Registered AITI Tax Qualification Info and Questions

coco1001 · 29-03-2012 12:48PM

Hi

I have noticed that the Part 2 Personal taxes manual refers to legislation at s1031R relating to civil partnerships. However these passages aren't in my legislation even though I'm using the Finance Act 2011 version of the Direct Taxes Act.

Has anyone else noticed this? The sections seem to be examinable as they're covered in the manual but yet they are in the legislation I bought in October!!

Thanks

DaeryssaOne · 29-03-2012 03:17PM

Hi Coco I noticed this too a couple of days ago, there are no extra sections after 1031 and I also have the relevant legislation so just ignoring the fact for now!

Starting to panic a bit now, finding personal soooo slow to get through and haven't gone near vat yet, really hope I get everything done in time

smeharg · 29-03-2012 03:51PM

The civil partnership provisions were inserted by Finance (No. 3) Act, 2011.

The legislation you have must be FA 2011.

coco1001 · 29-03-2012 04:17PM

jobr wrote: »

Hi Coco I noticed this too a couple of days ago, there are no extra sections after 1031 and I also have the relevant legislation so just ignoring the fact for now!

Starting to panic a bit now, finding personal soooo slow to get through and haven't gone near vat yet, really hope I get everything done in time

Yeah, I'm finding Personal and Business very slow. Did a bit on VAT yesterday and seemed to get through that quicker so hopefully it won't be too bad.

How long is everyone else spending studying? What's the typical amount of study leave for the Part 3's? I don't work in tax so don't know anyone doing these exams!

steve_r · 02-04-2012 10:09AM

smeharg wrote: »

The civil partnership provisions were inserted by Finance (No. 3) Act, 2011.

The legislation you have must be FA 2011.

Yes, there's a few parts of the course that this kicks in, it looks like it's a practical issue in that books had to be ready before the lectures started so the most up-to-date legislation wasn't out at that stage.

I think it's well worth going to the institute to confirm what exactly we are allowed to bring in with repsect to this. It may be that they plan on distributing it with the rates and tables on the days.

Before I email them, has anyone heard anything from them on how they plan to address this?

coco1001 · 02-04-2012 10:14AM

I emailed the institute and this is the response I received:

"Thank you for your email

The CAT legislation was published to include all updates to Finance (No.3) Act 2011. The SD acts was published to include all updates to Finance Act 2011.

As stated the examiners are aware which editions of the Direct Taxes Acts is available to students in the examination. The examiner is also aware which edition of the CAT & SD Ccts which the student has available to them in the examination".

Doesn't really explain the issue but I'm presuming that this means it won't be asked on the exam as the examiner knows it will not be in the copy of the Acts that we have in the exam.

steve_r · 02-04-2012 11:08AM

good on you for doing that.

I'm not sure what to make of that really, I never like ruling areas out of a course becuase that can really come back to haunt you.

that said, it would be fairly strage if they turned around and asked a question on this.

On a tangent, as regards Part 3 caselaw, how much of the underlying detail are we expected to know, i.e. are we expected to have a much broader knowledge of the case than is citied in the manual?

Hannah2011 · 03-04-2012 07:00PM

Here I go...starting to cram for my part 3's....Day 1!! ughhhhhhhhh

Neika · 10-04-2012 11:12AM

coco1001 wrote: »

Hi

I have noticed that the Part 2 Personal taxes manual refers to legislation at s1031R relating to civil partnerships. However these passages aren't in my legislation even though I'm using the Finance Act 2011 version of the Direct Taxes Act.

Has anyone else noticed this? The sections seem to be examinable as they're covered in the manual but yet they are in the legislation I bought in October!!

Thanks

Hi Coco,

In relation to sections 1031A and after, our lecture slides for Chapter 25, the introduction slides says:

"The legislation that you will use in your exam does not contain this new legislation and as such you will not be examined on it."

Hope that helps.

noveltea · 20-04-2012 07:23PM

So how did everybody find the exams? I found Corporation Tax hard but I was happy with the others. I did not know how to do the Stamp Duty Question.I really think there should have been a class on this subject. I also found that there was enough time to do the 4 questions in the three hours.

pjmn · 20-04-2012 07:26PM

Glad they are over - thought Personal was the worst, today the best...

Vivagora · 21-04-2012 04:01AM

Businss and capital were lovely exams. Personal and VAT were horrible although VAT was mangable due to q nice theory question! Scared about the standard required at Part 3 if we are meant to be experts on this! Capital had a lot of tricks like the use of succession act and investment companies in the bus relief question so people will be caught out

Shane732 · 22-04-2012 07:57PM

Believe me Part 3 is a step up!

