Registered AITI Tax Qualification Info and Questions

dashdoll

Hi everyone,

I'm looking into the AITI qualification at the moment and would love any insight or advice.

I don't have a background in business or accounting and am not very strong at maths which would probably not be a good starting point.

Anyway, my background is an undergrad in law, QFA qualified and 2 years legal experience.

I'm wondering about the qualification in general and how difficult the exams would be for someone with my background/experience.

I know that I would be exempt from a law module in the Part 1 exams but I think that is all.

Would be really interested to hear on the following:

-Difficulty level given my background/experience

-How mathematical one needs to be?

-How long qualification would take...I assume or example if taking Part 1, you have to sit all Part 1 exams at that sitting?

-Working...I'm not working at the moment so do people sit these independently/not while working in the area of tax? If I did this, I presume I would be at a huge disadvantage then as I wouldnt have relevant work experience.

Would really appreciate any info at all anyway!

Mr. Incognito

dashdoll wrote: »

Hi everyone,

I'm looking into the AITI qualification at the moment and would love any insight or advice.

I don't have a background in business or accounting and am not very strong at maths which would probably not be a good starting point.

Anyway, my background is an undergrad in law, QFA qualified and 2 years legal experience.

I'm wondering about the qualification in general and how difficult the exams would be for someone with my background/experience.

I know that I would be exempt from a law module in the Part 1 exams but I think that is all.

Would be really interested to hear on the following:

-Difficulty level given my background/experience

-How mathematical one needs to be?

-How long qualification would take...I assume or example if taking Part 1, you have to sit all Part 1 exams at that sitting?

-Working...I'm not working at the moment so do people sit these independently/not while working in the area of tax? If I did this, I presume I would be at a huge disadvantage then as I wouldnt have relevant work experience.

Would really appreciate any info at all anyway!

I have a law background but I trained in the big 4. You would need some numerical ability but the ability to read and interpret legislation is the major skill you need.

With a law background it is possible but without a job working in tax I don't know what point there is in sitting them.

You can go to the tax institutes website and they advertise positions for tax trainees, that would be a more feasible option imo

http://taxinstitute.ie/AboutUs/SupportingMembers/FindaJobService.aspx

dashdoll

Thanks for that...will have a look online.

The trainee salaries seem woeful which is pretty similar to trainee solicitors I guess.

Any ideas on what salary is like for a newly qualified person? Also, would I be limited in the work I could do as I know a lot of people are qualified in both accountacy and tax.

Mr. Incognito wrote: »

I have a law background but I trained in the big 4. You would need some numerical ability but the ability to read and interpret legislation is the major skill you need.

With a law background it is possible but without a job working in tax I don't know what point there is in sitting them.

You can go to the tax institutes website and they advertise positions for tax trainees, that would be a more feasible option imo

http://taxinstitute.ie/AboutUs/SupportingMembers/FindaJobService.aspx

Mr. Incognito

dashdoll wrote: »

Thanks for that...will have a look online.

The trainee salaries seem woeful which is pretty similar to trainee solicitors I guess.

Any ideas on what salary is like for a newly qualified person? Also, would I be limited in the work I could do as I know a lot of people are qualified in both accountacy and tax.

Well what work do you want to do? If it's giving tax advice (consultancy) you will be qualified. If it's preparing tax returns (compliance) you would need to be an accountant also. I worked in compliance for a while. It's brain dead stuff. Hated it.

Trainee solicitors in most places outside the top tier firms are not getting paid, at all. Plus they have to pay 12K in fees and most have no job prospects or security when they get out.

Tax only has 80,000 qualified professionals world-wide. The pay and opportunities are much much better than law and that's speaking as someone who has dual tax and solicitor qualifications. I also found the tax institute to be very helpful. I won't comment on the law society.

A newly qualified tax consultant is probably anywhere from 40-50K depending on where you trained. If you didn't train anywhere and are doing them off your own bat it would be 25-30K starting I would guess.

dashdoll

I would like to get into tax consultancy but I'm just not sure if it is best to be able to do both on a day to day basis when dealing with clients etc.

One of the primary reasons why I'm looking into it as it seems like one of the 'easier' professional qualifications with good prospects to get.

I don't mean to sound rude as I'm sure it's very far from easy but it does seem a little quicker to qualify and less expensive than other routes.

Thanks a mil for the information, really helpful.

I just notice that you mentioned that you are a solicitor also. How did you find the exams in comparison to the standard required for the fe1s?

