Registered AITI Tax Qualification Info and Questions

Barstooler

wgk wrote: »

Personally I think just concentrate in the revenue audit question, it's bound to be the biggest question with the 2010 code introduced and our lecturer made the point if you do well on that your well on your way to passing anyway!!

Hi, thanks for that. Do you know if there's an updated Chapter 2 that is downloadable from the website somewhere? It says in the manual that there'll be an updated version where the 2010 Code is release before 1 November 2010, which it was.

Also, the cut-off date for material is usually June/July (2010), so do we use the new 2010 Code for the purposes of the exam? Pretty basic question I know but would be glad of any advice, as if I'm answering based on the wrong Code that won't be good! Cheers.

wgk

The 2010 code is defo examinable, they made a point of updating chap 2 for it. As far as I know it is on d website, or you could get it off revenue's website also. Ye are way of ahead of me, that's tomorrows problem, need to get my head around Vat first!!

wgk

Ethics2011 wrote: »

Hey

Thanks.

And when you say cover the Revenue Audits question, do you mean cover chapter 2? I have that done already (except to actually go over it and learn it!). Given that the code only came out in 2010, does that mean that any past papers with respect to revenue audits are somewhat irrelevant? Do we have a sample question that we can use for revenue audits on the new code??

The past questions aren't totally irrelevant, the nice thing about the new code is that a lot of the stuff that were just concepts in the 2002 code (and therefore had to be learned) are now enshrined in legislation so that will be a big help!

wgk

How did people find today?

Was nice to see a full 20 marker on the Local Authorities issue since it was highly tipped, the margin scheme was handy enough too armed with the guidance note.

I was surprised it was so light on property issues and customs.

wikigreen

wgk wrote: »

How did people find today?

Was nice to see a full 20 marker on the Local Authorities issue since it was highly tipped, the margin scheme was handy enough too armed with the guidance note.

I was surprised it was so light on property issues and customs.

Thought it was a nice paper...a bit broad at parts but i think i should be ok. Surprised and yet not so surprised by the lack of propery, you cant really get though part 2 without knowing property so i never understood to reason behind testing it again at part 3.

The margin scheme question was nice alright...i get suspicious when things are nice though...even when i was writing the answer i thought i was missing something! But i think in this instance we genuinely had a decent examiner....more of the same tomorrow please

Legend100

thought it was ok, must have coppied the travel agents scheme 100& from the info leaflet!

didn't know what was going on with the legacy property between the partnership and that tenant

Stayed away from the 20 mark Q1 coz didnt know how much would need to be written, overall not the worst though.....first paper ive actually finished!

ramacc

Legend100 wrote: »

thought it was ok, must have coppied the travel agents scheme 100& from the info leaflet!

didn't know what was going on with the legacy property between the partnership and that tenant

Stayed away from the 20 mark Q1 coz didnt know how much would need to be written, overall not the worst though.....first paper ive actually finished!

yeah the prop q was a bit harsh ...but small prop part of q 2 and 6 were nice. didn't really get the management charge question

pigeonbutler

ramacc wrote: »

yeah the prop q was a bit harsh ...but small prop part of q 2 and 6 were nice. didn't really get the management charge question

Was all about new place of supply rules. Difference between EU and non-EU (Turkey) and difference between services on imm property/provision of employees/and the other admin-ey services. IIRC almost all ended up zero-rated but for different reasons and different leg references.

pigeonbutler

Did anyone find the distance selling question a little odd?

The first part offered 8 marks for stating whether they had a registration obligation. Seemed far too many marks for such a simple question unless either

1) I'm missing something important! OR
2) They wanted you do what examiners reports almost always strongly complain about, i.e. write down everything you know about the topic without regard to the specific question asked.

Let me know if I missed something silly. I just said they're prima facie accountable person by virtue of s.8(1) as they supply goods in the State and that Distance selling rules impose registration obligation if supplies exceed 35k threshold.

