ACCA Taxation is one of the more challenging Applied Skills Papers. It has a huge syllabus and hence preparation is very difficult. There are a lot of tax rules to master, so the paper requires a solid study technique for you to succeed. With adequate preparation, this ACCA exam is not that difficult. It requires commitment and focus if you are to pass it first time. I hope this article helps you prepare for this ACCA paper, and results in you passing the exam! I did the UK Tax variant, and this article will be based on that. However, the same strategy probably applies for any other variant. Here is how you can do it!
Considering the huge syllabus that this ACCA paper has, it is important to ensure that you give yourself enough time to study for this exam. I passed this paper with 12 weeks of study and I suggest you afford yourself with that amount of time. Also ensure that you leave atleast 4 weeks for revision. Cover the whole syllabus. You might be tempted to skip some sections of the syllabus but remember, Section A and Section B questions can come from any part of the syllabus.
Section C of the exam consists of 2 15-mark constructed response questions and the examiner has pointed out that these questions will be based on income tax and corporation tax. Have a solid understanding of the concepts that underlie those parts of the syllabus. Have a proforma for the computation of income and corporation tax. Do not memorize but rather understand what you are calculating. This will enable you to be able to apply your answers to the scenario.
Some objective test questions will be devoted to the administration of income and corporation tax. So it is vital that you are comfortable with those areas of the ACCA TX syllabus. This includes filing dates for both income and corporation tax, and due dates for payment of both income and corporation tax. This will ensure that you score well in that section of the exam. This maximizes your chances of passing this exam!
It is essential that you make your own notes when preparing for this ACCA exam. Simplify complex paragraphs by making your own notes and do not memorize any concepts because they are difficult to comprehend. This will help you during the revision phase when you do not have enough time to re-read the study text. Supplement these notes with technical articles and this will help you create a solid foundation on which to base your revision!
During revision, practice time management! As this is a 3 hour exam, ensure that you spend not more than 1.8 marks per mark. When you find yourself spending a lot of time on a single question, move on! Finishing the whole exam gives you a much better chance of passing the exam. I finished all my ACCA exams except for ACCA PM, and I attribute my success to effective time management! Learn to read the requirement before reading the question. This will help you think of the answer as you are reading the question, and will save you precious time!
Remember, practice is the most important aspect of this paper. Practice will cement your knowledge and help understand very well the technical aspects of this paper. Focus on past papers from the revision kit as they are adjusted for any changes in tax rules. Also read examiner reports and jot down the reasons why most students fail. Do not repeat the same mistakes made by students in every exam session! I hope this helps you prepare for your tax exam! Goodluck…