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Income tax trading loss questions feature regularly in the tax exams, and it is an area most students struggle with despite it being fairly logical. The trading loss can be offset against the total income of either the current or the previous tax year so will result...

In every tax exam, you can expect a question on capital allowances. Capital allowances are tax depreciation which can be claimed on assets that are functional and used in the business. The assets that a business can claim allowances include machinery, cars,...

One of the fundamental areas in tax is adjustment of profits. This is because taxable profits is not the same as accounting profits.Typically, you are given the accounting profits and have to find taxable profits. You need to bear in mind that the accountant has...

An important area in the Advanced Tax exam is Research and Development. This is the only expenditure on which we can claim tax relief of more than 100%.The enhanced allowances are available on revenue expenditure directly relating to the research activities such as...

Professional ethics questions feature in all the accountancy qualifications, but many students do not pick up all these relatively easy marks.There are 2 main reasons for this.1.  Candidates do not understand the scenario and tend to write generic answers instead of...

Many young people have experienced a sharp drop in self-esteem and wellbeing under the pandemic according to the Prince’s Trust.Here are 8 Simple Techniques To Make You Feel Better1.  Build A Strong Support Network -sharing your concerns with a family member or friend...

Mind mapping is a useful tool for learning technical information particularly in subjects like tax where you need to learn all the tax rules. Memory works by forming linkages between different concepts and help reinforce these connections creating neural pathways in...

The rules regarding establishing residence of an individual are one area I expect could feature in the Tax and Advanced Tax exams.It is initially important to work out if the individual is a leaver or arriver to the UK.We then use the automatic non-residency tests....

The vast majority of business owners in the UK own their own companies and face the problem of profit extraction in the most tax efficient manner.  If they pay out a salary, this is subject to employee NIC and high-income tax (45% for additional rate taxpayers)...

Have any of you wanted to travel and work in another country? I have recently heard from one of my Advanced Tax students who now lives near Venice where she works as a financial controller after qualifying. At times, when we are struggling with studying, we do not...