Registered AITI Tax Qualification Info and Questions

Alan Shore

The profit for the year Is based on invoices issued, so includes debtors at year end.

Mr. Incognito

Alan Shore wrote: »

The profit for the year Is based on invoices issued, so includes debtors at year end.

Do you have authority for this? I think I may have it here.

http://www.irishstatutebook.ie/1997/en/act/pub/0039/sec0091.html

Section 91(5) points to the earnings basis.

http://www.revenue.ie/en/practitioner/law/statements-of-practice/sp-it-2-92.pdf

“...the profits or gains of a trade or profession in any period shall be treated as computed by reference to earnings where all credits and liabilities accruing during that period as a consequence of the carrying on of the trade or profession are brought into account in computing those profits or gains for tax purposes, and not otherwise, and “earnings basis” shall be construed accordingly;...”

The earnings basis is obligatory for the first three years of trade.

As I would read that accruing is relevant. Not accrued which would be receipts.

It would seem then to include invoices but after three years you can move to a conventional basis.

chops018

Hi all,

Didn't see this sticky at the top when I posted my other thread..

So, I should have all 8 of my FE1's (professional law society exams to be a solicitor) done come October. However, there doesn't seem to be many apprenticeships going around, let alone paid one's - fees are around 12k for the 2 years in Blackhall.

Anyway, I was thinking of doing this:

http://taxinstitute.ie/CareersandCou...ification.aspx

or the Tax technician one.

Much cheaper than the above, and it's at weekends so I could work during it too. Also you have an international qualification at the end of it.

It says, and I've heard, law grads are good for this kind of thing due to looking at legislation and precedent.

However, I am wondering are the other aspects difficult to grasp?

Plus, would it be worth it? Even if when it's done I got offered an apprenticeship to be a Solicitor would the above still benefit me?

Any thoughts on it at all would be appreciated, thanks!

TL;DR - Have a Masters in Law, and hopefully all the FE1's completed come October. Is it a good idea to do the above course? Is it a good professional qualification to have with being a Solicitor or indeed just to have it by itself?

sky2424

You haven't once mentioned that your actually interested in tax?! In fact, you didnt show any interest in the qualification itself, didn't even comment on the modules, let alone how the qualification would actually benefit your career path. Look sorry to be harsh but these exams are pretty hard- end of. You sound like your drifting in to them for cost/economical reasons- which doesn't exactly bode well.

By all means sit them if you want- but your post doesn't exactly show commitment.. And if there's one thing you need for these exams it's commitment. I suggest you go look at the pass rates.

All the best

chops018

sky2424 wrote: »

You haven't once mentioned that your actually interested in tax?! In fact, you didnt show any interest in the qualification itself, didn't even comment on the modules, let alone how the qualification would actually benefit your career path. Look sorry to be harsh but these exams are pretty hard- end of. You sound like your drifting in to them for cost/economical reasons- which doesn't exactly bode well.

By all means sit them if you want- but your post doesn't exactly show commitment.. And if there's one thing you need for these exams it's commitment. I suggest you go look at the pass rates.

All the best

No that's no problem at all. I don't mind someone being harsh, once they are not insulting.

I do have an interest in it, not a huge one, but I do in the fact it may further my career in law and then I thought it could be used for a different path if I wanted to go down that route solely.

I've a huge interest in Law and I was wondering would such a qualification be attractive to employers and getting a paid apprenticeship - as I see some of the big Tax firms in Dublin are also the same firms that give out the paid Solicitor apprenticeships.

I'd love to get, and do, any qualification that would make me more employable in any aspect of the working world really. Also I love to better myself in doing such courses. And the above doesn't seem as costly, and it there is a qualification at the end of it, and if it lead to my real passion - law, resulting in a paid apprenticeship then I would be delighted.

Look, I know what you mean. Don't take these things lightly, it isn't overly expensive, but it is costly just the same. I will be finished my professional law exams in October hopefully, and I'll have 5 years to get an apprenticeship after that. Would taking from now till this time next year to see what position I'm in etc. be a good idea, and then reassess the above? Instead of fast tracking into it now and realising this time next year it was possibly a waste of money?

sky2424

chops018 wrote: »

No that's no problem at all. I don't mind someone being harsh, once they are not insulting.

I do have an interest in it, not a huge one, but I do in the fact it may further my career in law and then I thought it could be used for a different path if I wanted to go down that route solely.

