New to Expert Pensions?
If you are joining us for the first time, moving on to your next exam or getting ready to nail it then NOW is the time to get ready.
We always recommend that our students revisit previous exam papers and take them under exam conditions. We believe that this is one of the most effective ways of checking your progress and of identifying any gaps in your knowledge.
However, past papers also have a number of other great uses. They give us an insight into what the examiner is thinking, an idea of what might come up in the future and highlight the pitfalls to avoid as we prepare for and sit the exam.
What will I gain?
For example, a study of past AF1 papers tells us that having to perform both an income tax and a capital gains tax calculation in your exam is almost inevitable. For example, in the October 2018 sitting, both of these were included in the very first question of the very first case study.
It also tells us that the examiner likes to test new (or at least relatively new) rules and concepts. Consequently, when they do so, less well-prepared candidates struggle.
In October 2018, it was the marriage allowance, the changes to income tax relief on mortgage interest for rental properties and the foundation amount for the new State pension. That’s why, during our structured study plan, we have a weekly ‘What’s new’ forum post honing in on recent changes. Candidates who had kept themselves up to date would have performed well on these questions.
Another question asked candidates to detail the factors that would be taken into account by HMRC to ascertain whether a client is employed or self-employed. The point to take away here is that this question has been tested several times in the past. Another reason to add past paper reviews to your to-do-list!
In the same paper, candidates were asked to explain briefly the authority granted under a general power of attorney. This appears to be a straightforward question, yet the examiners reported that a number of candidates answered it as if the question had been a ‘lasting power of attorney’. Now we know you need to read all the questions carefully. However, you might want to make a mental note to remind yourself of this when you’re under the pressure of an exam room.
In summary, examiners reported that candidates performed well on calculations. Less well on some of the broader concepts that were tested, e.g. bankruptcy, charitable trusts, residence and domicile.
We do spend a lot of time on AF1 practising calculations, so this is a timely reminder that we also need to ensure we’re comfortable with tax theory as well.
So, to sum up here a whole host of good reasons for reviewing past papers.