Registered AITI Tax Qualification Info and Questions

walshing

Hi all,

Day of 1 of study has started!

but i may have come up with a stupid question, but i'll ask anyway! for capital taxes part 2 do you need learn CGT? i didn't do part 1 and just got the book and didn't really see any questions in the exams papers?

is capital taxes part 2 just stamp duty and CAT?

noveltea

I think its quite important to know how to do a CGT comp. Its a few easy marks that would be a shame to miss. It more comes up in personal tax if I recall correctly

Accrual Intentions

In relation to the use of legislation - if anyone has any good shortcuts please share them. What I mean by that is for example, in the VAT book there are a number of different regulations and Revenue materials included after the Acts. If anyone can point out a few that are of particularly good help in the exam I'd be grateful. I.e., are there any 'cheat-sheets' in the book on certain topics?

Mr. Incognito

Accrual Intentions wrote: »

In relation to the use of legislation - if anyone has any good shortcuts please share them. What I mean by that is for example, in the VAT book there are a number of different regulations and Revenue materials included after the Acts. If anyone can point out a few that are of particularly good help in the exam I'd be grateful. I.e., are there any 'cheat-sheets' in the book on certain topics?

Why don't you just read them?

ChakaDemus89

Hi, I am currently on my first week of study leave for the part 2 exams.

Can anyone offer me some advice on tabbing of the legislation?

Would you tend to work through exam Q's and tab as you work through different areas? Or do people think it's better to tab by working through the chapters of the book tabbing all/relevant sections?

Also could someone offer any effective systems(e.g colour coding) they have used. I'd be happy to hear peoples input in respect of any of the 4 subjects.

I'm fairly confident that if I can get the legislation tabbed and organised well it would be half the battle.

NewApproach

ChakaDemus89 wrote: »

Hi, I am currently on my first week of study leave for the part 2 exams.

Can anyone offer me some advice on tabbing of the legislation?

Would you tend to work through exam Q's and tab as you work through different areas? Or do people think it's better to tab by working through the chapters of the book tabbing all/relevant sections?

Also could someone offer any effective systems(e.g colour coding) they have used. I'd be happy to hear peoples input in respect of any of the 4 subjects.

I'm fairly confident that if I can get the legislation tabbed and organised well it would be half the battle.

Just tab as you go and see fit, don't make a conscious effort at it. Highlighting key words/sentences of various sections it is at least as important.

coolaboola14

Hey, is anyone else having trouble accessing the recorded lectures on blackboard?

Tax12

I could get it up to about 4.30 today but it's gone now. Too many people using it at the same time maybe ?

NewApproach

I can get them at the moment FWIW.

SligoL

Re tabbing and the VAT Acts:

VAT Acts - I relied SO much on those statements of practice @ Part II - they were great as they put the law into more manageable language, so I would definitely read, highlight and tab these during study, really helps to understand. Some of them even include sample scenarios.

Re tabbing - I tabbed as normal the various parts/sections etc, but I also think it is useful where certain topics are scattered around the acts take for e.g. FARMERS in VAT - to pick a tab colour and tab all FARMER sections with that colour, you don't need to write sections/text on the tabs, but just have a consistent colour. Then a question pops up on FARMERS and you head to all your yellow/blue tabbed pages to pull together the answer. I use the same approach with say Liquidators/Receivers; Anti Avoidance provisions etc. Find it very helpful and speedy on the day.

Accrual Intentions

Mr. Incognito wrote: »

Why don't you just read them?

If you can't offer help why bother commenting at all?

Accrual Intentions

SligoL wrote: »

Re tabbing and the VAT Acts:

VAT Acts - I relied SO much on those statements of practice @ Part II - they were great as they put the law into more manageable language, so I would definitely read, highlight and tab these during study, really helps to understand. Some of them even include sample scenarios.

Re tabbing - I tabbed as normal the various parts/sections etc, but I also think it is useful where certain topics are scattered around the acts take for e.g. FARMERS in VAT - to pick a tab colour and tab all FARMER sections with that colour, you don't need to write sections/text on the tabs, but just have a consistent colour. Then a question pops up on FARMERS and you head to all your yellow/blue tabbed pages to pull together the answer. I use the same approach with say Liquidators/Receivers; Anti Avoidance provisions etc. Find it very helpful and speedy on the day.

Constructive and helpful, unlike others. Thanks.

Mr. Incognito

Accrual Intentions wrote: »

If you can't offer help why bother commenting at all?

I set up the taxation forum, and this thread, and modded both for the last five years, for free, to help.

I didn't do it to spoon feed people too lazy to do their own study.

Accrual Intentions

Mr. Incognito wrote: »

I set up the taxation forum, and this thread, and modded both for the last five years, for free, to help.

I didn't do it to spoon feed people too lazy to do their own study.

I simply asked for direction re the tax acts, in particular VAT.

Dealerz

Hi
Looking for advice re prof skills workshop.
Contemplating starting these exams, I am exempt from first 3 papers so I have to take cgt.
Is the workshop compulsory attendance and what is it?

cat_xx

Dealerz wrote: »

Hi
Looking for advice re prof skills workshop.
Contemplating starting these exams, I am exempt from first 3 papers so I have to take cgt.
Is the workshop compulsory attendance and what is it?