On the next part about whether their Irish warehouse changed anything I said it didn't as it wouldn't be enough to make them Irish established. Not too sure if that was correct.

Mr. Incognito

Heya- what were the facts of the question?

Leather goods case maybe? the fact that Revenue do not have a discretion whether or not to allow registration- the fact is that they have to allow registration even if it is a once off transaction?

Legend100

Mr. Incognito wrote: »

Heya- what were the facts of the question?

Leather goods case maybe? the fact that Revenue do not have a discretion whether or not to allow registration- the fact is that they have to allow registration even if it is a once off transaction?

Situation was a UK company with distance sales to Ireland. Then the second part of the Q said that they were going to get a warehouse in ireland to store stock, they would trannsport the stock from the UK, hold it there and then deliver it to the private individuals in ireland when ordered. I thought the treatment remained the same but wasn't really sure what was going on! i said the place of supply didnt change but was just guessing really

wikigreen

Legend100 wrote: »

Situation was a UK company with distance sales to Ireland. Then the second part of the Q said that they were going to get a warehouse in ireland to store stock, they would trannsport the stock from the UK, hold it there and then deliver it to the private individuals in ireland when ordered. I thought the treatment remained the same but wasn't really sure what was going on! i said the place of supply didnt change but was just guessing really

I said it was an ICS of transport because of the courier and so the place of supply is where the transport begins. Probably completely wrong though. VAT is so confusing...theres always an exception to an exception..

Yeah that 8 marker question threw me too...put down everything i knew but it was hard to gauge what they were looking for

Mr. Incognito

ah i remember that example- it had come up in a past paper 2006 I think?

There is a specific vat section that deals with warehousing.

In the old question it was a spanish company hiring a warehouse in ireland and holding the stock there for onwards distribution. I think the section is somewhere around S8 VATA but can't be sure off the top of my head.

The treatment is that it is a VATable supply in Ireland when the stock is ultimately distributed from the Irish warehouse, i.e the VAT is deferred until the ultimate supply is made.

edit; Had a look it's S3 (8) and section 8 3d VATA. I remember it wrecking my head when it came up the last time. Basically the intra community acquisition is ignored and the subsequent supply is VATable. Past papers would have saved you there lads

Kittenx4

Best of luck to you all on your final exam today, I don't honestly know how you do it. My hubbie is doing these exams having completed part 2 last Summer which was heavy going. He found Monday ok, Tuesday not so great and like you all, is worried yesterday was a bit too do-able, fears it will be marked hard.
I really hope today rounds off the week in a positive way for you.
Good luck.
Kittenx4

Legend100

playing devil's advocate here a bit but do you think the examiner for today would consult with the other examiners about their papers?

What i mean is, do you think it is likely we would be examined in the areas that have come up already this week again or would it be more challenging to widen the scope today....havent done much for this subject other than the Revenue audits material, was hoping the rest would be fresh in my head from already studying it in the other subjects

Must do a bit on the CAT reliefs now though

Legend100

Mr. Incognito wrote: »

ah i remember that example- it had come up in a past paper 2006 I think?

There is a specific vat section that deals with warehousing.

In the old question it was a spanish company hiring a warehouse in ireland and holding the stock there for onwards distribution. I think the section is somewhere around S8 VATA but can't be sure off the top of my head.

The treatment is that it is a VATable supply in Ireland when the stock is ultimately distributed from the Irish warehouse, i.e the VAT is deferred until the ultimate supply is made.

edit; Had a look it's S3 (8) and section 8 3d VATA. I remember it wrecking my head when it came up the last time. Basically the intra community acquisition is ignored and the subsequent supply is VATable. Past papers would have saved you there lads

I remembered something about warehouses in the papers when i was doing it but i thought it was only for B2B transactions, oh well :rolleyes:

wgk

Legend100 wrote: »

playing devil's advocate here a bit but do you think the examiner for today would consult with the other examiners about their papers?