That would be by only other worry, that I would find the material too difficult. I have sat a few of the fe1s and found it extremely stressful mainly all the learning off that is required!

Mr. Incognito wrote: »

Well what work do you want to do? If it's giving tax advice (consultancy) you will be qualified. If it's preparing tax returns (compliance) you would need to be an accountant also. I worked in compliance for a while. It's brain dead stuff. Hated it.

Trainee solicitors in most places outside the top tier firms are not getting paid, at all. Plus they have to pay 12K in fees and most have no job prospects or security when they get out.

Tax only has 80,000 qualified professionals world-wide. The pay and opportunities are much much better than law and that's speaking as someone who has dual tax and solicitor qualifications. I also found the tax institute to be very helpful. I won't comment on the law society.

A newly qualified tax consultant is probably anywhere from 40-50K depending on where you trained. If you didn't train anywhere and are doing them off your own bat it would be 25-30K starting I would guess.

Mr. Incognito

dashdoll wrote: »

I would like to get into tax consultancy but I'm just not sure if it is best to be able to do both on a day to day basis when dealing with clients etc.

One of the primary reasons why I'm looking into it as it seems like one of the 'easier' professional qualifications with good prospects to get.

I don't mean to sound rude as I'm sure it's very far from easy but it does seem a little quicker to qualify and less expensive than other routes.

Thanks a mil for the information, really helpful.

I just notice that you mentioned that you are a solicitor also. How did you find the exams in comparison to the standard required for the fe1s?

That would be by only other worry, that I would find the material too difficult. I have sat a few of the fe1s and found it extremely stressful mainly all the learning off that is required!

The Fe1s are a cake walk compared to the tax exams. Seriously. I sat five Fe1s, thought they were impossible, sat the tax exams and when I went back to the FE1s they seemed a doddle. I simply learnt every single thing off because that's what I had to do for the tax exams. There is no hope of skipping topics because you don't like them or leaving anything out. It's a skill that you need to learn to be able to apply legislation from source

Everyone sitting them works in tax and most have a masters or another professional qualification and yet the pass rate is only recently crept over 50% for Part threes.

If you think they are an easier option you really haven't done your research. My initial post says that these exams are hard. They are beyond hard.

You have to be able to leaf through thousands of sections and be able to answer a myriad of complicated questions applying different taxes and structures.

If you are doing this because you think it's a good career prospect its not going to be enough to make you study. You need an interest in tax.

dashdoll

Mr. Incognito wrote: »

The Fe1s are a cake walk compared to the tax exams. Seriously. I sat five Fe1s, thought they were impossible, sat the tax exams and when I went back to the FE1s they seemed a doddle. I simply learnt every single thing off because that's what I had to do for the tax exams. There is no hope of skipping topics because you don't like them or leaving anything out. It's a skill that you need to learn to be able to apply legislation from source

Everyone sitting them works in tax and most have a masters or another professional qualification and yet the pass rate is only recently crept over 50% for Part threes.

If you think they are an easier option you really haven't done your research. My initial post says that these exams are hard. They are beyond hard.

You have to be able to leaf through thousands of sections and be able to answer a myriad of complicated questions applying different taxes and structures.

If you are doing this because you think it's a good career prospect its not going to be enough to make you study. You need an interest in tax.

Hi, thanks for the response.

I just want to make clear that I'm under no illusion that these are handy exams. I completely understand the workload that is involved as I know people who have done them.

I didn't intend to sound like that.

Dealerz

Just a few questions mr incognito if you don't mind?

- how much of an Achilles is it that I'm not working directly in tax, I'm an accountant working as a finance manager in public sector who wants to broaden their skills, as there maybe a tax role coming up within my sector? I've volunteered to take these exams on, I must be mad!!

-just sat and passed cgt and was exempt from the other part 1's, I haven't therefore done a professional skills assignment yet- is this "straight forward" (If that's possible!!) but with marks for good reference/advice and interpretation up for grabs? What's the key to getting a good chunk of the 15% available?

- is the key to getting the part 2's, studying ASAP and consistently?

- any other part 2 advice?

Thanks

butterly.john

Dealerz wrote: »

Just a few questions mr incognito if you don't mind?

- how much of an Achilles is it that I'm not working directly in tax, I'm an accountant working as a finance manager in public sector who wants to broaden their skills, as there maybe a tax role coming up within my sector? I've volunteered to take these exams on, I must be mad!!