Workshop is for the income tax assignment so no need to go

Dealerz

cat_xx wrote: »

Workshop is for the income tax assignment so no need to go

Thanks for that...Anymore advice for someone about to take these exams on?

cat_xx

Dealerz wrote: »

Thanks for that...Anymore advice for someone about to take these exams on?

Well i'm doing part one next week.. IT and CGT. Part one is grand, part two & three are supposed to be significantly harder!

SligoL

Do an Part III people/people that have done Part III already have any advice re Professional Advice & Ethics? I have completely neglected this subject so far - my rationale being that we cover all the technical stuff in the other three subjects. But now am starting to get a bit panicked on it. Am hoping that once I have the topics covered in the 3 other subjects, doing the Questions for Prof Advice & Ethics won't be too bad?

Legend100

When I did the part 3's, I felt a bit like you did (that it should be ok and would concentrate on the other 3) but in the end I only scraped over the line in that subject.

To be honest, I found it more relative to work scenarios rather than the theory in the other subjects......but make sure you know pensions and secondments well in Income Tax as it is very easy to ask a question in the ethics paper on these

Practice the exam papers - did you go to the lectures as I found them very helpful

SligoL

Thanks Legend100 - I have been good with the lectures in the other subjects but not great with this subject as I haven't found them great - coupled with the fact that they're always last lecture and my attention span is dwindling.

Actually thinking of going to the one day intensive revision course for this subject in a few weeks time [the extra one that you pay for], will see how I find this weekends revision course and then decide.

Thanks for the insight though - I should up my game and get cracking on the Qs.

Kennyboi

Hi all,

I have been considering enrolling for part 1 and as they close off date looms I'd need to get my skates on! I was very pleased to see this forum and reading past posts has answered some of my questions. I am a Financial Planner with a previous background in pensions. I decided some time ago that I wanted to study the AITI exams. I just have one or two questions and was hoping someone might be able to help.

I'm currently studying for the Grad dip in Financial Planning (CFP) and feel that this along with the AITI qualification would be of great benefit to me. I'm in my early 30's (Is 33 still early :-0 ) and would ideally like to do these in quick succession. I understand that the level of work involved jumps considerably with part 2 and again with part 3. The problem for me is that there is an overlap of 4 weeks or so with my current course (exams end mid-May) and the start of part 1. Do you think this would have any detremental effect? Would it be an issue if I were to miss say 2/3 weekends of lectures? Obviously this depends on the individual but I suppose I'm asking about the intensity of the part 1 workload. I would then do my final semester for Fin Planning course from Sept - Dec. I see the part 1 exams take place mid-August. For part 2 and 3 I would of of course be solely focused on AITI.
I sent the guys in AITI a mail about the timetable and they sent me a link to their site. This brought me to a page with a timetable that seems to relate to last years part 1 course and has since been taken down so I'm unsure as to dates etc. (I see start date is 26/27 Apr though). I must say the response to my queries that I got from AITI was a bit of a two liner. In fairness, I'm sure they're busy this time of year though.

What exactly do the CA's consist of? Individual/group projects, exams, presentations? Any advise would appreciated as Im trying to get a clear picture of whats involved.

Also, are there other venues where lectures are givin in Dublin/Wicklow or is it only on their main campus? Do other colleges offer the same course and how much do they charge? I see that the course fees are not allowable for tax relief, that's pretty annoying isnt it!! Ill be fuding myself as you'll gather from that.

If there is anyone else working in the areas of financial planning / wealth management who has or is currently undertaking the course I'd love to hear your views with regards to its relevance to your role and how beneficial you think it has or is going to be.

That's a lot of questions and the answers to some may well be in fromt of me on the AITI site. Apologies if they are, I couldnt spot them.

Thanks.

crazylikeme

I just wanted to say best of luck to all of you for Part 2 exams!! Hope it goes well.

Uncle Mclovin

Personal taxes part 2 wasn't too bad I thought. I made a few stupid mistakes looking back on it but hopefully I passed.

Business tax tomorrow will be trick and we'll be over the worst of it then.

coolaboola14

Uncle Mclovin wrote: »

Personal taxes part 2 wasn't too bad I thought. I made a few stupid mistakes looking back on it but hopefully I passed.

Business tax tomorrow will be trick and we'll be over the worst of it then.

Yeah - Personal was okay. Found Q1 very tough but the rest of the paper was manageable. Hoping I also did enough to pass. Dreading Business today but looking forward to it being over.

crazylikeme

anyone found the business tax part 2 hard today?

Uncle Mclovin

Ya question one was difficult. It was a lot different from previous years. The losses question was very straight forward I thought.

I also did q 3 and 4. I hadn't a clue about question 5

crazylikeme

I found it very time pressured. Although I revised heavily I found myself making mistakes, stupid ones where I should have known better. I found there was not many easier marks going and Q5 I had no idea what was required. I am not even sure we actually covered this in classes. I revised losses and terminal loss that morning, and yet I did not correctly split the years.... panick is a bad thing...Have a feeling that may be back for this one in August

boogie G child

Crazylikeme I'm doing part 1 and definitely made mistakes but thought the things I got right would get me over the line? Are you very heavily penalised for mistakes?

crazylikeme

I am not sure how the papers get marked, I was told that they mark them in ten minutes, so for example if you had to split years and you did not do that correctly, your whole loss calc will be wrong, so not sure if they still follow it through or if they just disregard the answer... ahh we will wait and see...
I would hope that it is not the case