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FAE Tax Elective 2014

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135

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    #62
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    Little miss you are a star thank you :)


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    #63
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    Anyone know why in the solution for 2014 mock global holdings indicator 1 they discuss Gs as a branch when it is a sub as has ltd after the name or am i missing something very obvious?please!


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    #64
    Debs23
    Registered Users Posts: 155 ✭✭Debs23


    Hi. I am looking at elective for the first time today! Is there much more in it past core level?
    How would yous recommend approaching it? If heard read through the book then cases or if just cases enough?


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    #65
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    Debs23 wrote: »
    Hi. I am looking at elective for the first time today! Is there much more in it past core level?
    How would yous recommend approaching it? If heard read through the book then cases or if just cases enough?

    Read chapters 2 (International taxes), 9 (Trusts and Estate Planning), 10 (General VAT) and 11 (VAT on property), then hit the exam papers!


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    #66
    Debs23
    Registered Users Posts: 155 ✭✭Debs23


    littlemiss123 wrote: »
    Read chapters 2 (International taxes), 9 (Trusts and Estate Planning), 10 (General VAT) and 11 (VAT on property), then hit the exam papers!

    Thanks. I want to spend as little time on it so i can get back to core!


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    #67
    aca2801
    Registered Users Posts: 56 ✭✭aca2801


    Hey,

    I was just wondering what cases are ye practicing for the tax elective?

    Is it only the following;
    Actual exams for 2011, 2012, 2013
    Mock exams for 2013 & 2014
    Cases in the Elective book.

    I feel there is not as many cases for the elective compared to core.

    Thank you.


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    #68
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    aca2801 wrote: »
    Hey,

    I was just wondering what cases are ye practicing for the tax elective?

    Is it only the following;
    Actual exams for 2011, 2012, 2013
    Mock exams for 2013 & 2014
    Cases in the Elective book.

    I feel there is not as many cases for the elective compared to core.

    Thank you.

    There isn't half as many! I will just be going through the exam papers and the mocks, that should be enough. I've only done one paper so far but apparently they are quite repetitive.


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    #69
    Debs23
    Registered Users Posts: 155 ✭✭Debs23


    Are people doing the papers without the solutions?

    I am just reading the paper, spotting the indicators and highlighting the solution!


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    #70
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    Debs23 wrote: »
    Are people doing the papers without the solutions?

    I am just reading the paper, spotting the indicators and highlighting the solution!

    I read the paper, spot the indicators, jot down a few key points (i.e. what I would/wouldn't discuss) and then go through the solution.


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    #71
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    Anyone else struggling with VAT on property?


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    #72
    Debs23
    Registered Users Posts: 155 ✭✭Debs23


    Does anyone know where the goodwill figure if £597 comes from in the 2013 sims 3 case?


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    #73
    Debs23
    Registered Users Posts: 155 ✭✭Debs23


    I figured it out :)


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    #74
    Kate26
    Registered Users Posts: 4 ✭Kate26


    Hi,

    I am trying to find the mock 10, 11, 12 and 13 papers. Anyone know where I would find them?

    Thanks


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    #75
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    Kate26 wrote: »
    Hi,

    I am trying to find the mock 10, 11, 12 and 13 papers. Anyone know where I would find them?

    Thanks

    I think only mock 2013 is uploaded on the site. I attached the paper and solution below.


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    #76
    PhilipLuke
    Registered Users Posts: 380 ✭✭PhilipLuke


    How are people ixed for tax?


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    #77
    Kate26
    Registered Users Posts: 4 ✭Kate26


    littlemiss123 wrote: »
    I think only mock 2013 is uploaded on the site. I attached the paper and solution below.

    Thanks a million.


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    #78
    PhilipLuke
    Registered Users Posts: 380 ✭✭PhilipLuke


    PhilipLuke wrote: »
    How are people ixed for tax?

    Fixed for tax?


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    #79
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    PhilipLuke wrote: »
    How are people ixed for tax?

