FAE Tax Elective 2014

littlemiss123

Might as well start this up for those taking the tax elective in september.

aca2801

How r people approaching de study for elective? Mainly book and updated past papers. Feel like i got a mountain to climb in dis!

littlemiss123

aca2801 wrote: »

How r people approaching de study for elective? Mainly book and updated past papers. Feel like i got a mountain to climb in dis!

I'm just gonna study the book chapter by chapter, it worked for me at CAP2 so hoping it'll work again this year!

I do think though that what we have to learn for the elective, over what we have to learn for the core isn't a massive amount more, so I hope that will work in our favour!

maninblack

I had a nightmare in the mocks, left after 2 hours, couldn't really do any of it.

Although, hadn't even opened the elective book until the night before.

I think if you work through the book (you'd easily bang out 1-2 chapters a day) then do the cases you'll be good!

lydia123

Great cases in Chapter 12 of the elective book - my friend swore by covering all them, I think the solutions are up on the institute website or else can be gotten from lecturer. I find practice questions the best way to study tax and building up a technical knowldge on the way. Like adding on bits to notes as you go through solutions after doing the questions. Things to watch out for etc.

PhilipLuke

Cases, Cases and more cases its the only way, learn from your mistakes and don't repeat them!! Bit by bit all the rules will come together

Kate26

Hi,

I am repeating the tax elective this year. I am not doing the revision course, so I couldn't sit the mocks.

I was wonder would anyone please be able to post the paper on this? And just wondering how people found it?

Thanks, I really appreciate the help.

lydia123

Kate26 wrote: »

Hi,

I am repeating the tax elective this year. I am not doing the revision course, so I couldn't sit the mocks.

I was wonder would anyone please be able to post the paper on this? And just wondering how people found it?

Thanks, I really appreciate the help.

Hi, the mock papers are actually up on the website - have you got access?

autumnbelle

I think mock papers are up on the site? If you can't find it I will post it later. So lost with tax no Idea where to start

Kate26

Thanks a million for getting back to me.

That's brilliant I never thought to look on the website!

I am planning just to do papers, even though there doesn't seem to be a lot of them. I think I left it too late starting my tax papers last year.

Thanks again.

lydia123

I'm not able to attach anything here.. But if you go into the students section of the site, there is a link on the noticeboard to "FAE 2014 Mock Papers and Solutions" (no solutions up yet!)

Very Nearly There

Were Taxes Acts (FA 2013) provided this year???

If so, anyone prepared to swap Taxes Acts for 3 hour grind from VERY experienced FAE Tax Elective tutor!!!!

VAT on Property made easy!!!
International issues
Trusts!!!

First come first served!!!!

myshirt

For you tax heads... is it 50 or 75% of an employees activities that have to be R&D activities, so that you can give them some R&D tax credit (to use against their income).

And what is the effective tax rate under which you can't go... 23%?

aca2801

is de mock lecture (session 10) for tax on at 09.30 wed or is it wed evening? Sorry I cant access the CAI website. thanks

autumnbelle

Could someone please tell me in case 2 at the back of the book where they are getting 69 and 100 from in the line regress up at lower rate I can't get where the 69 is coming from at all

pertair

autumnbelle wrote: »

Could someone please tell me in case 2 at the back of the book where they are getting 69 and 100 from in the line regress up at lower rate I can't get where the 69 is coming from at all

I persume 69 is a typo and should be 67.5
If it was regrossd up at the lower of the irish or foreign rate then 60 + 12.5% gives 67.5
The 100 proberly should be 99 as the lower rate is the forign rate of 10% and as the net received is 90 then the gross should be 99

I have a question reguarding the 2 tax books we have. One is for the core while the other is for the elective. Does that mean when we sit the elective tax exam we dont need to study the core tax book for that exam as we will only be assessed on the tax elective book for the tax elective exam. Therefore we could leave the tax core book at home when sitting the tax elective exam?

littlemiss123

pertair wrote: »

I persume 69 is a typo and should be 67.5
If it was regrossd up at the lower of the irish or foreign rate then 60 + 12.5% gives 67.5
The 100 proberly should be 99 as the lower rate is the forign rate of 10% and as the net received is 90 then the gross should be 99

I have a question reguarding the 2 tax books we have. One is for the core while the other is for the elective. Does that mean when we sit the elective tax exam we dont need to study the core tax book for that exam as we will only be assessed on the tax elective book for the tax elective exam. Therefore we could leave the tax core book at home when sitting the tax elective exam?

I will definitely be bringing my core book into the elective exam anyway! The elective is merely an extension of everything we are expected to know for the core and from CAP 1 and CAP 2. So I will be bringing in last year's material too! There is a lot of overlap though between the core and elective books.

GraGra90

littlemiss123 wrote: »

I will definitely be bringing my core book into the elective exam anyway! The elective is merely an extension of everything we are expected to know for the core and from CAP 1 and CAP 2. So I will be bringing in last year's material too! There is a lot of overlap though between the core and elective books.

Quoting the competency statement for the tax elective "The cumulative principle still applies in relation to CAP1 and CAP2. However, the inclusion of Topic 4 - Interaction of Taxes means that material arising under FAE Core - Corporate and Individual Tax Planning may be examined as a key part of a case study in this elective."

