Before we begin, it's important to note that ACCA's P6 Advanced Taxation (ATX) is available in a variety of formats, such as UK paper, Ireland paper, Malaysian paper, and so on.

These are specific to the country you are studying in as well as the applicable tax laws. This guide will focus on the ATX-UK Paper, but the advice is applicable to all P6 Advanced Taxation (ATX) students.

You can choose the exam you want to 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 pdf,

Overview

The P6 Advanced Taxation (ATX) syllabus is designed to expand on your ATX knowledge and skills 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 option papers, of which you must pass two. It's important to note that if you don't work in the tax industry, this paper can be extremely difficult to complete because you'll need a broad understanding of relevant tax laws in order to interpret results and advise clients in the given scenario.

Exam Format

Strategic Professional Option papers follow the same format. The ATX exam lasts three hours and fifteen minutes, and the pass mark is 50 percent, as with all other exams in the ACCA qualification.

ATX is a computer-based conference. The region determines this; there is no option to choose one over the other.

The ATX-UK exam is divided into two sections, each of which contains all required questions. These are broken down as follows:

Section A consists of two case study questions, the first worth 25 points (including 4 professional points) and the second worth 25 points. This section also includes 5 ethics marks, emphasizing the significance of having a firm grasp on ethical concepts at the strategic professional level.

Section B includes two 20-point questions covering a variety of business and personal tax issues.

At this level, the questions are scenario-based and will include both calculations and commentary, with multiple taxes frequently considered at the same time. You must understand the interplay of taxes and plan accordingly for the scenario presented, as one would expect of a tax professional.

ATX Syllabus Guide

As previously stated, the goal of the P6 Advanced Taxation (ATX) syllabus is to apply relevant knowledge and skills, as well as professional judgment, to provide individuals and businesses with relevant information and advice on the impact of major taxes on financial decisions and situations.

In order to achieve this goal, candidates should be able to do the following four things after passing this exam:

Examine advanced topics within the taxes you've already studied, as well as stamp taxes, to put your knowledge and understanding of the UK tax system to the test.
Determine and evaluate the impact of relevant taxes on a wide range of situations and actions, including tax interactions.
Give advice on reducing and/or deferring tax liabilities using common tax planning strategies.
Communicate effectively with clients, HM Revenue and Customs, and other professionals.

5 Essential Study Tips

#1 – Refresh your assumed knowledge

As previously stated, P6 Advanced Taxation (ATX) is a continuation (albeit a significant step up) from Taxation at the applied skills level.

Review the previous syllabus before beginning this course to ensure that you are completely confident in the assumed knowledge from this paper.

This is true even if you were granted exemptions – perhaps even more so. You may have covered the material at a similar level before enrolling in P6 Advanced Taxation (ATX), but you may not have covered the same areas in the same depth.

One of the most common reasons for ACCA exam failure is that the paper assumes foundational knowledge that some students lack.

Nothing is more frustrating than discovering halfway through an exam that you have forgotten previous important concepts.

#2 – Give yourself time to prepare

The exams at the Strategic Professional level are extremely difficult, and the syllabus is extensive, so we recommend studying for the entire 12-week cycle.

This allows 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; and 4 weeks of our exam technique phase, which includes Mock Exams, webinars, and Revision Bootcamp, which focuses on exam and question practice.

A well-organized study plan will provide you with a solid foundation of knowledge as well as excellent exam technique, increasing your chances of passing the exam.

#3 – Avoid the Perfection Trap

P6 Advanced Taxation (ATX) is a technically difficult subject in which you must draw on your knowledge of various taxes and understand the relationships 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, fortunately for you, not necessary! As previously stated, the pass mark is 50%, so you don't need to get an exact answer to every question, and doing so may cost you time in other areas if you don't have a good time management system.

What you do need is a solid grasp of the fundamental concepts and connections to cover the important points in the time allotted. You'll be well on your way to passing if you can do that for all of the questions.

#4 - Practice makes perfect

There's no getting around the fact that practicing answering questions is the only way to master the concepts in this syllabus.

As a result, practice should be the foundation of your education. It's the only way to start connecting the dots between different taxes and determining what's important in the scenario.

Don't be discouraged if this appears difficult at first; remember that you learn more from your mistakes than your successes, so 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 keep approaching questions in this manner, you will gain a solid understanding of both the content and how it is evaluated.

ATX Exam Technique

#1 Plan your answer before jumping in

Because the exam is entirely made up of mandatory questions, you must plan for the entire paper and keep a time management system in place throughout.

We recommend reading through a 3 hour 15 minute paper 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, assuming you spend 1.8 minutes on each mark.

From a planning standpoint, I would recommend breaking down the requirements into smaller sections for each individual question, particularly Section A.

Take careful note of the question. Decide on a strategy and a solution slowly. You will lose important points and marks if you begin writing too quickly or without first performing the necessary calculations, so take your time to ensure you understand the context of the question and don't forget to apply the correct knowledge.

Remember to always respond to the question that has been posted.

#2 Good layout and structure will help the marks roll in

Keeping your response concise and professional will help the examiner understand your points. To do so, you'll need to be well-organized and answer the question methodically.

This skill set should have evolved as a result of your question practice sessions prior to the exam.

To earn professional points, act out the scenario's character and replicate the deliverable in your response (i.e if the questions require you to prepare briefing notes, this should be the format of your answer).

Planning will enable you to respond in a logical, well-thought-out, and well-organized manner that addresses all of the major points. Your response should be brief, with value-added statements, and 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 keep your analysis tied to the scenario at all times.

Rather than simply stating general tax rules, you must consider the scenario before beginning to write an answer. The circumstances of each client are unique, and the tax rules must be applied accordingly.

Instead of wasting time demonstrating knowledge that is unrelated to the scenario, move on to the next requirement.

What the examiners say...

Finally, here's some advice from the person you most need to impress on exam day: the examiner!

They emphasize the significance of application, which we discussed previously:

“In addition to having a thorough understanding of these various topic areas, candidates must be able to apply their knowledge to the scenario posed in the question. As a result, any calculation or discussion should take place within the context of the question's scenario.”

More importantly, the report identifies the areas where candidates who failed the most recent exam sitting fell short:

“The candidates who did not perform well had a number of flaws. They did not give themselves enough time to carefully read and consider the question before beginning to write. This meant that they didn't include enough relevant information and/or squandered 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 weren't familiar enough with them. They were penalized for writing generic responses rather than applying their knowledge to the facts of the question scenario.”

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