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Hi all
Need some advice... Struggling with taxation at the professional level- test of competence (first stage).
Any ideas on how to best prepare for the exam?
The exam is with ICAS (Institute of Chartered Accountants of Scotland)
My degree was in Economics and Accountancy and I also studied accounting at A Levels. However, due to the way the syllabus at university matched my modules to do enough of Economics and enough of Accounting to be able to have a degree which holds both, I never did any taxation as part of my degree. I encountered Taxation for the first time when I studied for the first level of professional exams with ICAS and I am struggling big time with it.
A Level accounting never contained any taxation.
My other modules are fine (Financial accounting, Principles of Auditing and Reporting and Finance) and I've passed the first stage for each of them.
It's just the Taxation module I'm really struggling with. I don't want to not qualify because of two modules of the qualification. How are taxation students getting through their tax modules? If you have any tips or advice please let me know!
Do you guys make notes then do questions etc. The other modules, I didn't make notes per say, except for audit as that is all memory. The others I just focused on the notes, understood them did all the example questions, then moved onto Workshop questions after each chapter. Then once I finished the module- then I completed past papers.
But I'm thinking that's not the best approach- I need to do past papers much earlier and many more times for taxation but I find it difficult to jump to past papers without having completely covered everything. It takes me longer to get to the workshop questions and past papers because it takes me so much longer to understand the theory for this module.
Here is a link to the tax notes and worksheet exercises.
https://www.icas.com/__data/assets/pdf_file/0003/250752/PRINCIPLES-OF-TAXATION-2016-FINAL-2.pdf
Any tips, I'd really appreciate it.
Many thanks
Need some advice... Struggling with taxation at the professional level- test of competence (first stage).
Any ideas on how to best prepare for the exam?
The exam is with ICAS (Institute of Chartered Accountants of Scotland)
My degree was in Economics and Accountancy and I also studied accounting at A Levels. However, due to the way the syllabus at university matched my modules to do enough of Economics and enough of Accounting to be able to have a degree which holds both, I never did any taxation as part of my degree. I encountered Taxation for the first time when I studied for the first level of professional exams with ICAS and I am struggling big time with it.
A Level accounting never contained any taxation.
My other modules are fine (Financial accounting, Principles of Auditing and Reporting and Finance) and I've passed the first stage for each of them.
It's just the Taxation module I'm really struggling with. I don't want to not qualify because of two modules of the qualification. How are taxation students getting through their tax modules? If you have any tips or advice please let me know!
Do you guys make notes then do questions etc. The other modules, I didn't make notes per say, except for audit as that is all memory. The others I just focused on the notes, understood them did all the example questions, then moved onto Workshop questions after each chapter. Then once I finished the module- then I completed past papers.
But I'm thinking that's not the best approach- I need to do past papers much earlier and many more times for taxation but I find it difficult to jump to past papers without having completely covered everything. It takes me longer to get to the workshop questions and past papers because it takes me so much longer to understand the theory for this module.
Here is a link to the tax notes and worksheet exercises.
https://www.icas.com/__data/assets/pdf_file/0003/250752/PRINCIPLES-OF-TAXATION-2016-FINAL-2.pdf
Any tips, I'd really appreciate it.
Many thanks