Have a good read of the competency statement ASAP - e.g. I read it the day before the mocks, hadn't realised the Ireland - UK Tax Treaty is examinable in full.

autumnbelle

Only topic 4 from comp? Wish competency statement was clearer

ASOT2012

Hi guys, I'm not doing the tax elective but I thought this might be the best place for this question. In the Cheezit Sim, there is a tax indicator where you are advising the client on possibly getting an investor on board to generate funds and you need to talk about about the tax implications. They talk about EIIS and R&D credits but there is no mention of CGT. Would this not be considered to be selling/disposing of shares to a potential investor and therefore trigger a CGT liability to the company?

Glas134

Hi just wondering did anybody go to the taxgrinds.ie elective revision course? - wondering did they find it any good? - I went to the CGS one on saturday and sunday but was very disappointed?

lydia123

I sent a strongly worded email to CGS! Hoping to get a copy of last years CGS notes by Mel Kilkenny apparently they were brilliant.

aca2801

lydia123 wrote: »

I sent a strongly worded email to CGS! Hoping to get a copy of last years CGS notes by Mel Kilkenny apparently they were brilliant.

Yes I heard they were briliant, will you let me know how you get on with their response? Did you go to the core cgs?

FAE14

aca2801 wrote: »

Yes I heard they were briliant, will you let me know how you get on with their response? Did you go to the core cgs?

I went to the CORE CGS and it was Terrible !

The notes were CRAP !!!

Glas134

FAE14 wrote: »

I went to the CORE CGS and it was Terrible !

The notes were CRAP !!!

I agree...they weren't up to the usual CGS standard anyway- that's why I was wondering did anybody to the tax grinds.ie ones as I see the course was booked out over the weekend!!

autumnbelle

Did you get the notes. I was so diSappointed with it

autumnbelle

Anyone hear back from cgs?

lydia123

I for an email back but not much to it I'm afraid.. Just an apology that it wasn't up to the standard of other cgs classes. I wrote back and said that it didn't even resemble a revision course, let alone reach any standard.

pen101

Hi - were the tax course at CGS really that bad?Would it be worth trying to get a copy of the notes, any tips given

Frantic FAE

Hi there

I think I've bitten off more than I can chew with the Tax Elective.

Did anyone get any hints over the weekend about what might come up?

Frantic FAE

Me again!

Any tips on the indicators?

Frantic FAE

Finally...

How would you go about getting those tax notes? Can you just contact CGS and buy them without having done the course?

Thanks a million for any help and advice.

autumnbelle

Don't get them

autumnbelle

lydia123 wrote: »

I for an email back but not much to it I'm afraid.. Just an apology that it wasn't up to the standard of other cgs classes. I wrote back and said that it didn't even resemble a revision course, let alone reach any standard.

I didn't get an email back

lydia123

autumnbelle wrote: »

I didn't get an email back

I emailed them on Saturday when I got home and I got a response Monday late afternoon. I responded straight away but heard nothing since. I would hope they are trying to figure out what to do with all the complaints!

autumnbelle

They should do up better notes or rehold a class but probably won't happen

autumnbelle

Do we need the tax acts book for the elective? Sorting notes here and still haven't opened that book

PhilipLuke

I don't think you do!! I think the only way to tackle tax is read the book and do questions and more questions, you would imagine it wouldn't be too hard get competent as a lot of the stuff is very repetitive

Debs23

I haven't looked at the elective yet! How long are people giving to cover the material and do cases?

maninblack

Whoever said they were thinking of PAYING for the CGS notes....

DO NOT WASTE YOUR MONEY!

Worst "grind" I've ever done in my life

Work through the book, it took me about a week in all but I was going through it forensically. It could easily be done in 3/4 days if you get the head down!

autumnbelle

Anyone hear back yet from CGS

paperback24

Does anyone know if CGS is rerunning the tax course again?

Either that or a refund!

lydia123

Haven't heard anything back since Monday. Sunk cost I'd say :-)

paperback24

lydia123 wrote: »

Haven't heard anything back since Monday. Sunk cost I'd say :-)

Thought as much!

Thanks anyway.

autumnbelle

I haven't heard back either very disappointing seeing as I'll be paying back the cost of them the next few months

paperback24

autumnbelle wrote: »

I haven't heard back either very disappointing seeing as I'll be paying back the cost of them the next few months

I'm going to have to pay for private grinds or another course - I did this course because I needed help with the tax elective. Now I've got to shell out more money and invest time I don't have.

autumnbelle

Have you done the extra classes? I can't afford to pay anyone else. Cgs still haven't emailed me back I thought they would even send on last years notes

paperback24

Hi there, I booked next weekend's two day course with taxgrinds.ie which is a lot less expensive than shelling out for private grinds. This is my third attempt at these exams so I'm throwing everything I can at them. I'll let you know how I get on.

autumnbelle

Let us know how they go, there are ones the following week. Are you doing core aswell paperback?

paperback24

I don't think my budget will stretch to any more grinds after this but I'll definitely let you know how it goes this weekend. BTW how's the study going?

autumnbelle

How are any of you laying out your folder for tax?