Registered AITI Tax Qualification Info and Questions

RATM · 08-04-2013 02:06AM

Nemanrio wrote: »

Hi folks, does anyone when the ITI will release dates in relation to the winter course 2013?

Thanks in advance.

I saw some winter dates on their website a couple of days ago, not sure how detailed it was as i didn't click in but the site is updated.

RATM · 08-04-2013 02:14AM

Just wondering is it possible i.e. within the Institutes rules to do 2+2 exams. I'm due to sit the four exams starting soon but to be honest I'm too far behind in study because of work and other commitments.

So I was thinking of just focusing on studying 2 of the 4 subjects and putting all my efforts into passing them. I would then show up for the other two exams, sit there for the required hour and then walk out. The plan then being to repeat them in August. I know two of the subjects pretty well and the next weeks study will see me right in them so I'd like to do them now when the info is fresh in my mind rather than doing all 4 in August.

Wanna make sure I'm not breaking any rules, I can't see anything about it in the manual so guessing I'm not ? Though i doubt the examiner would be too happy to see two blank exam papers handed in.

noveltea · 19-04-2013 09:02PM

Don't know how I am feeling about these upcoming exams. 3 weeks and I am starting to freak out a wee bit. I have one week study leave and the week of the exams off. I am just going to do exam questions for the next 3 weeks with the ledge beside me and hopefully that will some how work.

Barking150 · 22-04-2013 09:01PM

Hey everyone,

Just looking for feedback on the part 2 exams this year. Basically wanted to know if many people found them as bad as I did i.e. personal taxes being awful.

Also anyone know when the repeats are. Think I need to start studying now!

satnavadays · 23-04-2013 03:02PM

Yea personal taxes was pretty bad, everyone I talked to found it the same. Repeats are from 12-16 August this year according to the handbook. Hopefully they won't mark them as hard!

stopthelights · 23-04-2013 05:11PM

Yes personal was very tough. No reflection on the amount of work put into it and not even sure my assignment will pull me through. Anyone I've been talking to is of the same opinion.

The rest were grand though!

Run Forest! Run · 24-04-2013 01:49PM

Personal was horrific. The 15minutes reading time was insufficient for the vague nature of the questions.

honestly, the way the questions were posed, 15 minutes reading time per quesition would have been more like it.

i put it to a friend doing the exams that if a client walking into my office with questions like the ones we were required to answer, i would have sent them home because of required information.

The examiner has got the the completely wrong idea regarding the new format for the exam imho.

stopthelights · 24-04-2013 03:11PM

Apparently it was a new examiner!!

Run Forest! Run wrote: »

Personal was horrific. The 15minutes reading time was insufficient for the vague nature of the questions.

honestly, the way the questions were posed, 15 minutes reading time per quesition would have been more like it.

i put it to a friend doing the exams that if a client walking into my office with questions like the ones we were required to answer, i would have sent them home because of required information.

The examiner has got the the completely wrong idea regarding the new format for the exam imho.

Blooming · 24-04-2013 03:36PM

Blooming wrote: »

Hello, I'm repeating ABT and Advice & Ethics.
I only signed up for the course in ABT so have access to those online lectures. Would really appreciate access to the Adv Personal Taxes online lectures so I can revise this in case anything in personal tax comes up in the Advice and Ethics exam...so dreading that one. If anyone would send me the log in details to access them I'd be delighted. Thank you.

Hello, I'm still hoping to get the login details for the advanced personal tax online lectures if anyone could help please. I emailed the institute but I have to register for that course to avail of the online lectures. Thing is I passed adv personal tax last year so would obviously not register for it this year. I just want to refresh that module for the prof advice exam. Thank you.

Run Forest! Run · 24-04-2013 05:06PM

stopthelights wrote: »

Apparently it was a new examiner!!

Well there you go!

I did them in Cork and everybody found it a very hard/unfair exam.

hopefully they will mark it inline with the feedback from the students.

Is there any exam feeback tool?

capefear · 04-05-2013 02:41PM

Hi Guys

I'm thinking of doing the course and I'm exempt from part 1, based on qualifications from many many moons ago, my tax knowledge would be ok but i was thinking of ignoring the exemptions and starting at part 1.

So my question for all thoses who have been exempt from part 1 and went straight into part 2, how did you find it and with hindsite was it the right decision to take the exemptions.

I know this question will depend on your work experience etc but would appreciate any feedback.