What i mean is, do you think it is likely we would be examined in the areas that have come up already this week again or would it be more challenging to widen the scope today....havent done much for this subject other than the Revenue audits material, was hoping the rest would be fresh in my head from already studying it in the other subjects

Must do a bit on the CAT reliefs now though

I think it is very likely!

To my mind based on what we've done this week so far I'd expect to see something on badges of trade, maybe 825B, ee v self employed and defo maybe something 811esque since

pigeonbutler

Legend100 wrote: »

I remembered something about warehouses in the papers when i was doing it but i thought it was only for B2B transactions, oh well :rolleyes:

From reading 3(8) you're right. It is only for B2B. Requires recipient to be an accountable person. Maybe they were looking for us to make reference to that section and say it doesn't apply though...

Enough of PM's though. Better look over some stuff for this final one! Shall be all done in 7 hours time.

Jimmy Bottles

Well that was easy.

The pre exam piss that was. The exam was shocking.

I'm guessing I'm right in saying that the first two lads couldn't claim S584 relief on the basis that their shareholding would be too diluted after the reorganisation ?

Legend100

possibly the worst effort i made at an exam in my life:mad::mad::mad:

Oh well, september was always on the cards before today but it's definite after that!

Kittenx4

My hubbie passes on his regards and is looking forward to seeing you all in September, completely rammed it.

Mr. Incognito

Have the paper here- q1 S 584 subsections 4 and 5

Exchange for shares with consideration - increases CGT base cost as enhansement expenditure on purchaser i.e the transfered shares have original value plus consideration given- part disposal for CGT for disponer i.e apportionment of base cost.

Also issue on clawback of relief if relieved shares not held for 6 years after reorganisation. -triggered by non residence of one party after the expiration of his 18 month contract

option was not a disposal of full shares but 80% so stampable

option two was full disposal- stamp duty relief available.

vat not charged but portion of vat on expenses related to the transfer can be claimed if company involved in vatable trade.

The bit with the royalties was all about non residence of receipient i.e with holding tax needs to apply, royalties cannot be received tax free, subsequent distribution of irish patents by non resident may trigger charge to irish tax.


q2. Much more beneficial as company- i. limited liability, losses ringfenced in company and not set against self employment income, pre trading expenses as a charge, vat registration from march etc.

q3. pretty straightforward, no loss to revenue argument on vat transaction, needs to make an unprompted qualifying disclosure as unannounced visit does not constitute a prompted disclose ( clarified in 2010 code)

Paper was awkward on question one, especially as one option clearly suited each disponer, the revenue concession to persons 54 who are incapacitated for retirement relief to apply under s 598 was also relevant.

Last years papers were worse tbh. A lot of people might have crashed and burned on q 1 though and at 45 marks that's a big hole.

The paper seems to be turning into CGT 3

Jimmy Bottles

Mr. Incognito wrote: »

q3. pretty straightforward, no loss to revenue argument on vat transaction, needs to make an unprompted qualifying disclosure as unannounced visit does not constitute a prompted disclose ( clarified in 2010 code)

How are we to know that credit notes weren't entered into the system when the goods were returned. It says the returns were entered correctly.

Paper 4 Hell

Well done on finishing everyone.

I must say I was very upset with the last paper. I studied seriously hard for these exams, took unpaid leave from work and really gave it my full effort...all for nothing now.

Paper 1 and 2 were hard but I was able to address every question and Vat was very topical which was helpful.All in all by Thursday evening I was feeling like the study had paid off...then the Paper 4 madness came.

Mr Incognito, I fully appreciate that sitting at home, relaxed and well slept that the paper may not seem so bad.The difficulty is that for students sitting the exam,they've had an extremely tough week with little sleep and three 3.75 hour long papers in the days beforehand. I know the accountancy institute purposely leave the simplest exam until last for this very reason.

wikigreen

Paper 4 Hell wrote: »

Well done on finishing everyone.