    Very worried about VAT on property in particular. Bit worried about VAT in general, and also international credits.


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    #80
    PhilipLuke
    Registered Users Posts: 380 ✭✭PhilipLuke


    littlemiss123 wrote: »
    Very worried about VAT on property in particular. Bit worried about VAT in general, and also international credits.

    Just did the 2012 exam, much harder than 2011 and the cases in the book. I hope that is not a trend


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    #81
    maninblack
    Registered Users Posts: 337 ✭✭maninblack


    I'm hoping to scrape by on VAT and nail down the C's elsewhere. VAT on property in particular is pretty heavy duty


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    #82
    PhilipLuke
    Registered Users Posts: 380 ✭✭PhilipLuke


    Judging by the Examiners comments in previous years reports it seems that a lot of the indicators in tax are very poorly answered!!

    Kinda gives you hope that the standard to achieve pass shouldn't be that high


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    #83
    Dreaming of sunshine
    Registered Users Posts: 35 ✭Dreaming of sunshine


    Fair to say I've definitely left the elective slide....have gone through the full book a few weeks ago and have a folder ready but haven't made much progress re papers. Hope I can pull it out of the bag on the day.


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    #84
    maninblack
    Registered Users Posts: 337 ✭✭maninblack


    How are people approaching the reading/planning etc?

    Best to go through each sim and plan everything first?

    or go through it sim by sim? plan sim 1, do sim 1, then move onto sim 2 etc?


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    #85
    PhilipLuke
    Registered Users Posts: 380 ✭✭PhilipLuke


    Dreaming of sunshine wrote: »
    Fair to say I've definitely left the elective slide....have gone through the full book a few weeks ago and have a folder ready but haven't made much progress re papers. Hope I can pull it out of the bag on the day.

    I had been doing a lot of elective earlier, left it and ignored it for a few weeks while concentrating on core and attempted a question the other day and was lost. Have spent the last few days getting back up to speed!


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    #86
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    Regarding whether to tax dividends at 25% or 12.5%, part of the conditions is that the subsidiary carries on a 'trade' and that the dividend is paid out of 'trading' profits.

    Does anyone have a definition of what constitutes a 'trade'?

    I am doing case study 3 at the back of the elective book and the dividends paid from Germany Ltd - an "R&D subsidiary" are taxed at 12.5% intially. I would have thought that an R&D subsidiary wouldn't have classed as a trade. (Granted the solution goes on to tax them at 25% anyway for the purposes of pooling the relief).


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    #87
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    Anyone done the 2011 elective paper? In the final question, why can the US losses not be relieved to the Irish parent? I know they are outside the EU but I thought you could because it was a double tax treaty country?


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    #88
    aca2801
    Registered Users Posts: 56 ✭✭aca2801


    littlemiss123 wrote: »
    Anyone done the 2011 elective paper? In the final question, why can the US losses not be relieved to the Irish parent? I know they are outside the EU but I thought you could because it was a double tax treaty country?

    Because it is hoped the US Subsidiary will return to profitability. Ref Mark & Spencers Case


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    #89
    littlemiss123
    Registered Users Posts: 452 ✭✭littlemiss123


    aca2801 wrote: »
    Because it is hoped the US Subsidiary will return to profitability. Ref Mark & Spencers Case

    Ah ok! Think it was the way I read the solution! Thanks for clarifying! Was fairly confident with tax until I tried the 2011 paper, anyone else thing that was a tough paper?


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    #90
    aca2801
    Registered Users Posts: 56 ✭✭aca2801


    littlemiss123 wrote: »
    Ah ok! Think it was the way I read the solution! Thanks for clarifying! Was fairly confident with tax until I tried the 2011 paper, anyone else thing that was a tough paper?

    yeah i thought that sim in particular was difficult. hope we get a fairly ok paper next week!


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    #91
    Cagney87
    Registered Users Posts: 37 ✭Cagney87


    ya 2011 was very tough, that pooling of dividends q was so vague! hope it wont be like that anyway!


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