Although I personally think the standard of the exams have dropped significantly based on past papers.

I also think that the standard in practice is much lower these days too.

Hannah2011 · 15-05-2012 04:26PM

Hello, does anyone know where I can find the stock valuation rules on cessation?
Not that I wouldn't what anyone says...but if you could point me to the actual leg. Or a document That would be great. Tks

Shane732 · 22-05-2012 07:20PM

Hannah2011 wrote: »

Hello, does anyone know where I can find the stock valuation rules on cessation?
Not that I wouldn't what anyone says...but if you could point me to the actual leg. Or a document That would be great. Tks

I assume that it's Section 89 TCA 1997 you are referring to?

tax exile · 04-06-2012 09:07AM

Has anybody started part 1 this April...just making a start on the income tax continuous assessment and would be good if there was a few online to run through a few things together?

Shane732 · 05-06-2012 10:35PM

tax exile wrote: »

Has anybody started part 1 this April...just making a start on the income tax continuous assessment and would be good if there was a few online to run through a few things together?

What's the continuous assessment on?

tax exile · 06-06-2012 05:17PM

Just this section of the scenario I was hoping somebody could point me in the direction of relevant legislation or case law

"During 2011, Mary incurred expenditure of €2,000 on attending a trade fair in the UK and she
attended this with another employee. This included meals, transport and hotel
accommodation

Not enough info- who is Mary?

Presumably ANOTHER employee. From whose perspeective? A company would be entiteld to write it off against corp tax.

I think what they are getting at though is that you can claim tax free expenses up to civil service reates and anything over is taxable and subject to USC and PAYE. Look up the Statement of Practice on it.

You really need to learn to think about things like this. Tax is not a career one can be spoon fed in.

Shane732 · 06-06-2012 08:56PM

tax exile wrote: »

Just this section of the scenario I was hoping somebody could point me in the direction of relevant legislation or case law

"During 2011, Mary incurred expenditure of €2,000 on attending a trade fair in the UK and she
attended this with another employee. This included meals, transport and hotel
accommodation

Not enough info- who is Mary?

Presumably ANOTHER employee. From whose perspeective? A company would be entiteld to write it off against corp tax.

I think what they are getting at though is that you can claim tax free expenses up to civil service reates and anything over is taxable and subject to USC and PAYE. Look up the Statement of Practice on it.

You really need to learn to think about things like this. Tax is not a career one can be spoon fed in.

Wow that's a hard post to read!

I imagine they are looking for info on expenses an employee can claim tax free while working aboard.

juniorspesh · 06-06-2012 10:56PM

Has anyone started the part 3 continuous assessment yet? I think I have a fairly good grasp of what's going on but wouldn't mind running it by someone. Just in case I've missed the bleedin' obvious!

Mr. Incognito · 07-06-2012 09:06PM

Shane732 wrote: »

Wow that's a hard post to read!

I imagine they are looking for info on expenses an employee can claim tax free while working aboard.

Crap- sorry my fault- hit edit instead of quote.

Sorry dude

Shane732 · 08-06-2012 09:04PM

Mr. Incognito wrote: »

Crap- sorry my fault- hit edit instead of quote.

Sorry dude

Ha, no worries at all.

I reckoned that's what happened.

santino · 20-06-2012 08:29PM

Hi There,

I passed Part 2 exams today. Delighted.

How did the rest of ye get on?

And would any of the Part 3 guys / gals have any advice from here on?
My boss told me today to continue onto Part 3 straight away and the way he described it, it scared the sh*te out of me...
Is it that bad???

noveltea · 20-06-2012 10:53PM

Well done on passing your exams.

I passed the part 2 today too. Was delighted and a bit surprised that I did but sure happy days.

Think I will continue on with them straight away as well since I am in the study mode now.

santino · 20-06-2012 11:08PM

noveltea wrote: »

Well done on passing your exams.

I passed the part 2 today too. Was delighted and a bit surprised that I did but sure happy days.

Think I will continue on with them straight away as well since I am in the study mode now.

Well Done. It's a fair old slog, nice to get a result.

Ya, I say we fire ahead, we're 2/3's of the way there now sure, only need one last big push

Legend100 · 21-06-2012 11:12AM

santino wrote: »

Is it that bad???

In a word....yes!
But it is worth it when they are finished. I had done the ACA exams and went onto do the tax exams striaght after, thought the part 2 were manageable but the part 3's were by far the hardest exams ive ever done (and will ever do, no more exams ever again!!)

