F6常见问题(FAQ) difficulty, into, problems, together, first

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1. What style do the F6 examination questions take?
The style of the examination, particularly of the first three questions, requires students to perform a number of calculations or workings and then to bring these together into an overall tax computation. It is this second aspect that causes most problems. For example, most students have no difficulty when calculating a taxpayer’s pension contributions, but then often are unsure whether this figure should be treated as a deduction or as an extension of the basic rate tax band. It is therefore important that students ask themselves when they study each aspect of the syllabus how it fits into an overall tax computation.

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3. What is important in the examination itself?
It is important to not rush straight into answering a question but to spend a few minutes planning your answer. This is where the 15 minutes reading time will be very useful. For example, if you are dealing with a capital gains tax question involving a husband and wife, your planning would include identifying exempt disposals, so as to not waste any time performing unnecessary calculations, identifying jointly held assets, as it is easiest to calculate these gains first, deciding on the layout of your answer using appropriate headings, and deciding on which workings can be included as part of the main computation and which will have to be dealt with separately.

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2. What is the key to revising for the F6 examination?
Effective revision involves plenty of question practice. There is no substitute for practicing exam standard questions under exam conditions. If you find that you cannot complete questions in the permitted time then maybe you need to look at how you are presenting your answers. Are you wasting time by giving unnecessarily detailed workings or explanations, or are you providing information that is not required?

It is important that you cover everything in the syllabus because F6 is a compulsory paper and you do not want to find yourself having to answer a question on a topic for which you have not revised. However, some topics are more important than others since they are examined more frequently. My examiner’s approach article in the January 2007 edition of the student accountant lists the most important syllabus areas that you can expect to see most frequently examined.