Before we begin, it's important to understand that ACCA's P6 Advanced Taxation (ATX) is available in a variety of formats, including the UK paper, Ireland paper, Malaysian paper, and so on.
These are specific to the country in which you are studying and the applicable tax laws. We'll be talking about the ATX-UK Paper in this guide, but the advice is applicable to all P6 Advanced Taxation (ATX) students.
You have the option of selecting the exam you will take based on the country and tax laws that are most relevant to your profession.
Overview
The P6 Advanced Taxation (ATX) syllabus is designed to build on your
knowledge and skills from the ATX syllabus and apply them to interpreting
and analyzing data in a business setting, as well as effectively
communicating the results.
The P6 Advanced Taxation (ATX) exam is one of four options papers
that you must complete two of. It's important to note that if you don't work
in the tax industry, this paper can be extremely difficult because you'll
need to have a broad understanding of relevant tax laws in order to
interpret results and advise clients in the given scenario.
Exam Format
The format for Strategic Professional Option papers is the same. The
ATX exam takes three hours and fifteen minutes to complete, and the
pass mark, like all other exams in the ACCA qualification, is 50%.
ATX is both a paper and a computer-based conference. This is
determined by the region; there is no option to choose one over the other.
The ATX-UK exam is divided into two sections, each with all mandatory
questions. The following is a breakdown of these:
Section A consists of two case study questions, the first of which is
worth 25 marks (including 4 professional marks) and the second of which
is worth 25 marks. This section also includes 5 ethics marks, emphasizing the
importance of having a solid understanding of ethical concepts at the
strategic professional level.
in Section B, Two 20-mark questions are included, and they will cover
a variety of business and personal tax issues.
The questions at this level are scenario-based and will include both
calculations and commentary, with multiple taxes often being considered at
the same time. As one would expect of a tax professional, you must
understand the interplay of taxes and plan accordingly for the scenario
presented.
ATX Syllabus Guide
The goal of the P6 Advanced Taxation (ATX) syllabus, as mentioned
previously, is to apply relevant knowledge and skills, as well as
professional judgment, to provide relevant information and advice to
individuals and businesses on the impact of major taxes on financial
decisions and situations.
ACCA outlines the four main capabilities that candidates should be
able to do after passing this exam in order to achieve this goal:
- Apply your knowledge and understanding of the UK tax system by studying advanced topics within the taxes you've already studied, as well as stamp taxes.
- Identify and assess the impact of relevant taxes on a variety of situations and actions, including tax interactions.
- Provide guidance on reducing and/or deferring tax liabilities through the use of common tax planning strategies.
- Appropriately communicate with clients, HM Revenue and Customs, and other professionals.
5 Essential Study Tips
#1 – Refresh your assumed knowledge
P6 Advanced Taxation (ATX) is, as previously stated, a continuation
(albeit a significant step up) from Taxation at the applied skills level.
Before beginning this course, review the previous syllabus to ensure that
you are completely confident in the assumed knowledge from this paper.
This is true even – or perhaps especially – if you were granted exemptions.
Before enrolling in P6 Advanced Taxation (ATX), you may have covered
the material at a similar level, but you may not have covered the same areas
in the same depth.
One of the most common reasons students fail ACCA exams is that the
paper assumes foundational knowledge that some students lack.
Nothing is more frustrating than realizing halfway through an exam that you
can't recall previous important concepts.
#2 – Give yourself time to prepare
The exams at the Strategic Professional level are very complex, and the
syllabus is long and in-depth, so we recommend studying for a full 12-week
cycle.
This enables you to follow our recommended study plan, which includes 8
weeks of reviewing the content and learning through question walkthroughs,
allowing you to complete the entire syllabus as noted above; and 4 weeks of
our exam technique phase, which includes Mock Exams, webinars, and Revision
Bootcamp, which focuses on exam and question practice.
Having a structured study plan in place will provide you with a solid
foundation of knowledge as well as excellent exam technique, increasing your
chances of passing the paper.
#3 – Avoid the Perfection Trap
P6 Advanced Taxation (ATX) is a technically challenging subject in
which you must draw on your knowledge of a variety of taxes and understand
the connections between them, as well as how to plan and advise in a given
scenario.
