The answer being £3,816 is calculated based upon VAT taxable turnover. This would therefore be (£26,500 + £5,300) = £31,800 x 12% = £3,816. If you then want to work this back to the standard VAT rate it would be £31,800 / 120 x 20 = £5,300.

@@Willboardman Thank you for your prompt replies. I was pleasantly surprised by the quick response. I was disappointed with my score of 69%, as the questions didn't seem similar to the practice assessments. I believe I needed more time and didn't manage my time well during the test. If I had just 10 more minutes, I am confident I would have passed. One and a half hours are not enough; there are so many questions.

So as an example scenario lets say the output tax was overstated and the input tax was understated then both would result in claiming back VAT from HMRC and therefore you would increase box 4. The figure would be the two errors add together as you'd have overpaid HMRC in terms of output tax and under-claimed from HMRC in input tax, add the two together and you'd get the net amount to add to box 4.

Best of luck with your exam! If you head over to my website www.willboardman.co.uk you’ll be able to purchase a mock from there!

Great to hear you’re doing well, keep pushing forward. Keep applying for jobs too. If setting up by yourself is something you’re interested in have a Google of the 6 figure bookkeeper and have a look at what they have to offer

@@Willboardman, thank you! :) I most certainly will take a look at that. Applying at this stage sometimes seems like a volume game, but 95% of positions require years of experience even at "entry level", and so it's really a treasure hunt disguised as a volume game. 😂

What time in the video does it appear and I’ll check for you.

8:37 thank you

So this is your balance c/d, which is just the figure to balance off the account at the end of the month. The balance b/d would then be on the credit side. The balance b/d is the starting balance on the account at the beginning of the period. So at the start of the next period the 18,504 (balance b/d) would be on the credit side to show the amount owed by the business.

Best of luck with your exam!

@@WillboardmanThank you. I may need it.

If you’ve done A level accounting then yes I’m sure you’d be fine. I do indeed, I’ve used their books. If you use my code “will20” you’ll get 20% off your order too 👍🏻

I’ll definitely be doing them at some point!

That’s correct yes :)!

Another great video! What would we do without you! 😊 Are you planning do a walkthrough for level 4 cash and financial management by any chance? 😊 Thanks!

Yes, so if you go into the life long learning portal - then go to this unit - practice assessments it’s under here. “Reference material for live assessments”

@@Willboardman Cheers

Reduce the property income to zero by offsetting the loss. This would then leave your taxable income as the employment income.

Hi - they’re referring to the same thing :)

@@Willboardman In a mock exam; I got this similar question: A VAT registered business has discovered a non-deliberate error of 11,500 made in its previous VAT return the total of sales excluding any bad included on the current VAT return is 650,000. Question identify the error correction reporting threshold for the business is it: A. 6.500 ✅ B. 10,000 C. 11,500 D. 50,000 It shows answer as 6.500. Rather than 10,000. I selected 10, 000 ❌ which they said was the wrong answer. …what is going on?😕

How strange… I’d have put 10,000 too so couldn’t help you on that one!

@@smoodcruz This could be an international publication. Different thresholds may be applied.

Thank you Julie!

Hi Kelly, I’ve done one on ABC already :). Just search for activity based costing step by step guide and it’ll come up.

Hi! It isn’t no, a bachelors degree is a level 6 qualification :). If you were looking to take your qualifications further I’d recommend completing AAT and then going on to complete a chartered qualification.

It certainly wouldn’t be frowned upon, just make sure you’re comfortable with the level 2 topics before starting level 3 because otherwise you’ll be doing a lot of backtracking!

I just completed AAT level 3, I skipped basic bookkeeping and went straight to advanced level. Level 2 material was available to me on level 3.

Another way is also Apprenticeships 👍 I am currently finishing level 3 by doing option 4 you mentioned via work apprenticeship so I haven’t had to pay for it at all - great option 🙌🏻

I would still do level 2 first but it’s entirely upto you!

Congratulations on passing your exam! Glad to hear the videos have helped too!

Congratulations on passing your exam! Glad to hear the videos have helped too!

Was it hard? Have mine on Friday

@@jrjr516 how did it go bro, i got mine tomorrow