Registered AITI Tax Qualification Info and Questions

eomahoney2000

Robert T wrote: »

I don't think section 202 applies, this only applies to companies who applied for a certificate before 2004 I think. Anybody think that sacrifice is relevant?

I saw that as well.. it is so stupid to still have that in the legislation then.. are you just saying its taxable so

eomahoney2000

eomahoney2000 wrote: »

I saw that as well.. it is so stupid to still have that in the legislation then.. are you just saying its taxable so

I also ment to ask in relation to Tim Howard are people just talking about the restrictive covenant or are you also mentioning the voluntary redundancy ???

Robert T

For Tim I'm just going into the restrictive covenant and ignoring the voluntary redundancy, it'd be an abstract explanation of voluntary redundancy if I did go into it as we weren't given any facts for it so I don't see the point.

Yea for the reduction in salary I'm thinking there could be a salary sacrifice issue.

eomahoney2000

Robert T wrote: »

For Tim I'm just going into the restrictive covenant and ignoring the voluntary redundancy, it'd be an abstract explanation of voluntary redundancy if I did go into it as we weren't given any facts for it so I don't see the point.

Yea for the reduction in salary I'm thinking there could be a salary sacrifice issue.

Have you decided what you will do with the lump sum payments and also the free shares to the employees??

Patdusty2010

Hi,

Are people taxing the Range Rover that will be given to Tim at 30% of the OMV?

I know its a restrictive covenant to Tim, but I am unsure if I am going down the right direction with this(and a good bit more of this assignmet!).

Thanks

noveltea

Re the Range Rover: I was only going to cover the restrictive covenant item.
I am of the understanding that the 30% of the OMV is to do with him being employed and having private use of the company car whereas he will no longer be an employee and he is getting the company car because he can not work any where else.

On another note, this assignment is taking ages. I did not know there would be sooooooooooooooooooooooooo much work in it. I am still on the file note.

heffelump

Is anyone else struggling with the part 3 assignment?

headache24

heffelump wrote: »

Is anyone else struggling with the part 3 assignment?

yep, getting nowhere yet... someone please HELP!!

garytm

does anybody know how do we calculate the base cost for the sale of the welly business assets??

Patdusty2010

Hi,

Are people discussing scrip dividends in relation to the free shares given to the employees? I am not sure if they are scrip dividends or not.

garytm

PART 3 ASSIGNMENT:

I am a bit confused re the base cost on the sale of the welly business. If capital allowances had previously been claimed on the assets then they might be fully written down and in that case there would be a large balancing charge???

Do anybody know of any CGT relief on the sale of the assets apart from the use of the Capital loss? The Q. says they are not asking for any alternative company structure, are they basically saying that the business is to be sold as assets and not shares? It would just seem a lot more befeficial if the business was sold as shares as they could avail of S626b relief?

eomahoney2000

Patdusty2010 wrote: »

Hi,

Are people discussing scrip dividends in relation to the free shares given to the employees? I am not sure if they are scrip dividends or not.

Hi i am saying that the free shares are a benefit therefore they are liable to paye, prsi and usc. i dont know if this is correct. so sick of this cast study

Gary7

Part 3:

Did anybody else have an issue with uploading to Turnitin on IE9?

Whats the consensus on the assigment - seemed tricky?

Blooming

Gary7 wrote: »

Part 3:

Did anybody else have an issue with uploading to Turnitin on IE9?

Whats the consensus on the assigment - seemed tricky?

Definitely felt like my assignment was too basic and missing points the examiner was looking for.

To be honest it has made me seriously panic for exam on 28th, never mind May

DUBACC

Well that was nearly a total disaster! Emailed the half finished assignment to myself yesterday morning in work to complete and i did just that. Finished it off from my notes made over the past couple of weeks, re-read it and was feeling very smug........until the laptop crashed and i lost the entire thing! :eek:

Cue panic! After numerous phone calls to IT mates, i suddenly realised i had to re-do the whole thing. Lucky i had the notes. Re-started it at 7pm and got it uploaded last night at 11.50pm! Phew! Not as polished as the original but at least it's in.

Blooming

Have to say I am seriously contemplating postponing my Part 3 exams til August. Am I mad???

Having a mild panic attack now that we are in 2012, can't see how I'll cover everything by May. Don't get much study leave and thinking maybe the extra 3 months would really help me. Think the home assignment knocked last bit of confidence out of me.

On the other hand I have often heard that people who postpone their exams tend not to study during the summer months and it is great to get them over with.

Anyone else thinking of doing this?

Gandalph

Im doing business in college and have choose to sit taxation with the rest of the final year accounting and finance. From the looks of the OP I am obviously doing the 1st sittings. Basically my revision pack for the exams contains corporation tax, income tax, CGT, VAT & theory.