Howjoe1 · 04-05-2013 03:01PM

capefear wrote: »

Hi Guys

I'm thinking of doing the course and I'm exempt from part 1, based on qualifications from many many moons ago, my tax knowledge would be ok but i was thinking of ignoring the exemptions and starting at part 1.

So my question for all thoses who have been exempt from part 1 and went straight into part 2, how did you find it and with hindsite was it the right decision to take the exemptions.

I know this question will depend on your work experience etc but would appreciate any feedback.

Can I tag on another question:

Is it possible to do it with self study, i.e. buying course material and registering and paying for exams? looking at trying to reduce costs (I'd be fairly disciplined study wise).

the long lad · 06-05-2013 05:32PM

No separate self study option, all lectures are up online. Don't do the part 1s I'd say and save costs that way, you'll have access to Part 1 material as a reference. I was Part 1 exempt from accounting exams but they weren't of that much help in preparing for Part 2s but I got through them. Doubt I'd be doing these exams unless saw it as very useful for work/career.

A V A · 09-05-2013 11:35AM

i dont know weather this is the right place to post a question on tax back,but id like to know what im entitled to get back from my end of tax year,i have my p60 and my p45 ,would it say on that ?? or do i need to go into the tax office for them to tell me
cheers

Neika · 09-05-2013 08:00PM

In the solution for Question 2, Advanced Business Taxes paper Summer 2012, can anyone explain how the "attributable cost" figure is calculated?

Thanks in advance.

pjmn · 09-05-2013 11:07PM

Original cost of shares was E158,000 (7,900 shares x E20)

Proceeds now of E80 per share = 7,900 * E80 = E632,000

Also get 9,875 shares (5 for 4) valued @ E40 = E395,000

Therefore total value recd is E1,027,000

We'll use Mr O'Regan....

He gets E400k cash - therefore the attributable cost is calculated as...

158000*400000

= 61,538
1027000

... and so on for the other two...

hope that helps...

pjmn

Niall_G · 12-05-2013 03:44PM

Does anybody know anything about the ITI website being down completely? This on the day before Part 3 exams, from someone who has been using TaxFind for everything, is not good.....

Neika · 12-05-2013 03:49PM

Try bypassing the website straight to taxfind using this link: http://www.taxinstitute.ie/TaxFind/Taxfind.aspx

Works for me, but I was logged into taxfind since yesterday.

TaxStudent · 14-05-2013 11:34AM

HI All,

Anyone have any feedback on the Part 3 Personal Taxes paper yesterday?

It was a disaster for me - my own fault - not enough study.

Still thought it was kind of tough.

Anyone go with the High Earners Restriction for the 11 marker in Question 4?

Cheers

ucd.1985 · 15-05-2013 10:44AM

TaxStudent wrote: »

HI All,

Anyone have any feedback on the Part 3 Personal Taxes paper yesterday?

It was a disaster for me - my own fault - not enough study.

Still thought it was kind of tough.

Anyone go with the High Earners Restriction for the 11 marker in Question 4?

Cheers

Tough but ok I thought. Very tight time wise. Question one took me about 70 mins.

Avoided Q4 like the plague.

TaxStudent · 17-05-2013 07:43PM

well at least they are finished now until August!!!!!

TaxStudent · 17-05-2013 07:46PM

yes go with the exemption.... part 2 is very doable from scratch

noveltea · 18-05-2013 01:23AM

I am glad they are over. I thought Personal Tax was the hardest. I went with the HER for Question 4. The questions were quite hard.

I found VAT quite hard too. The VAT on property question threw me a bit.

However I was very happy with how the other two exams went. I found the classes prepared me well for the last one. I will defo be back in August for Personal Tax.

Legend100 · 18-05-2013 01:40AM

noveltea wrote: »

I will defo be back in August for Personal Tax.

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!

AITI Student · 02-06-2013 10:40AM

Hi Guys,

Part one student here assignment due in 10th of June have 60% of it completed but two small stumbling blocks and cant seem to find infomation to fully back up what i think, hopefully someone can advise.

Question.
Nell works as a transaltor of technical manuals on a freelance basis for number of companies. invoiced 2012 €40k worth of fees but recived €20k by 31 Dec 2012.

Secondly she sold rights to "quick Transalte" and App to a technology company for €10k. it provides trnasaltion for basic common terms for english speaking individuals in a foreign country. She came up with idea on holiday incurred no costs in developing it. Never deveolped such an App and considers it highly unlikely she would do again. she did not think she would have ability herself to exploit the App to its greatest commercial potential, so was happy to sell it.

