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.
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