Advanced Taxation

Putting aside concerns over whether I have passed my last two exams, I have started to study for next two papers. Bearing in mind that the text book for the fundamental tax paper was large, I was prepared for another large text book to be delivered. The size of the book has however surpassed my expectations, it contains almost 1000 pages! Just picking up the book is a strain, never mind actually reading it. I hadn’t realised studying accountancy involved weight lifting skills.

With children’s holidays approaching fast, I have no choice but to start studying again, especially with a text book as large as this one. So once again I am learning about income tax, capital gains tax and new subjects such as inheritance tax, trusts. I took my fundamental tax exam in December 2007, so as you can imagine I’m a bit rusty on the parts of it I don’t use in my daily job. Also with a subject like tax, lots of things can change, and in fact have. At least the reductions in taper reliefs have made some computations easier and quicker.

In many ways it’s a shame that you can’t take the advanced subject straight after the corresponding fundamental paper. It would certainly be easier since you would be well practised in the fundamentals. This would save time having to revise the subject. Maybe it’s good that you have to revisit the basics again. Since I last studied tax I have gained a greater accountancy experience and business knowledge and some of the rules now make more sense.

As yet I’m not quite sure how difficult I’m going to find this subject. I expect the main problem is the volume of material that has to be learned and question practice that will be required. So far I’m enjoying learning about the complexity of tax, no doubt it will wear off nearer the exam. My main concern is how I am going to retain all the rules that exist, particularly as the rules often are illogical.

At least it keeps by thoughts away from the impending exam results. Good luck to everyone.

Comments

[Magda]

Hi Angela,

Can you please advise which distance learning provider is good?

What is the best way to prepare for F4 and F6 exam for someone who is working full time and is mum for 1 year baby? What's the best way to plan properly study time?

Thanks,

Magda

[Tracy Williams]

Hi Lois,

My advice would be not to get too bogged down in note making and question practice, especially if you have a full time job and family; you'll just make yourself and those around you miserable. I'm an older student too, taking my last paper in December having passed all the others first time. I use the BPP iLearn CDs, and their passcards. I've found the study texts largely unnecessary. I also listen to the BPP Success CDs. I've never made notes or done a single practice question - if you have a reasonable talent for learning and exams it's simply not necessary. Just remember that this is only accountancy, not rocket science!

[Jack]

@ Angela: I did my F4(MYS), F6(MYS), F9 and P1 in June'09 session (Thank GOD I passed) and I'm currently doing my last 4 papers namely P2(INT), P3, P5 and P6(MYS). Glad I did that combination because my F6 transition to P6 is a smooth one. Well I am a full-time student. I know it's very hard juggling between studies and work.

@ Lois: Avoid question spotting, for F level papers I did study last minute (Including for P1) and I'm not proud of it. Try to make sure your notes are very comprehensive. I always make sure every words my lecturer said are reflected into my notes. That means you have to write freaking fast to catch every word and read SA articles. They really do help. Most importantly you must know how to relate knowledge to scenario and between papers.
Eg: In my F9 exams I did put in a little bit of P1 knowledge. Guess that's why I manage to get a marginal pass for F9...

Practise PYQ is good because it will improve your writing speed. If you write fast enough your time mgmt issue should be OK. Use marks allocated and X1.8 minutes to see how much time you should allocate to a Q. (Anyway, by the time I finish my Q1 in P1, I only had 1 hour left to complete my 2 other questions due to lack of practise...)

[Angela Jeffrey]

Hi Lois

Sorry not to have responded earlier. In answer to your questions, as I study by distance learning, I read the books a chapter at a time, making notes and doing the questions in the book. When I have completed the books I go through all my notes again to condense them and make sure they make sense. The last step is to learn the information by doing exam questions provided by my course provider. Finally in the last few days before the exams I revise my notes thoroughly. When doing the questions I start out first by doing them with the notes in front of me. Later I try to do it from memory.

With regard to how long it takes to learn each subject to pass the exams, that is only something you can judge for yourself. We all read and take things in at different paces. It also varies from subject to subject depending on where you are more experienced. Certainly for Tax and Financial reporting, due the exam practise needed, I spend twice as long as the more essay type subjects.

Consider whether taking three subjects at once is realistic, bearing in mind time to revise. The way I have done it is to take two subjects every six months rather than take four subjects once a year.

Finally a study timetable is important but more important is sticking to it. I find it helps if my family know when to expect be to be studying.

Hope this helps. Good luck with your studies.

[Lois Coates]

Hi Angela
I am an older student, planning to take F6, F7 and F9 in December.

You appear to have passed all the fundamental level papers 1st time.
Please can you advise me on the best approach & study technique eg study by reading first, making notes then question practice ?
Did you do it that way ?

I am struggling time management & allocation, how long did it take you to cover the syllabus for each fundamental exam ? and how long did you spend per week studying on average.
I need to plan my timetable well and keep to it. I hoped to take tax in June but didn't as I was ill before the exam & hadn't covered all the subject areas ?

Sorry to fire questions at you but It would be very useful to know your study timescales etc to know how much work is needed to pass.
Have you taken the Prof level tax yet, were you successful ?

Hope to hear from you soon and anyone else with a comment on this.
thanks, Lois