-just sat and passed cgt and was exempt from the other part 1's, I haven't therefore done a professional skills assignment yet- is this "straight forward" (If that's possible!!) but with marks for good reference/advice and interpretation up for grabs? What's the key to getting a good chunk of the 15% available?

- is the key to getting the part 2's, studying ASAP and consistently?

- any other part 2 advice?

Thanks

I have just sat my part 3, i do not work in tax, Part 2 is manageable, do little bit as you go along. The part 2 assignment is not too bad as it is related to only one tax head where as the part 3 assignment is very tough as it falls under all tax heads and it relates to things that were not covered in class so you have to research it yourself, very time consuming.
My advice is get to grips with the legislation early on as its so important to gain marks in exams. Go over the personal taxes part 1 as topics are important for u at part 2.

good luck

crazylikeme

I think it is not fair to assume you must work in tax to get the best benefit. There are many multinationals who seek qualified AITI people who are also accountants. I work in industry, never trained in practice and I have been repeatedly told that AITI is a major advantage if you want to get Financial controller role or DOF role. Tax is needed anywhere, not just in practice or legal firm. In fact it is most likely you will encounter the Part 3 stuff in large multinational companies rather than in small practice with relatively small clients. + VAT knowledge is always in short supply especially in industry based finance roles.

I am about to delve to Part 3, and having achieved high pass rates in Pass 2 the only advice I have is to start early, regular reading of materials from very early on. The assignment is not to be underestimated, the mark achieved in that can help significantly for the overall result and can be difference between pass and fail. You will only succeed if you do not cut corners and put a lot of effort into it.

True is that you need to have interest in tax otherwise not much point of doing the exams, because they are not easy. I would say easier that accountancy exams, but by no means easy.

Mr. Incognito

Dealerz wrote: »

Just a few questions mr incognito if you don't mind?

- how much of an Achilles is it that I'm not working directly in tax, I'm an accountant working as a finance manager in public sector who wants to broaden their skills, as there maybe a tax role coming up within my sector? I've volunteered to take these exams on, I must be mad!!

-just sat and passed cgt and was exempt from the other part 1's, I haven't therefore done a professional skills assignment yet- is this "straight forward" (If that's possible!!) but with marks for good reference/advice and interpretation up for grabs? What's the key to getting a good chunk of the 15% available?

- is the key to getting the part 2's, studying ASAP and consistently?

- any other part 2 advice?

Thanks

Do the past papers with the legislation.

Only when you are correcting look at the notes and the slides.

Recreates exam and real life conditions and is just a matter of constant practice. After a while you will become intimate with the legislation

Anneb158

RE Dashdoll / Mr Incognito,

Regarding remark that when AITI qualified one is qualified to give tax advice but if wish to do tax returns you need to be an accountant also.

I am AITI qualified, I am NOT an accountant. I do tax returns for small businesses, ie sole traders, ltd co's with turnovers of less than 200k

You do not have to be a qualified accountant to do a tax return or to do accounts (you obviously need to know what you are doing) . I know quite a few AITI who are not accountants and do accounts

butterly.john

Just wondering does anyone know how hard it is to get a job in Tax when your AITI qualified with no experience?

Mr. Incognito

Anneb158 wrote: »

RE Dashdoll / Mr Incognito,

Regarding remark that when AITI qualified one is qualified to give tax advice but if wish to do tax returns you need to be an accountant also.

I am AITI qualified, I am NOT an accountant. I do tax returns for small businesses, ie sole traders, ltd co's with turnovers of less than 200k

You do not have to be a qualified accountant to do a tax return or to do accounts (you obviously need to know what you are doing) . I know quite a few AITI who are not accountants and do accounts

I presume you have an auditor sign off on the annual accounts then?

I have a law background so I wouldn't personally go near accounts.

I think for compliance, especially at a senior level you would need to be an accountant. Mickey mouse tax returns are not going to have cross border/ international / complicated books of accounts or many subsidiaries etc. And that is casting no aspersions on your business model. You probably make a small fortune doing a lot of small ticket returns.

If you are doing tax returns for multinationals you would absolutely need to be an accountant also. It would be dangerous otherwise.

I stick to consultancy these days with tax although my OH is an Auditor.