I've a huge interest in Law and I was wondering would such a qualification be attractive to employers and getting a paid apprenticeship - as I see some of the big Tax firms in Dublin are also the same firms that give out the paid Solicitor apprenticeships.

I'd love to get, and do, any qualification that would make me more employable in any aspect of the working world really. Also I love to better myself in doing such courses. And the above doesn't seem as costly, and it there is a qualification at the end of it, and if it lead to my real passion - law, resulting in a paid apprenticeship then I would be delighted.

Look, I know what you mean. Don't take these things lightly, it isn't overly expensive, but it is costly just the same. I will be finished my professional law exams in October hopefully, and I'll have 5 years to get an apprenticeship after that. Would taking from now till this time next year to see what position I'm in etc. be a good idea, and then reassess the above? Instead of fast tracking into it now and realising this time next year it was possibly a waste of money?

I understand where your coming from and how difficult it is to get into law these days but I'm not convinced signing up for tax exams just now is the way to go.

I've been involved in the recruitment process for an accountancy firm and its very transparent when a candidate doesn't have a genuine interest in the position at hand. This is even more transparent with the ever increasing number of candidates with a legal background applying half heartedly for tax roles. I know when I interviewed candidates, regardless of how impressive a law graduates background was, if the passion for a career in tax wasn't there then they weren't offered a position.

If you have a genuine interest in tax and want to secure a tax role, then yes signing up for the tax exams will most definitely help you.

If your interest lies firstly in law, and you commit to these tax exams, then you run the risk of any future employer doubting your interest in law and wondering if tax is what your more passionate about (given the financial/personal commitment). You could of course omit this from your CV but then this defeats the purpose of signing up in the first place.

Tbh it depends what type of practice you intend on applying to also. I could probably reconcile the benefit of signing up for these exams if your intending on applying for one of the bigger legal firms who offer rotations- that way you can angle it in your interview that whilst you've an interest in both tax and law and look forward to using your tax knowledge in a tax based rotation, your also interested in exploring rotations in litigation etc. And should you get an permanent offer at the end, then just choose a more tradition legal department. In this instance, tax would help you get in the door initially but possibly allow you to practise in a more traditional legal route long term. Of course, this is the ideal scenario and only you know how realistic your chances of this happening are.

Of course smaller legal practises may have exposure to more general work where someone with both legal and tax knowledge would be appreciated. But are many smaller legal practises hiring?

As for applying for accountancy practises, and as above, I can only speak from my experience but if you dont have an interest in tax right now then it might be best to hold off on this route for a while. In any event I'd imagine it'd be a lot more difficult to transition into law long term. But that's not to rule it out completely. And if applying to legal practises isn't proving fruitful, then this route is definitely one to consider. But do not apply until you have a serious understanding of tax and at least some interest.

As an aside, you might also want to have a look at the AITI syllabus- corporation tax, income tax, indirect tax etc. And forget doing the technician course, wouldn't be of much benefit to you in my opinion.

NEWBIEGRL8

Just wondering if anyone is suprised at the marks they were awarded in the April 2013 sitting for Part 2?:(

I know that there is an information meeting in Dublin with ITI if you have queries or are unhappy with recent results, but i'm down the country so its not feasible for me.

Has anyone previously asked for a re-check and got a pass or is it just a money racket?

Thanks

gerrykeegan

NEWBIEGRL8 wrote: »

Just wondering if anyone is suprised at the marks they were awarded in the April 2013 sitting for Part 2?:(

I know that there is an information meeting in Dublin with ITI if you have queries or are unhappy with recent results, but i'm down the country so its not feasible for me.

Has anyone previously asked for a re-check and got a pass or is it just a money racket?

Thanks

I applied last year for three re-checks. No change in the marks at all.

NEWBIEGRL8

Oh no thats not good at all :-( sent it in anyway

dustyrip

Hi

Just checked Part 2 results and the pass rate was 73% for all four papers. Can anyone explain this? It has always been around 50%. Not sure how it can go from a pass rate of 50% to 73%.

I am waiting on Part 3 results in July. I am shocked with the Part 2 results.

ucd.1985

Apparently down to the fact that the ACA tax course has a similarly high pass rate.

April O Neill

Hi,

I'm starting the Professional Diploma in Taxation at DCU in September. On completion it will exempt me from Part 1.

I'm doing volunteering for the few months until the course begins, but also have a fair amount of free time. I'm very new to the area, as my primary degree was in science, and I gave up business studies after first year in secondary school.