In relation to the first part, this is in relation to accurals and Cash basis concept, from what im aware the cash basis is gone? it only applies to barristers, but i cant find anything online specifically stating this, our lecturer did state this in one of the lectures though.

So my understanding is that Nell has no choice but to do accruals basis as of from 1992 SP-IT/2/92, or can she do both and i should be advising her to do the cash basis as then shes only taxed on the €20k received, it says all her tax affairs previoulsy are all up to date etc am i going into this too deep?

Second part the sale of the App, its a one off and not a trade, as she doesnt do it for a living is this a capital receipt? shoudl it be liable to CGT or different schedule? or am i compeletey lost?

Appreciate any adivice or help.

Thanks,

AITI Student

AITI Student · 08-06-2013 03:28PM

Guys any advice or direction on the above would be greatly appreciated, assignement 90% done, just need claifircation on the above.

Thanks,

AITI Student

Mr. Incognito · 08-06-2013 08:08PM

For the invoicing, she is self employed so I believe it will be taxed when it is received.

If she has only received 20K for the year you only tax the 20K. You cannot tax income not received yet.

I do remember for Schedule E in the footnotes it says that income is taxed in the year that it relates to not when it is received. There was a case on this point but it's in the legislation. Look it up.

As to the second point, it is a once off income. Apply badges of trade, Subject matter, length of transaction, supplementary work, circumstances, motive.

I always remember it as SMurfs with Little FeeT SWiftly Cross MounTains so I have it off that way.

It is not a trade so Schedule D Case 1 would not apply hense Schedule D Case IV

As to whether it is a capital good incorporeal property is exempt from CGT so it falls to income tax imo.

AITI Student · 08-06-2013 08:55PM

Hi Mr Icognito...please see below another post from the site which has me slightly confused...can u confim that its recived payments only or does the sole trader have choce as to whetehr its accruals or cash basis......as below seems to contadict this?

AddUp wrote: »

It seems like you are confusing the "Cash Receipts Basis" for the payment of VAT on sales invoices with how your profit is arrived at for the purposes of calculating Income Tax.

If you are registered for VAT and on a "Cash receipts basis" you only pay VAT to the Revenue when you get paid by your customer. However for the purposes of calculating your profit (Income less expenses = profit) to determine what your Income Tax liability will be you include all sales whether or not you have been paid for them. What you have not been paid at your year end will be recorded as Debtors on your Balance Sheet. It is a good idea to get this sorted before the 31st of October 2009 as you will be taxed on the 2008 rates therefore avoid the dreaded Income Levy :mad:!! This is a regular mistake made by Sole Traders and could prove to be very costly if you are faced with a Revenue audit!!

Your new accountants are on the ball so don't be afraid to ask them for advice. They were quick off the mark in pointing out this potential time bomb. THAT IS WHAT YOU PAY THEM FOR.

Long winded but I hope it clears the fog

Alan Shore · 08-06-2013 10:23PM

Mr. Incognito wrote: »

For the invoicing, she is self employed so I believe it will be taxed when it is received.

If she has only received 20K for the year you only tax the 20K. You cannot tax income not received yet.

Back to tax school for me so. I have never seen invoices issued being excluded from taxable income in a year.

Mr. Incognito · 09-06-2013 05:33PM

I am getting confused myself. From the Revenue website it says

What income do I include on my Tax Return?
Your tax assessment is normally based on your actual income arising in the tax year from 1 January to the following 31 December. However, if your income consists of profits from a business, trade, profession or vocation you may opt to prepare your accounts for an accounting period that ends within the tax year. Assessments in respect of any other income i.e. investment income, rental income, foreign pension or foreign salary are all based on the actual income arising in the tax year (i.e. from 1 January to the following 31 December).

http://www.revenue.ie/en/tax/it/leaflets/guide-pay-file.pdf

Page 14.

Profit Assessable in 2012
This is the amount on which you are assessed for tax. Generally, you are assessable on the adjusted net profit
for the accounting period ending in the year 2012 - e.g. if accounts are normally prepared for a period ending on
30 June, then the assessable profits for 2012 will be the profits of the year ended 30 June 2012.

Sales/Receipts/Turnover - this is gross trading income receivable

I am not an accountant, law and tax are my background so adjusted net profit is a term that I am not qualified to define nor do I prepare income tax computations for sole traders

Receivable appears to include invoices. Can someone with relevant experience clarify?

Registered AITI Tax Qualification Info and Questions

Comments