Things to practice Flashcards
Tax calc - how to get the dividend calc right where there are bands
Think you add total Inter
From AAT forum someone talking about how much tax on mortgage interest appears… I don’t remember this coming up in Osborne book so need to investigate..
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AAT Forum:
The tax modules are very mathematics and structure based. You need to make sure you show all the steps in the questions. e.g when doing dividends
2000 @ 0% = 0
You also have to look carefully at wording. Is the amount given the gross amount or the taxable amount? I made mistakes previously when I would mix up which I had and then incorrectly apply the personal allowance.
The other bits of wording can apply to benefits in kind or inheritence. I messed up a practice question where the was money gifted for a wedding anniversary. My head saw wedding and ignored anniversary.
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I suspect the property questions it will have been for time the property wasn’t intended to be rented. (E.g letting a friend use the house for part of the year, none of the costs are claimable as there was no intention to let during this time.) The best advice I can give here is to treat each house/flat separately when working our costs and only combine them for the final answer. This will mean it’s easier to spot errors and means if you make a mistake you should get marks for the workings.
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