I'd love to get started reading now if possible, as it will really be a great help come September, as it's a full-on course and I'll be getting milkround application ready at that time too, as well as working part time. It's hard to access material that explains the tax system comprehensively until I start and have access to books and online material only available to registered students.

I was wondering if anyone has any material they could pass on to me? There lots of info on the revenue website of course, but if anyone has any teaching material that breaks it down better, that would so great!

Thank you!

Nemanrio

Does the government offer assistance in paying fees etc. if you are unemployed?

TaxStudent

Anyone feeling hard done by the ABT result?

LosPrimos

I feel very hard done by!, i got 82% in assignment and felt i attempted all the paper and at the very least deserved to pass. I am thinking of getting recheck

LosPrimos

I have put in for a recheck, probably just throwing my money away, but i cant believe it

LosPrimos

Hey TaxStudent how come you took down you posts re rechecks?

noveltea

Legend100 wrote: »

Don't write yourself off just yet....when I sat them in 2011, I was convinced i was repeating personal, was sure I got no more than 30% but got 50 on the button, positive thoughts!

You were right!!!! Positive thoughts. Got 50 as well, was delighted. Passed them all and looking forward to free weekends come winter. Wooo

April O Neill

I'm starting the Professional Diploma in Taxation in DCU in Sept. At the end, I will have exemptions from Part 1 and part 2 of Part 2.

What does part 2 of Part 2 mean exactly?

I've downloaded the TCA 1997, good lord, it's 1518 pages long. Do I need to read this at this stage? And if so, how do I get to grips with it? I am not well versed in legalese.

Thanks!

scheister

April O Neill wrote: »

I'm starting the Professional Diploma in Taxation in DCU in Sept. At the end, I will have exemptions from Part 1 and part 2 of Part 2.

What does part 2 of Part 2 mean exactly?

I've downloaded the TCA 1997, good lord, it's 1518 pages long. Do I need to read this at this stage? And if so, how do I get to grips with it? I am not well versed in legalese.

Thanks!

with the TCA 1997 you have to be able to reference it when needs be so get an idea of the main sections of it and then have a good idea of them

luckyboy

scheister wrote: »

with the TCA 1997 you have to be able to reference it when needs be so get an idea of the main sections of it and then have a good idea of them

The TCA can be hard to digest at first, but it does get easier if you stick with it. Just don't expect to be able to decipher it all the first time you read it. Revenue publish Notes for Guidance on each section of the TCA which make it a lot easier to understand. The ITI also publishes an annual Tax Summary which is also very good

TaxStudent

anyone gett results of their re-check today? any positive results out there

c.k28

I'm studying for my taxation II exam and I'm just wondering in relation to VAT if someone could explain to me in simple terms what the "use of goods or supplies for exempt purposes" means?

dustyrip

Hi

Is the compulsory question on the Indirect Taxes paper VAT on Property only or can it be anything from the course?

Thanks

dustyrip

c.k28 wrote: »

I'm studying for my taxation II exam and I'm just wondering in relation to VAT if someone could explain to me in simple terms what the "use of goods or supplies for exempt purposes" means?

If its exempt then you can't get any VAT recovery on the good or supply. That's the main issue as far as I am aware!

LosPrimos

dustyrip wrote: »

Hi

Is the compulsory question on the Indirect Taxes paper VAT on Property only or can it be anything from the course?

Thanks

It's on vat on property only

LosPrimos

TaxStudent wrote: »

anyone gett results of their re-check today? any positive results out there

I got advanced business re checked, same result....

TaxStudent

Hi

Anyone go with s.600 relief in part A of Question 3 on the ABT paper Tuesday??? or am i well off the Mark

dustyrip

TaxStudent wrote: »

Hi

Anyone go with s.600 relief in part A of Question 3 on the ABT paper Tuesday??? or am i well off the Mark

I did and a few others that I spoke to after the exam did as well. Transfer of a Business to a company so it must have been Section 600.

For Part B of Question 3 I went with two share for share exchanges. Not sure if this was right though, but I don't think it was a three way party swap.

Szewinska

Hi All

Back to do this tax elective again for chartered after doing part 2s. Fun times. Love my tax.

Hopefully someone can help me on this.

If a company wants to take over another and asks for help in doing so.

what determines if you opt for a share for share or an undertaking 3 party swap. I cant see to see what would sway you one way or the other apart from no clawbacks with 3 party swap.

Has anyone any thoughts or ideas on this.

Cheers