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Hello Sir,
Firstly, I would like to thank you for all the efforts you’ve put in resulting in great lectures for us students to get a good grip on f6.
However, there’s one thing which concerns me alot. How do I remember the taxation rules. I’m currently done with the first 4 chapters (all from OT video lectures and the OT course notes). I’m not buying a study text, I just bought the latest revision kit. Now as I said that after studying the first 4 chapters, I understood whatever you explained in the lectures thoroughly but when I look at the rules for instance, the 5 UK ties of being considered as a UK resident or non UK resident. This is just one example, I tend to forget quite a few rules while solving at times and its just 4 chapters now. There are 26 chapters and I’m very confused how I’ll be remembering the rules. Is there any solution to this, anything that you could recommend for a student with a weak memory.
Thank you again
It is interesting that you quote the rules for the statutory rules of residence as this is a classic example of an area where at this stage in your studies you need only have an understanding of the issues and of the table provided on the tax rates and allowances pages provided in the exam and you only bother to try and learn the ties tests in the week before the exam. Other areas like this include the administration of each tax.
At this early stage you need to gain a good broad understanding of each of the taxes – basically the doing things – the structure and content of each tax computation – income and corporation especially given their importance in section C of the paper, adjustment of trading profits, capital allowances computation, the bases of assessment for the unincorporated trader, the use of trading losses for both the unincorporated trader and incorporated.
Along the way if, as will be the case you find things that you find very difficult then note them and move on! At the end of your work through the lectures and notes and after you have practised with questions then you can start to revisit your problem areas – do not seek perfect knowledge of 100% of all areas on your first working through the material as it will not happen and you do not need it!!
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