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With the Advanced Tax exam tomorrow, my students are busy doing their last-minute revision.I would like to wish all of you the very best of luck tomorrow.Believe in yourselves and make it happen!The importance of wide syllabus coverage is self-evident and for anyone...

A crucial area that I expect to feature in the forthcoming March 2022 Advanced Tax exam is Business Asset Disposal Relief (BAD relief) This is simply the new revised entrepreneur’s relief. It is available on the sale of a sole trader’s business assets (usually...

The most popular computation involving employment P-11D benefits in tax exams is always the car benefit.This arises if a car owned by the employer has private use by the employee.The first step is to take the list price (not the cost of the car) and deduct any capital...

One easy area in the tax exams is computing tax on gains by individuals. The first aspect to appreciate is many assets are exempt from CGT such as cash, cars, QCBs, chattels worth less than £6,000, and the principal private residence. Common chargeable assets include...

In every corporation tax question, tax students will have to deal with capital gains. The most common assets examined are buildings.It is very simple to compute a gain (sale proceeds less cost less indexation allowance).You can deduct selling costs like legal expenses...

A common mistake students make in tax exams is the treatment of pension benefits. The lifetime allowance for pensions is £1,073,100 so everyone can accumulate a pension pot of approx. £1M and pension contributions escape tax. You are allowed to access your pension...

When preparing the income tax return, income and expenses must disclosed accurately. One of the guaranteed areas in any tax exam is an income tax computation. The important thing is to tax income in the right order-first non-savings, then savings and finally dividends...

It is natural for us to stay in our comfort zones and not stretch ourselves. Our brains are hardwired to seek pleasure and to avoid pain. When I lecture intelligent students like Ernesta, I encourage them to stretch themselves and do more. When sitting professional...

One area I am expecting to come up in The Advanced Tax exam is agricultural property relief . Why not check out my latest article from PQ magazine Keep It Simple series?With all the key points covered in straightforward exam-style scenarios, by working through the...