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so its basically just the gross salary of the employee? and for class 4 its just the trading profits/property income? also i apologize, it seems instead of making my concepts clearer, the bpp kit has confused me even more
Does that also include dividend income if the person is a director of the company?
Yes but in the notes it says that if loss can be restricted then the most beneficial would be to bring down profits taxed at the marginal rate to the lower profit limit. Why not just use the entire loss relief to lower the total amount of tax paid
I’m sorry I don’t understand what you mean. I was talking about the gross chargeable transfer value in illustration 3 (opentuition notes) when the donor pays the IHT tax. I don’t understand what you mean by the CGT as that wouldn’t apply here.
I have watched the lectures but is this something that won’t be tested at this level?
Okay never mind, I realized it would be rounded down to 85 so the car benefit percentage is 22%.
Okay so the tax bands are extended by both contributions by an employee into the personal and occupational pension schemes? And when an employer does it for both personal and occupational pension schemes it is an exempt benefit? To be honest, pensions is the most confusing topic to me in the whole syllabus haha.
Can you please tell me if you used the study text or multiple kits? Or any other advice would be appreciated as well. I would like to score a high mark, are the notes + lectures and BPP kit enough or do I need the study text and Kaplan Kit as well?
Yes, I’m going to reinforce the knowledge using the notes and the kit. Just to be clear I should watch lectures on ch 4, 5,6,7,11,12,13,15,17 and 21?
Do we also extend the basic rate band if the taxpayer is a basic rate taxpayer, because chapter 12 example 6 that is how it is done. However the notes say that the relief is automatic for a basic rate taxpayer so could you clarify if we should extend the BR band for a basic rate taxpayer on a gift aid payment
yes but the trading profits are only given up to year ended 30 June 2023 so that doesn’t make any sense to me.
I am still having trouble understanding what you mean. I get that they’re both the profit before interest and tax but I don’t understand what the difference is. Can you please explain with an example
Sorry but I don’t know why you mention the financial management exam. I’m talking about the performance management exam. Is net profit and operating profit the same thing in the context of the performance management exam?
What are the typical topics in section C that usually have a commentary question?
Have these changes been made in the OpenTuition notes as well? If so, kindly refer me to the pages.
I’ve gotten the latest Kit, however the OT notes are valid till June 2023. Are there any wording changes that I should be aware of? Don’t want to lose marks because of that. I’d use the latest version but I’ve made self-written notes on top of the June-23 OT notes so cannot replace them.
The practice platform only has Sept/Dec 2020 to March/June 2022 and a few other practice, specimen and mock exam. Do you think that is enough question practice for Section B?
No, I just want to be aware of all the scenarios. Even if I practice a question, it’s difficult to remember every single scenario which might have an audit risk.
Anyway, what would you recommend my approach to be? I only have a little bit of days left, and there’s knowledge questions that you just have to rote learn, there’s no other way. Then there’s audit risks, control deficiencies, substantive procedures. Should I limit myself to past papers of only the past 4 years for my practice to be actually effective? I mean I’m practicing questions but it’s just not sinking in. Any help would be appreciated.Oh ok, thank you for the clarification. I hope I’m able to get a good grade in AA. I’ve only just started practicing Section B questions.
I believe you think the exam kit questions are not that resourceful and instead only the past papers on the ACCA website should be used?