Mr Incognito, I fully appreciate that sitting at home, relaxed and well slept that the paper may not seem so bad.The difficulty is that for students sitting the exam,they've had an extremely tough week with little sleep and three 3.75 hour long papers in the days beforehand. I know the accountancy institute purposely leave the simplest exam until last for this very reason.

I agree...and horrendous paper...didnt see that one coming and definetly not enough time. Worst paper of the week and i was so exhausted i couldnt remember stuff from earlier on in the week.

Will be back in august for sure. The pass rate for passing all 4 exams will be interesting..

But were done...for now anyway!! Wont know what to do with myself now

wgk

I won't repeat how horrendous I found that paper but actually one of the biggest issues I had wad with it was how the questions were framed and asked! Everytime I looked at a question it had multiple hooks on it...it was always "and", an "or", "in light of" I mean there wasn't the time for that crap! Ask a question properly and get a proper answer!

Legend100

wgk wrote: »

I won't repeat how horrendous I found that paper but actually one of the biggest issues I had wad with it was how the questions were framed and asked! Everytime I looked at a question it had multiple hooks on it...it was always "and", an "or", "in light of" I mean there wasn't the time for that crap! Ask a question properly and get a proper answer!

Couldnt agree with you more!! that was what f**ked me over so much, every time i did a question i seemed to go back to the Q about five times to check i had dealt with all the "ands" and "ors" esp tax and commercial and how many people were being given advice....hence why i didnt come near finishing the paper

if i got 5 out of 45 in Q1 i would be amazed

horrible horrible horrible!!! :mad::(:mad:

Oh well, guess il have to qut work a month early now for the repeat before im off to Oz!

TheScriptFan

Paper 4 Hell wrote: »

Well done on finishing everyone.

I must say I was very upset with the last paper. I studied seriously hard for these exams, took unpaid leave from work and really gave it my full effort...all for nothing now.

Paper 1 and 2 were hard but I was able to address every question and Vat was very topical which was helpful.All in all by Thursday evening I was feeling like the study had paid off...then the Paper 4 madness came.

Mr Incognito, I fully appreciate that sitting at home, relaxed and well slept that the paper may not seem so bad.The difficulty is that for students sitting the exam,they've had an extremely tough week with little sleep and three 3.75 hour long papers in the days beforehand. I know the accountancy institute purposely leave the simplest exam until last for this very reason.

I agree! Mr Incognito, your post is not helpful to anyone and you didn't sit the exam so comments like that are not helpful. Thank you.

Happy25

Paper 4 Hell wrote: »

Well done on finishing everyone.

I must say I was very upset with the last paper.

Mr Incognito, I fully appreciate that sitting at home, relaxed and well slept that the paper may not seem so bad.The difficulty is that for students sitting the exam,they've had an extremely tough week with little sleep and three 3.75 hour long papers in the days beforehand. I know the accountancy institute purposely leave the simplest exam until last for this very reason.

Legend100 wrote: »

Couldnt agree with you more!! that was what f**ked me over so much, every time i did a question i seemed to go back to the Q about five times to check i had dealt with all the "ands" and "ors" esp tax and commercial and how many people were being given advice....hence why i didnt come near finishing the paper

if i got 5 out of 45 in Q1 i would be amazed

horrible horrible horrible!!! :mad::(:mad:

Oh well, guess il have to qut work a month early now for the repeat before im off to Oz!

Couldn't agree more with the above comments! Some people thought CT was a bit harder than PT and vice versa but everyone I've spoken to agrees that paper 4 was ridiculous, I hope they take that into account when marking the papers, with so many students feeling it was a joke (mainly due to the poor layout and dijointed nature of the questions), it's difficult to maintain that it was a fair paper! Pass rate for paper 4 will be most interesting!

Jackie Donohue

Hi

Has anyone started the Part 3 HA and if so how are thay getting on.