Posted by The Team at Brand Financial Training on February 11, 2020 in Newsletter
11 February 2020
For quite some time now, the team have been working hard on developing an alternative to the CII’s R03 Personal Taxation study text. Using your feedback and our own experiences, we have developed what we believe is a much more user-friendly colour text, with tables, diagrams, illustrations and detailed yet clear, concise explanations incorporating ‘how it works’ guides, jargon busters, sample exam questions and ‘check it again’ questions. We offered the study text for a short period last year, and due to its success we are now offering it permanently, but it comes with a 10% discount until 14th February. See the ‘Out Now’ section below for more details.
We are also now looking at potential new resources to help you with your exams. Do reply to this email if there is anything in particular you would find useful during your studies. We always appreciate your feedback!
The Team at Brand Financial Training
Late Submission of Your Tax Self-Assessment: A Costly Mistake
If you’re someone who missed the 31st January deadline for tax self-assessment, it could be painful for you financially. The following outlines the penalties that will be imposed on you if you delay submitting your assessment any further. This article is relevant to takers of the CII AF1, AF5, CF1, R01, R03, R04, and R06 exams.
So January, the longest month of the year (!) is finally over and with it the deadline for completing self-assessment on time for the tax year 2018/19.
According to HMRC, 750,000 taxpayers missed the deadline last year, and some recent reports suggest that this year, the figure is closer to 1m. So, what are the consequences for those who have just missed this year’s deadline?
The Consequences of Missing the Deadline
The first thing that happens is a £100 fine. If a tax return is not submitted within the next 3 months, a £10 daily penalty is charged for a maximum of 90 days – that’s potentially another £900 on top of the fine. Even if the taxpayer doesn’t actually owe any tax, these fines still apply. If the return still doesn’t appear 6 months later, there’s a further penalty of either £300 or 5% of the outstanding amount of tax, whichever is the higher. Same again happens if the tax return is more than 12 months late.
As for the tax payment itself, interest is automatically charged on late and underpayments. Penalties are also charged if tax remains unpaid after certain time periods after the balancing payment is due on the 31st January – so for 2018/19, a 5% penalty will be charged in March 2020, again in August 2020 and again by February 2021 if the tax still remains unpaid by then. These penalties are all on top of the interest.
Interest is also levied if a claim is made for a reduction in payments on account which later turn out to be unjustified, and penalties are also incurred for failing to keep records and documents that are needed in order to fill in a tax return.
Especially when exams are looming and you start to feel the pressure, it can be tempting to spend every possible hour hitting the books (or screen). But there’s a growing belief that this kind of intensive cramming is less effective than targeted, briefer bursts of effort.
The notion that the more hours you spend, the better the end result is a seductive one. But could this be yet another area of our lives where less is actually more?
As with most work, revision isn’t just about how long you spend chained to a desk, although of course, you do need to put the hours in – more often, it’s about the quality and effectiveness of your study process.
The need to manage learning has grown in importance in recent years with the increase in the number of opportunities for people to study outside formal classroom environments. It’s something that can potentially be misjudged or mismanaged if you are not careful, as backed up in research by Bjork, Dunlosky and Kornell from 2012.
The Right Revision Techniques
So, essentially, it’s not just about the hours you graft, but what you do with them. As well as spending quality time on your revision with full concentration, you need to ensure you adopt the most appropriate study method for you.
You could certainly put in the hours on these less efficient study techniques, but that may not get you the results you need. Actively self-testing and quizzing yourself, making revision notes rather than just rereading, plus writing and using flashcards are likely to be far more helpful in the long term in terms of retaining information.
Brand New R03 Study Text – Now Permanently Available – 10% off until 14th February
If you’re preparing to sit the R03 exam and you’re wanting a study text that explains things clearly and concisely in a friendly manner, this is for you!
