exam consists of three situations every being tested with 5 multiple choice questions, really worth two marks each. You ought to make positive you recognize the scenario earlier than trying the related questions.
Practicing longer questions set in the 3rd section of the exam below timed prerequisites is essential.
BPP's Practice & Revision Kit carries 10 marks and 15-mark questions on all areas of the syllabus.
Answer all the components of the question. Even if you cannot do all of the calculation elements, you will nevertheless be capable to attain marks in the dialogue parts.
Answer selectively – the examining team will expect you to consider carefully what is relevant and significant enough to include in your answer. Don't include unnecessary information.
Keep an eye out for articles as the examining team will use Student Accountant to communicate with students.
Objective test questions (OTQs)
Some OTQs are less complicated than others. Answer these that you experience fairly confident about as quickly as you can. Come back later to those you find more difficult. This may want to be a way of making use of the time in the examination most efficiently and effectively. Some OTQs will not contain calculations. Make certain that you apprehend the wording of 'written' OTQs before choosing your answer.
Calculations in Section C questions
There will always be basic marks available for straightforward tasks such as putting easy figures into proformas, for example putting the cost figure for addition into a capital allowance proforma. Do not miss out on these easy marks by not learning your proformas properly.
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