Advanced Audit and Assurance

  • Skills Module and first three papers of Professional module.
  • Skills Module and first three papers of Professional module.

The specific capabilities within the detailed syllabuses and study guides are assessed at one of three intellectual or cognitive levels:

Level 1: Knowledge and comprehension

Level 2: Application and analysis

Level 3: Synthesis and evaluation

If you competed you Skills module, you may start your professional module.

To apply relevant knowledge and skills and exercise professional judgement in providing relevant information and advice to individuals and businesses on the impact of the major taxes on financial decisions and situations.

On successful completion of this exam, candidates should be able to:

  • Apply further knowledge and understanding of the UK tax system through the study of more advanced topics within the taxes studied previously and the study of stamp taxes
  • Identify and evaluate the impact of relevant taxes on various situations and courses of action, including the interaction of taxes
  • Provide advice on minimising and/or deferring tax liabilities by the use ofstandard tax planning measures
  • Communicate with clients, HM Revenue and Customs and other professionals in an appropriate manner.

Knowledge and understanding of the UK tax system through the study of more advanced topics within the taxes studied previously and the study of stamp taxes.

 

  • Income and income tax liabilities in situations involving further overseas aspects and in relation to trusts, and the application of additional exemptions and reliefs.
  • Chargeable gains and capital gains tax liabilities in situations involving further overseas aspects and inrelation to closely related persons and trusts, and the application of additional exemptions and reliefs.
  • Inheritance tax in situations involving further aspects of the scope of the tax and the calculation of theliabilities arising, the principles of valuation and the reliefs available, transfers of property to and fromtrusts, overseas aspects and further aspects of administration.
  • Corporation tax liabilities in situations involving overseas and further group aspects and in relationto special types of company, and the application of additional exemptions and reliefs.
  • Stamp taxes
  • Value added tax, tax administration and the UK tax system

 

 

The impact of relevant taxes on various situations and courses of action, including the interaction of taxes

 

  • Taxes applicable to a given situation or course of action and their impact.
  • Alternative ways of achieving personal or business outcomes maylead to different tax consequences.
  • Taxation effects of the financial decisions made by businesses(corporate and unincorporated) andby individuals.
  • Tax advantages and/or disadvantages of alternativecourses of action.
  • Statutory obligations imposed in a given situation, including any timelimits for action and the implications of non-compliance.

 

Minimising and/or deferring tax liabilities by the use of standard tax planning measures

 

  • Types of investment and other expenditure that will result in areduction in tax liabilities for an

individual and/or a business.

  • Legitimate tax planning measures,by which the tax liabilities arisingfrom a particular situation or courseof action can be mitigated.
  • The appropriateness of such investment, expenditure ormeasures, given a particulartaxpayer’s circumstances or statedobjectives.
  • The mitigation of tax in the manner recommended, by reference tonumerical analysis and/or reasonedargument.
  • Ethical and professional issues arising from the giving of taxplanning advice.
  • Current issues in taxation.

 

 

Communicating with clients, HM Revenue and Customs and other professionals

 

  • Communication of advice, recommendations and information inthe required format.
  • Presentation of written information, in language appropriate to thepurpose of the communication andthe intended recipient.
  • Conclusions reached with relevant supporting computations.
  • Assumptions made or limitations in the analysis provided, together with any inadequacies in the informationavailable and/or additionalinformation required to provide afuller analysis.
  • Other non-tax factors that should be considered.
  • ACCA P7 notes
  • ACCA P7 Practice Questions
  • ACCA P7 Revision
  • P7 Revision Mock Exam
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