Registered AITI Tax Qualification Info and Questions

walshing

thegohery wrote: »

I thought you could use s626B?

so i used S634 to transfer the branch assets from the Irish company to the new french one and then 626b when we are potentially selling the french one?????:eek:

Uncle Mclovin

I was looking at the same approach re s634 and s626B

I've a few questions also.

Regarding the succession planning part when the options are transfer in 2015 and 2017, are they getting at the fact that Joe will be over 66. ie €3 million cap.

Is this cap a €3 million lifetime threshold? Its hard to pick out in the relevant sections whether it is or not.

Also, with the transfer of shares to children in 2015 do we have to consider this when speaking about transfer of branch to French Co in 2016.

walshing

Uncle Mclovin wrote: »

I was looking at the same approach re s634 and s626B

I've a few questions also.

Regarding the succession planning part when the options are transfer in 2015 and 2017, are they getting at the fact that Joe will be over 66. ie €3 million cap.

Is this cap a €3 million lifetime threshold? Its hard to pick out in the relevant sections whether it is or not.

Also, with the transfer of shares to children in 2015 do we have to consider this when speaking about transfer of branch to French Co in 2016.

It very difficult. Yes, i said the €3m was the lifetime cap.

When transferring the french shares I said that they wont be owned for the required period to qualify for the relief and this needs to be considered?

thegohery

Re the transfer of shares in 2015 and 2017. I think they are getting at the fact that in 2017 Joe will be 66 and therefore the €3m cap kicks in. So wouldn't our advice be for Joe to transfer his 50% share holding in the company to the children now to avoid any CGT. Then Anne leaves her 50% shareholding in her will therefore no CGT arises on that either. The children are still getting the 25% each- just getting it a bit earlier?

walshing

i said transfer joe@s shares now to avoid the cap and suggested Anne become a working director-if they want to avoid the CGT or else leave it in the will

Folski

If you reference what you have used in your file note do you also have to reference that in the footer or is there no need once you have correctly displayed it in the file note or do you need both. As in, for example

The following commentary is relevant:

• Income Tax 2010, (Irish Taxation Institute, 2010) Chapter 26.

is that sufficient or do I have to include a footnote also with the same thing?

Rodger4

PART 3

Does anybody have an idea of which share scheme we might be likely to get in the Part 3 Interim tax exam on Sat 24/01/15??

Many thanks

dance3eye

Hi All,

what is the going rate for tax grinds?

also anyone know of anyone offering group grinds in Dublin?

thanks

Spencer08

PM sent!

Uncle Mclovin

Any one on here do the part 3 interim today? What did you think of it?

How did you approach the transfer of the 3 companies to the holding company? I got very confuse by it even though it looked pretty simple.

Regarding the share scheme I went with the resticted share scheme.

Dealerz

Part 2's

So study leave starts tomorrow, it's probably panic starting to set in, but I was thinking of just attempting 3 and just attending the exam for business tax and attempt it hopefully on its own next sitting.

From my interim results, I have 11% going into personal tax and 10% going into indirect tax.

Have many just attempted 3, did you feel it worked for you, as you could spend more time on the other 3?
Thanks

Anneb158

Hi Dealerz,

I finished Part 3 this time last year, but remember the panic well

Business Tax is actually easier than the others, even if you just go to past papers and see what they ask and practice you will get it, you have plenty of time still, try and pass all four, If you give couple days each and rotate you would be surprised how quickly you get through the material, but as they always told us, Past Papers Past papers Past Papers, they are the key as you will see how questions are formatted, what gets you the marks etc

Just do not panic, it is possible to get all four

walshing

Anyone have any ideas how to structure my study leave to get the most out of it? do the notes and then do the exam papers? havent even opended the book for audit and ethics yet , bit stressed about it!

