Teaching Responsibility

LJMU Schools involved in Delivery:

Liverpool Business School

Learning Methods

Lecture
Online
Seminar

Module Offerings

6004LBSAF-JAN-MTP

Aims

To give students a sound understanding of the UK tax system.

Learning Outcomes

1.
Critically analyse the key objectives of the legislation relating to income tax, National Insurance Contributions, capital gains tax, corporation tax and VAT.
2.
Prepare computations on income tax (including NIC), capital gains tax, corporation tax and VAT, taking into account current rates, exemptions, reliefs and allowances
3.
Evaluate critically the revenue raising abilities of the major UK taxes
4.
Present information in a coherent, logical format using business English writing style

Module Content

Outline Syllabus:Income tax: • For all individuals subject to income tax, students will be able to calculate tax due on all sources of income, including savings and investment income. They will also be able to claim tax relief for pension payments and donations to charity. • For employed individuals, students will be able to prepare income tax calculations which take into account benefits in kind and other employment related issues. • For self employed individuals, students will able to adjust the profits in a set of accounts to calculate adjusted trading profits for tax purposes. In addition, they will be able to calculate capital allowances due to a taxpayer, and deal with trading losses and the tax treatment of partnerships. Corporation tax: • Calculation of taxable trading profits for a company, dealing with tax losses and using the capital allowances knowledge from income tax as applied to companies. • Dealing with investment income received by companies. Capital gains tax: • For individuals, the basic principles of the taxation of capital gains, and the use of the personal allowance for CGT. • For companies, calculations of chargeable gains using indexation factors and the use of business reliefs. Inheritance tax: • Overview of the basic principles VAT: • To understand the rationale of VAT, and the basic principles. • To understand the different types of VAT supplies and rates • VAT and overseas transactions – principles that apply to VAT for businesses trading within the EU and with the rest of the world.
Module Overview:
The aim of this module is to give you a sound understanding of the UK tax system.
Additional Information:The coursework provides an opportunity for formative feedback; the examination is the terminal summative assessment. Tax texts are re-written each year; the latest edition will be required.

Assessments

Centralised Exam
Report