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Hello people,
I have just failed P6 Tax (June 14) and I am wanting advice – is it wise to switch to P5 for Dec 14?
This is my last paper.
I am home study and have relied on Opentuition and Textbooks, however unfortunately Opentuition as we know cannot support P6.
I am struggling with the planning aspects of taxation – if the exam was like F6 I would sail through as I work partly in taxation.
In the past when I studied F5 I thought I struggled – but when I sat the exam I passed first time with a respectable 64.Could I pass P5 solely with Opentuition?
Could I do it in 4 months?
Is it very similar to F5?All those sort of questions and any advice would be very greatly appreaciated.
Marky
Hi Marky,
In my opinion switching to P5 is not wise, because pass rate for P5 is only 29%. I have already failed P5 twice and sitting for the 3rd time in Dec 14. To deal with taxation, pay attention to the difference between personal and corporate tax.
A
Thank you for your input Ashish.
I have actually made the choice to switch to P5 and I am actually finding it a lot easier to study than P6 tax. I think it is probably because P5 is a lot more interesting than tax. However, that said, I am in no way suggesting the P5 is easy – far from it lol!! 🙂
I dont think the issue in tax was not knowing the difference between Personal/Corporation Tax, (I already know that from my work in tax and back to AAT days!) it was more in my case of being presented with a minefield scenario and being asked to plough through it and “plan” and give reasons etc. I also found it a very difficult exam to practice past exam questions.
P5 seems to have a lot more question banks I can access and practice, plus a lot of overlap with P3 that I can relate to, and the added bonus of Opentuition Lectures, which sadly are not provided for P6.
The results in February will confirm (!), but I do feel a lot more happy studying P5 than I did with P6.
Best of luck with your studies & December exams.
Marky
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