Rodger4

Same here re Part 3. I'm also stressed out! Have nt even opened the Vat book at all. Does anyone have any tips on what the best Past Questions would be to use to for the Vat??-- as I won't have time to cover much of the vat due to very little study leave.

adrianw

I'd imagine the new VAT rules in relation to the supply of telecommunicatons services is a banker.
There is also always a part question on the last few chapters that very few people read, even though they are only a few pages long.

noveltea

I had very little study leave when I did the part 3s two years ago. I think it was a week in total and then the week off the exam. All I did was questions questions and more questions in an exam style setting and I believe that is why I passed the exams. I structured my time with one subject in morning and another in the afternoon.

haribo12

I am contemplating doing the tax exams part 2 in august , work have paid half the fees, lectures are starting this weekend

What advice would people give me what are they like compared to the accounting exams?


what are the assignements like etc ??

All advise would be greatly appreciated

adrianw

Tax exams are significantly more difficult than accounting exams. I think there are 5,000 CTAs in Ireland. I'd imagine there are at least ten times this amount of accountants. You won't pass with a few days of cramming before the exams.
Home assignments are do-able and it is possible to score very highly, but it is usually due in around the 2nd-5th January. So be prepared for a studious Christmas.
However, they're are extremely interesting and I cannot recommend them enough.

haribo12

you have scared me off them a bit Adrian ha, with alot of hard work could i pass them ?

I always prefered tax to general accounting

I am thinking of doing the summer sitting, with exams in August and the assigment due in June.

Can you offer me any other advice?

Thanks

adrianw

You do bring your legislation into the exam with you, so in theory you do have the answer to every question with you in the exam. It's just a case of knowing how to use it properly.
Plus if you always preferred tax, the study may even be enjoyable.

haribo12

How much study leave would believe is necessary for the part 2's ?

I will have to take same from annual leave.

I presume practice of questions is key ??

Robert T

haribo12 wrote: »

How much study leave would believe is necessary for the part 2's ?

I will have to take same from annual leave.

I presume practice of questions is key ??

I completed Part 2 about 2 years ago. I had no study done in advance (other than prep for the Interim Exam and Project) and got through the exams with 4 days per exam so a little over two weeks. I spent 90% of my time on exam questions and only 10% going through manuals for reporting dates and the losses section which I found difficult.

Each person will have different needs and methods of learning.

haribo12

Petra’s husband Peter has lived in the US all his life. Now that Petra is taking redundancy, he
is considering retiring and moving to Ireland permanently. However, he has purchased a
burial plot in the US and intends to be buried there. Peter is very wealthy and intends to
purchase a country home valued in excess of €5million in Ireland. While he has significant
worldwide income in excess of €10million per year, he does not have any Irish source of
income. He intends to purchase the country home with funds from a “capital account” held in
a US bank. Peter has asked you to outline the Irish tax consequences of his proposed move to
Ireland and whether there are any steps he can take to minimise his Irish tax exposure (e.g. by
transferring the country home to Petra).



Extract from the assignment, would any past cta's be able to give me a dig out on this issue ?? re Domicile

user.name

Hi, I am going into my final year of my undergrad in September which i will be specialising in economics. I want to go into tax and eventually do the AITI exams. Currently hoping to get into a graduate placement next year as a tax trainee, but I was looking at many of their programmes and they require you study for your ACA with them before doing your tax exams. I've never really thought about accountancy. If I wanted to Master in it I've have to do a diploma and all. Just wondering if I am right in want I'm saying or just spinning circles around myself? Thanks

ireland99

How are people getting on at the Part 3 assignment?

haribo12

how are people getting on with the part 2 assignment?? domicile /residency issue

Uncle Mclovin

Any idea what date graduation is this year?

The website isn't very well structured.

crazylikeme

congrats Uncle Mclovin!!! No idea. I thought it was in October sometime. What a relief!!!

dustyrip

Uncle Mclovin wrote: »

Any idea what date graduation is this year?

The website isn't very well structured.

Is it not on towards the end of November? In UCD isn't it?

Horrific exams, glad to finally be through the process.

princess123

I'm sitting the personal tax exam next week - as this is a repeat for me I'm using the old legislation books - there has been quite a lot of changes in the 2014 FA. Can anyone tell me are the changes in the FA 2014 being examined in the exams next year and not in the exam next week?!

Thanks!