As a result, getting a perfect score on any question is extremely difficult
– and, luckily for you, not required! As previously stated, the pass mark is
50%, so you don't need to get a perfect answer to every question, and
pursuing this could cost you time in other areas if you don't have a good
time management system.
What you do need is a good enough understanding of the fundamental concepts
and connections to cover the essential points in the time allotted. If you can
do that for all of the questions, you'll be well on your way to passing.
#4 - Practice makes perfect
There's no getting around the fact that the only way to master the concepts
in this syllabus is to practice answering questions.
As a result, practice should be the cornerstone of your studies. It's the
only way you'll be able to connect the dots between different taxes and
start figuring out what's important in the scenario.
Don't be discouraged if this seems difficult at first; remember that you
learn more from your mistakes than from your successes, so even if you
struggled with a question, review the solution, go back and review the
content as needed, and then try the question again to see if you understand
what was required.
If you continue to approach questions in this manner, you will gain a solid
understanding of both the content and how it is assessed.
ATX Exam Technique
#1 Plan your answer before jumping in
Because the exam consists entirely of compulsory questions, you must plan
for the entire paper and maintain a time management system throughout.
With a 3 hour 15 minute paper, we recommend reading through it for the first
15 minutes and deciding how you want to approach it. This gives you 3 hours,
or 180 minutes, to complete the 100-mark paper, implying that you should
spend 1.8 minutes on each mark.
I would recommend breaking down the requirements into smaller sections for
each individual question, especially Section A, from a planning standpoint.
Pay close attention to the question. Take your time deciding on a strategy
and a solution. You will miss key points and marks if you start writing too
quickly or before doing the necessary calculations, so take your time to
make sure you understand the context of the question and don't forget to
apply the correct knowledge.
Always remember to respond to the question that has been posted.
#2 Good layout and structure will help the marks roll in
Maintaining a concise and professional structure in your response will help
the examiner understand your points. To do so, you'll need to be
well-organized and use a methodical approach to answering the question.
This skill set should have developed during your question practice sessions
leading up to the exam.
To earn professional marks, assume the role of the character in the scenario
and replicate the deliverable in your answer (i.e if the questions require
you to prepare briefing notes, this should be the format of your answer).
Planning will help you come up with logical, well-thought-out, and
well-organized responses that address all of the major points. Your response
should be succinct, with value-adding statements, and you should avoid long
general introductions and conclusions.
#3 Make sure you are applying your knowledge to the scenario
Remember that the goal at this stage is to synthesize and evaluate, so make
sure your analysis is always tied to the scenario.
You must consider the scenario before beginning to write an answer, rather
than simply stating general tax rules. Each client's circumstances are
unique, and the tax rules must be applied accordingly.
The sentences you write should always be on-topic and add value to your
answer; instead of wasting time trying to show off your knowledge that is
unrelated to the scenario, move on to the next requirement.
What the examiners say...
Finally, let's take a look at some advice from the person you need to
impress the most on exam day: the examiner!
They emphasize the importance of application, which we discussed earlier:
“Candidates must be able to apply their knowledge to the scenario posed
in the question, in addition to having a thorough understanding of these
various topic areas. As a result, any calculation or discussion should
take place within the context of the scenario posed in the question.”
Even more importantly, the report identifies the areas in which candidates who failed the most recent exam sitting failed:
“There were a number of flaws in the candidates who did not perform well. They did not give themselves enough time to read the question carefully and think before they began writing. This meant they didn't include enough relevant information and/or wasted time providing information that wasn't requested or had already been provided.
They lacked in-depth technical knowledge of all areas of the syllabus, which meant they couldn't apply the rules to some of the question requirements because they didn't know them well enough. They tended to write generic responses rather than applying their knowledge to the facts of the question scenario, resulting in a loss of marks.”
Even more importantly, the report identifies the areas in which candidates who failed the most recent exam sitting failed:
“There were a number of flaws in the candidates who did not perform well. They did not give themselves enough time to read the question carefully and think before they began writing. This meant they didn't include enough relevant information and/or wasted time providing information that wasn't requested or had already been provided.
They lacked in-depth technical knowledge of all areas of the syllabus, which meant they couldn't apply the rules to some of the question requirements because they didn't know them well enough. They tended to write generic responses rather than applying their knowledge to the facts of the question scenario, resulting in a loss of marks.”
1 Comments
Please upload
ReplyDelete