Member Since: 21st Jun 2013
21st Jan 2020
Thank you Paul...did you undertake any tax qualification for this IHT?
21st Jan 2020
Tom...what a brilliant idea...how do I get a will writing qualification. Can you please guide me in the right direction?
20th Jan 2020
2. To treat it as a new income stream.
20th Jan 2020
Jennifer you mention CIOT in your post as well. May I ask how would you compare STEP and CTA IHT paper?
Just trying to understand. You think CTA IHT could be a good substitute albeit I understand it does not lays emphasis on structures if trusts.
17th Jan 2020
Ray, am I correct in assuming that someone in your office is a STEP? Trying to understand the skill set required to offer Probate and Estate Planning under the same roof!
22nd Oct 2019
Have heard of it and have followed it for a few years, even witnessed the change in their exam approach and syllabus a few years ago, as I considered doing it but then settled for something more manageable. Since the change they have tried to promote it more actively and if you look at the exam results the exams are usually taken by the people from all over the globe BUT then again they might have done it to learn UK tax or specialise in UK Tax.
In your case you will have to decide the tax regime you want to study under ADIT, I am sure you will not go for UK tax after doing ATT as it will be waste of time and money to be honest.
I wanted to do it and study for US or some European country's tax (Brexit changed that). US still an option though as I have clients who would love me to help them with their US tax issues too but I will think twice before embarking on this as personally not sure if I can take this much on board.
I suggest you look at the syllabus (I do it every few months!) try and see if it fits what you want to do and see if you can manage. If so then go ahead. Being a small practitioner I would think twice before doing it based on the scope of work I would get or advertise!
24th Sep 2019
This is very similar to what I went through a year or two ago. Unlike you, I had the benefit of completing the tasks from A to Z (at work).
The tax legislation changes so quickly, as others have stated, the knowledge becomes obsolete within a year but then there are parts of that knowledge-the principles-which do not really change. Furthermore, you get to acquire a new set of skills-how to approach an issue-which somehow end up giving you confidence,when at work.
I could have easily claimed the exemptions and sat one exam to become qualified but I did not. The reason was that these are tax qualifications with emphasis only on tax unlike ACA. You get to learn things from a different perspective and that is exactly what I wanted.
ATT would be a good start, do not claim exemptions. Test yourself even in the Accounting exam. For me it was about testing myself, acquiring new skills and knowledge and reaffirming that the gray matter up there was still in working order.
Having said that be prepared for stress as this would not be a walk in the park just because you are ACA. The exam pressure, the material to go through is reasonable but like any tax exam; there is a lot of learn.
Every few days I loose interest when my work, social and private lives clash with my study plans and I end up getting stressed and ask myself the question, Why?
27th Aug 2019
Exactly what I hear from the Accountants I meet at my local branch for CPD events. There are a few solutions available or should I say business models. As an Anon I can not PM you but happy to chat. PM me if you want.
16th Apr 2019
Thank you Lesley.
Yes checked that. They have not undertaken any such exercise. This error goes back more than 6 years for sure. I am waiting for him to bring the Accounts. Any suggestion would be appreciated.
8th Apr 2019
Please see below an excerpt from what we brief our clients:
Amazon sales are credited direct into your Bank A/c after Amazon has deducted their commission which is net amount. For VAT purposes we require gross sales figure, as you pay VAT on the gross sales and not the net amount.
Report for Sales
1. Go to reports
2. Choose payments
3. Choose Generate report
4. Choose report type as summary
5. Choose custom date range or month
6. Choose download. This will be a pdf file
7. Repeat step 3 again but this time choose report type as transaction
8. Choose custom date range or month
9. Choose download. This will be a csv file
Hope this helps. This is a tedious exercise but needs to be undertaken.