I am wondering were is the best place to try and study the basics of these? I have tried looking on revenue.ie but with no success have I come across anything that explains it from the start. My notes are done in powerpoint form so they are no use to me. Things I struggle most with are all the different schedules and cases & a vast amount of different rules implemented in tax. Cheers guys

galdon

Hi All,

Quick favour to ask. I was wondering if it would be possible for anyone to private mail me the timetable of the second year lectures in Cork?! Not quite sure how this whole thing works, but know someone who passed the first year of exams last year, and has now started their second year at lectures in Cork and wanted to get their timetable so I know what dates they are free (help plan a surprise for later in the year!!!)

Thanks

headin2kilkenny

Hi,

Just checking if anyone knows if there are guidelines from the Institute on study leave? Can't find it in the syllabus.

Thanks!

coco1001

Does anyone know what is examinable for the interim exam for part 3? My understanding is that it is the first three chapters of the manual. I noted on the past papers that there are questions on pensions and other topics too and just wondering if we are expected to know this.

soft landing

coco1001 wrote: »

Does anyone know what is examinable for the interim exam for part 3? My understanding is that it is the first three chapters of the manual. I noted on the past papers that there are questions on pensions and other topics too and just wondering if we are expected to know this.

The first 3 lectures as per teaching plans on the Institute are examinable. Chapters 1-3. No pensions as they were in lecture 4. I presume they can throw in a bit of part 1/part 2 aswell but the main issues should be from chapters 1-3.

Vivagora

Blooming wrote: »

Have to say I am seriously contemplating postponing my Part 3 exams til August. Am I mad???

Having a mild panic attack now that we are in 2012, can't see how I'll cover everything by May. Don't get much study leave and thinking maybe the extra 3 months would really help me. Think the home assignment knocked last bit of confidence out of me.

On the other hand I have often heard that people who postpone their exams tend not to study during the summer months and it is great to get them over with.

Anyone else thinking of doing this?

God no! Take it from someone who did a 4 year degree and wished every year to postpone exams til August then last year i had a theses to do during the summer months and it was painful to say the least! Id much rather study in February/March/April than in June/July/august when everyone is on hold and there may be nice weather?! the only thing is work would be quieter in July/August but I'd still get lazy! Keep going you've got this far!

Patdusty2010

Hi,

I am just wondering how everyone's study is going?

The teaching Plan for the first three lectures is Chapter's 1-8..which seems like an awful lot for a 15% exam!

I am focusing on exam papers and only taking some notes from the manual, as I find the manual a bit confusing in places...

Ruby2.0

I am pretty sure that the institute do not give guidelines on study leave.

santino

Since the exam in January the study has kind of taken a back seat. I made a study plan on Monday because I need to knuckle down and need a focus because I think it's 8 and a bit weeks to the big day.

How is everyone finding the study?
This is my own progress to date:

Capital Taxes--Fairly Ok (it's my favourite part of the course and I have a good few exam papers gone through)

Business Taxes--ok. Studied the first 8 chapters for the exam pretty well but haven't looked at it since

Personal Taxes: 50/50. Have the first 7 or 8 chapters gone through but a big effort is needed here. A few exam papers gone through but as a girl said in class it's confusing as the Income Levy is now gone and the USC is in place

Indirect Taxes: Hardly touched. I know some of the basics and have a good bit of the legislation gone through and tagged (does that count as study ha). Gone through the Autumn 2011 exam paper

Stamp Duty: Started it at the weekend but I got bogged down in the middle of the 2nd chapter. I always thought SD was fairly straight forward but beginning to worry slightly about it now. How do people find SD in general.

Thanks

coco1001

Hi

It's been a while since I did my Part 2's so I'm wondering how much focus I need to put on revising the Part 2 material. It seems to be a big part of the Advanced Personal Taxes so I'm worried about having enough time to revise all of the Part 2 stuff as well.

What's everyone's approach on this? Should I focus on the Part 3 material first and then if I get time go back over some Part 2 stuff?

Any ideas / thoughts appreciated!

ramacc

coco1001 wrote: »

Hi

It's been a while since I did my Part 2's so I'm wondering how much focus I need to put on revising the Part 2 material. It seems to be a big part of the Advanced Personal Taxes so I'm worried about having enough time to revise all of the Part 2 stuff as well.

What's everyone's approach on this? Should I focus on the Part 3 material first and then if I get time go back over some Part 2 stuff?

Any ideas / thoughts appreciated!

Hey coco I reckon do the pre reading which covers off part 2 stuff I am repeating per tax for the third time and I seems to be working

noveltea

How exactly do you go about study for the part 2? Would you read the books first, then tab the ledge and then the past exam questions or should I do more exam questions and look up the books for the answers and then make an attempt?

santino

noveltea wrote: »

How exactly do you go about study for the part 2? Would you read the books first, then tab the ledge and then the past exam questions or should I do more exam questions and look up the books for the answers and then make an attempt?

I suppose it depends on what you're most comfortable doing / how much time you have.

Personally, I'm reading the notes, tagging the legis. as I'm going along and doing the odd question if there's a reference to it in the notes/slides

dustyrip

Hi,

What time did the results come out at? I am having trouble with the taxireland website trying to get my results.