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P6 - [FA2020] - Advanced Taxation (ATX-UK) - STUDY TEXT and EXAM KIT - KAP LAN

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.

2021 | P6 (ATX-UK) - Advanced Taxation | KAP LAN - STUDY TEXT and EXAM KIT

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:
  1. 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.
  2. Identify and assess the impact of relevant taxes on a variety of situations and actions, including tax interactions.
  3. Provide guidance on reducing and/or deferring tax liabilities through the use of common tax planning strategies.
  4. 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.”

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