ACCA F6, Taxation, is the sixth paper in the Foundation level of the ACCA exams. Its objective is to test the understanding of the student on taxation topics like the tax system, income tax, corporate tax, capital gains tax, inheritance tax, value added tax and national insurance contributions. ACCA F6 includes all the topics of CAT Paper 9, Preparing Taxation Computation, and some additional topics pertaining to taxation, which forms a stepping-stone for the Professional level Paper P6, Advanced Taxation.
Syllabus.
The ACCA F6 will be examining all the topics mentioned above. However, the following three fundamental topics of taxation are general taxation concepts and can be examined anywhere in the exam: national insurance contributions, value added tax and inheritance tax. Under the national insurance contributions, the ACCA F6 examines students on the topic as part of another question. National insurance contributions will rarely be examined as a separate question.
Similarly, under the topic of value added tax (VAT), the ACCA F6 examines students on most frequently on the topics of who is liable to pay VAT, computation of VAT liabilities, cash accounting, annual accounting and flat rate schemes. A student appearing for ACCA F6 should expect around 10% of the exam on value added tax, which may sometimes be included in another question or may be a separate question in itself.
Finally, under the inheritance tax, the ACCA F6 examines some principles more frequently than others do, and these are the seven-year accumulation principle, the inheritance tax liabilities arising on lifetime transfers, the inheritance tax liability on death estate, the exemptions and the payment of inheritance tax. A student sitting for the ACCA F6 should expect around 15% of the exam on inheritance tax.
Format.
The format of the ACCA F6 will consist of five questions, which shall not carry equal marks. Questions may require calculations and discussions; however, all the questions will be compulsory. The first two questions will constitute 55% of the exam, while the remaining three will equally carry 15% of the marks. Question 1 of the ACCA F6 will focus on income tax, with topics ranging from income from employment, investments and property to time limits for filing returns and claims. Question 2 will focus on corporate taxation with aspects like group taxation or overseas taxation being examined. The topics under this question will include taxable income, exemptions, computation of corporate liability and relevant tax brackets. Question 3 of ACCA F6 will focus on chargeable gains for both corporate and personal taxpayers, and will include computations, exemptions and share identification rules. Finally, questions 4 and 5 may cover any of the topics of ACCA F6, including the general topics mentioned in the syllabus above.
Summary.
Although most of the topics and questions have been discussed, it is important to study the whole syllabus in detail, especially the study guides and pilot paper. Students should study the topics thoroughly and practice computations in detail to do well in the ACCA F6. Finally, a good understanding of the business contexts makes it easier to follow the questions in the exam, which will help in performing well in the ACCA F6.
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