As a much needed alternative to the CII’s text, our user-friendly, colour study text:
Covers the learning outcomes and the exam syllabus with tables, diagrams, illustrations and detailed yet clear, concise explanations
Incorporates ‘how it works’ guides, jargon busters, sample exam questions and ‘check it again’ questions to test your knowledge throughout
Is a wiro-bound (no more struggling to keep your study text open at the right page!), colour printed study text which will be posted to you within 5 business days (this is not a downloadable PDF and is available for delivery within the UK only)
Uses white space to ensure each page is easy to read with room for writing your own notes
As a special launch offer, we are offering the study text with a 10% discount. Simply use coupon code STUDYTEXTLAUNCH (all one word) at the checkout for a 10% discount until close of business on Friday 14 February 2020. You can purchase the study text here.
Adviser Assessment Testing
Adviser testing can form an important part of an individual’s CPD; it can provide evidence of current technical knowledge and work needed; it can evaluate the knowledge of potential recruits.
Time restrictions, capacity, and cost can mean it is difficult for firms to offer adviser testing, but our Assessment Testing papers are designed to offer companies an ‘off-the-shelf’, flexible solution.
Our modular assessment tests, which consist of five tests that can be used standalone or together, offer the flexibility to spread the tests over the year if required and can be tailored for individuals specialising in certain areas.
Each test includes 20 multiple-choice questions and answers. They are:
Regulation and Ethics
Pensions and Retirement
During February, we are offering a 50% discount for bulk orders. To request a quotation or for further details, please go to our website:
Available for AF1, AF2, AF4, AF7, CF1, CF6, CF8, ER1, FA1-2, IF1-5, J02, J03, J05, J07, J10-12, LP2, R01-5, and R07
...“I passed my exams 1st time after buying the 3 mock exam packs. They are very relevant and gave me that extra confidence in taking the exam. Thank you Brand 🙂 The service is excellent as well I might add.’...
Passing your CII exam isn’t only about having the necessary knowledge and understanding, it’s about being able to apply that knowledge in an exam setting exactly as needed and in a timely manner. It is essential that you practise multiple exam papers to ensure that you know exactly how to apply your knowledge. Too many people fail due to a lack of exam practice, even if their knowledge is good.
Our mock exam question papers ensure you get the practice you need to achieve exam success. Couple them with other resources in our study kits and you’ll be well prepared for your exam.
All answers include cross references to the relevant CII study text
All questions and answers are kept up-to-date to reflect changes to the exam syllabus and tax year
Written for essential exam practice, but are not duplicates of the CII’s mock papers
Download them instantly in PDF format and print as required
30-day money-back guarantee
Why not try before you buy? Download one of our free tasters:
There’s such a variety of information on offer to help you as you tackle your CII exams, that you won’t want to miss a single post. We’ve made it easy for you; just click the button below and enter your email details. Be ‘in the know’ with CII-exam-related tips and info – straight to your inbox!
Quote of the Month
..." Don't give up what you want most, for what you want now. "...
"5 Questions in 5 Minutes Every Friday"
This is a bit of Friday Fun where we provide you with 5 questions (and answers) relevant to a mix of CII exams. The challenge is for you to answer the questions in 5 minutes.
Where do I find the Friday Five?
We post each week's Friday Five to our blog first thing every Friday. You can either visit our blog every Friday at https://brandft.co.uk/blog/ or you can simply go there now, and click on the subscribe button in the top right-hand corner of the blog and sign up to receive notifications of our Friday Five posts.
Note that we don't email the Friday Five out to everybody every Friday, so we recommend you sign up to our blog at https://brandft.co.uk/blog/ so that you receive an email notification when it is posted. It will only take you a minute to sign up.
A bit of Friday Fun, but with the added benefit of testing your exam knowledge!
Here’s a reminder that the CII update their study texts throughout the examinable year to either incorporate new legislations, correct errors or clarify information. Many candidates aren’t aware of this, which can result in candidates studying out-of-date information.
To find out if you have the most up-to-date information, visit the CII website, navigate to your chosen exam and click on ‘learning solutions update’ in the ‘Unit updates’ section in the sidebar.
Note that we keep our resources up-to-date with any updates from the CII.