My only advice for you with the part 3's is not to leave the studying to a few weeks before the exams, there is just too much material to cover especially in personal, i took them last year and was studying most nights after work for a good three/four months
Oh and the other piece of advice I would give is to really make a good effort at the continuous assessment, it's a great way to get some much needed marks towards the final exams

Best of luck to ye!

santino · 25-06-2012 03:39PM

Legend100 wrote: »

In a word....yes!
But it is worth it when they are finished. I had done the ACA exams and went onto do the tax exams striaght after, thought the part 2 were manageable but the part 3's were by far the hardest exams ive ever done (and will ever do, no more exams ever again!!)

My only advice for you with the part 3's is not to leave the studying to a few weeks before the exams, there is just too much material to cover especially in personal, i took them last year and was studying most nights after work for a good three/four months
Oh and the other piece of advice I would give is to really make a good effort at the continuous assessment, it's a great way to get some much needed marks towards the final exams

Best of luck to ye!

Thanks Legend, I feel like crying now but sure all we can do is give it a shot.

Those continuous assessment's are handy alright if you put the work into them...I probably wouldn't have passed Personal if I hadn't gotten a good result at Christmas.

Thanks again

Eabhabear · 03-07-2012 09:45PM

Hi I was wondering if any of you could give me some advice. I'm starting in a Big 4 firm in October but I'm going into audit. I am thinking of doing the part 2 exams in my first year. I'm exempt from part 1 as I did a masters. I was wondering if anyone could answer the following questions?

1. How much study leave is recommended prior to the exams?
2. Is it manageable to do the exams being in audit?
3. Does it matter that I won't actually be working in a tax department?
4. Could I do 2 exams in the winter and 2 in the summer or do I have to do all 4 in the same sitting?

Any advice is appreciated thanks!

Robert T · 03-07-2012 10:03PM

Eabhabear wrote: »

Hi I was wondering if any of you could give me some advice. I'm starting in a Big 4 firm in October but I'm going into audit. I am thinking of doing the part 2 exams in my first year. I'm exempt from part 1 as I did a masters. I was wondering if anyone could answer the following questions?

1. How much study leave is recommended prior to the exams?
2. Is it manageable to do the exams being in audit?
3. Does it matter that I won't actually be working in a tax department?
4. Could I do 2 exams in the winter and 2 in the summer or do I have to do all 4 in the same sitting?

Any advice is appreciated thanks!

Hey,

I had about 3 weeks study leave. At the time I thought that I was tight on time but passed them comfortably enough in the end.

I think you need to sit all 4 in the first sitting but as far as I know you can carry over however many you pass. So if you only pass two in the first sitting you can just sit the remaining two in the next sitting.

censuspro · 10-07-2012 11:22PM

Legend100 wrote: »

In a word....yes!
But it is worth it when they are finished. I had done the ACA exams and went onto do the tax exams striaght after, thought the part 2 were manageable but the part 3's were by far the hardest exams ive ever done (and will ever do, no more exams ever again!!)

My only advice for you with the part 3's is not to leave the studying to a few weeks before the exams, there is just too much material to cover especially in personal, i took them last year and was studying most nights after work for a good three/four months
Oh and the other piece of advice I would give is to really make a good effort at the continuous assessment, it's a great way to get some much needed marks towards the final exams

Best of luck to ye!

I wouldn't entirely agree with that statement. My experience is that the tax exams are considered "good to have" which is a term you will hear used by people who have passed their tax exams.
It is by no means a silver bullet for gaining employment and unless you have been working full time in tax then you are not going to be considered for any jobs other than entry level tax positions. That's fine if your starting out in your career but many people who sit the tax exams are already qualified accountants or solicitors who have a number of years work experience and would not be willing to move into a entry level tax role for €20k pa.
The majority of the better paid tax roles that are out there at the moment are within industry specifically in Corporation Tax and for candidates who are Big 4 trained. Outside of that, the jobs that are available are within smaller tax firms for candidates who are a) trainees starting out in their careers or b) Tax Seniors who are recently qualified and who have trained in a full time tax role.
The danger with all this is that the more time you spend out of tax the more knowledge you lose. Taxation is a topic where you constantly need to familiarise yourself with the legislation and because it is constantly changing, your knowledge becomes completely redundant in one or two years time. VAT on property is a perfect example.

IMO, if you are considering doing the tax exams to improve employment prospects, particularly in the current jobs market, I'd recommend doing an MBA over the ITI. They both take two years part time, the MBA is probably easier to achive and your employment prospects with an MBA are much broader than as a tax adviser.

Registered AITI Tax Qualification Info and Questions

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