This module is designed to explain the operation and scope of the UK tax system and the obligations of business to pay tax and the implications of non-compliance. This is a further development of the personal taxation module taught in an earlier stage. Areas covered are as follows:
The UK tax system including the overall function and purpose of taxation in a modern economy, different types of taxes, principal sources of revenue law and practice, tax avoidance and tax evasion.
Corporation tax liabilities including the scope of corporation tax, profits chargeable to corporation tax, the computation of tax liability, the use of exemptions and reliefs in deferring and minimising corporation tax liabilities
Understand how VAT is accounted for and administered, calculate amount of VAT payable/recoverable, recognise the tax point when goods or services are supplied.
Compute and explain the treatment of chargeable gains within a company, understand the treatment of disposal of shares by companies, explain and apply the pooling provisions.
Explain the PAYE system, how benefits can be payrolled and the purpose of form P11D
The obligations of taxpayers and/or their agents including the systems for self-assessment and the making of returns, the time limits for the submission of information, claims and payment of tax, the procedures relating to enquiries, appeals and disputes, penalties for non-compliance.
Total contact hours: 33
Private study hours: 117
Total study hours: 150
Main assessment methods:
Exam, 2 hours (70%)
In-Course Test (15%)
VLE Test (15%)
Reassessment methods:
Reassessment Instrument: 100% exam
The intended subject specific learning outcomes.
On successfully completing the module students will be able to:
- critically appraise the regulatory, commercial, professional, ethical and social environment within which taxes are levied and tax computations are prepared and used;
- explain, analyse and compute the corporation tax liabilities of individual companies and groups of companies;
- critically analyse financial data in the context of liability for taxation;
- explain, analyse and compute the effects of value added tax on incorporated and unincorporated businesses;
The intended generic learning outcomes.
On successfully completing the module students will be able to:
- exercise independent and self-managed learning;
- communicate effectively to a variety of audiences and/or using a variety of methods
- critically evaluate arguments and evidence.
- prepare advanced tax computations
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