Anneb158

Accounts must be audited where a Ltd Co reaches a turnover of 8.8 million and have balance sheet assets 4.4m, Small Ltd co's can qualify for audit exemption (there are conditions relating to staff levels, compliance etc), so an accountant/auditor does not need to sign off on them, I am an Accountant Technician and accounting technicians are allowed to bring accountants to end/audit stage and submit to CRO and Revenue if audit exemption applies, obviously sole traders do not need audit/sign off

For a large multi national firm with subs etc, yes you would need to be an accountant if you were doing the final accounts of course

I have only recently started doing acc's/tax for people and I target the small business accounts and any tax advice. There is a good market for it thank god, (There are actually accountancy firms who specialise in non audit accounts also)

I think you could just go on learning forever, I found with the AITI that the more you learnt the more you realised what you did not know, I find with tax advice it is constant research and thinking thinking thinking of the most tax efficient way for a person/business to do something, it really interesting. Would not be all Mickey Mouse stuff haha

Numero

Anneb158 wrote: »

Accounts must be audited where a Ltd Co reaches a turnover of 8.8 million and have balance sheet assets 4.4m, Small Ltd co's can qualify for audit exemption (there are conditions relating to staff levels, compliance etc), so an accountant/auditor does not need to sign off on them, I am an Accountant Technician and accounting technicians are allowed to bring accountants to end/audit stage and submit to CRO and Revenue if audit exemption applies, obviously sole traders do not need audit/sign off

For a large multi national firm with subs etc, yes you would need to be an accountant if you were doing the final accounts of course

I have only recently started doing acc's/tax for people and I target the small business accounts and any tax advice. There is a good market for it thank god, (There are actually accountancy firms who specialise in non audit accounts also)

I think you could just go on learning forever, I found with the AITI that the more you learnt the more you realised what you did not know, I find with tax advice it is constant research and thinking thinking thinking of the most tax efficient way for a person/business to do something, it really interesting. Would not be all Mickey Mouse stuff haha

Completely agree with you Anneb, there is a vast number of companies/businesses that tax advisors can carry out compliance for without being accountants. It's also a little unfair to call it mickey mouse work. Shows a lack of understanding of the importance of the work tbh. Annual compliance work is obviously not as mentally stimulating as tax advice/planning work. However if you are suited to compliance work it can be extremely satisfying and interesting. Oh, not to mention very very financially pleasing!

crazylikeme

anyone struggling with the part 3 assingment at the moment? Stuck on first part... it will be a long one...

Rodger4

Yes. I'm also stuck on first part re: French tax part. I'd be very grateful if somebody could help out on this.

ChartAccount

Is anyone else her doing the part 2 CA?

ireland99

Im also doing the part 3 Assignment so maybe we should bounce a few idea off one another?

coolaboola14

I'm also doing the assignment and finding it difficult. Might be a good thought to share some ideas?

Dealerz

ChartAccount wrote: »

Is anyone else her doing the part 2 CA?

Yep- whatcha think of it?

C Chambers

butterly.john wrote: »

Just wondering does anyone know how hard it is to get a job in Tax when your AITI qualified with no experience?

Hey John
did anyone reply to ur question?
would be interested to know about this as well. Most job adverts expect 3 years experience when u qualify.

crazylikeme

maybe we should pm each other our emails and share off line?

crazylikeme

Questtion: does S626B participation exemption apply to individuals or only to companies? Ie groups? The way I understood it, the S626B does not apply to companies that are held directly by shareholder, am i correct?

walshing

Just getting stuck into the assignment for part 3- LONG! any thoughts from anyone

Just wondering what are people doing with the new legislation books? i have my part 2 one's tabbed really well and dont really want to go tabbing the new ones again or should i?

SligoL

[QUOTE Just wondering what are people doing with the new legislation books? i have my part 2 one's tabbed really well and dont really want to go tabbing the new ones again or should i?[/QUOTE]

Just so you know, you can bring both sets [i.e. PART 2 and PART 3 versions] into the exam, if this helps. I ended up transferring all the tabs to the new version.

Larry Wildman

crazylikeme wrote: »

Questtion: does S626B participation exemption apply to individuals or only to companies? Ie groups? The way I understood it, the S626B does not apply to companies that are held directly by shareholder, am i correct?

It's referred to as the Holding Company Exemption for that reason - It exempts a (holding) company from CGT on a disposal of shares in another company in certain circumstances.

It does not apply to individuals.

walshing

Took the day off to start this part 3 assignment and just wondering is anyone transferring this branch to the French Company through S634? or am i barking up the wrong tree altogether?

It's very complicated and alot of stuff that we dont have done before!

thegohery

I thought you could use s626B?