Taxation (ICAS TPS Module)

Module description

To be taken by students on BSc Accounting only.

The objective of Test of Professional Skills subjects is to equip students with the practical skills in core areas necessary for an entry level professional accountant. This requires the development of an understanding of relevant concepts, principles and techniques, the ability to apply these in realistic settings and the exercise of judgement in selecting and advising on the most appropriate treatment. The TPS examinations test both the understanding and the application of these skills and techniques. 

The aim of the Taxation course is to develop a thorough understanding of the main UK taxes that affect businesses and individuals  and apply in specific situations, enable them to calculate various tax liabilities and to advise/conclude on the tax implications of business scenarios.

Taught outside of the University Term Calendar

Full module specification

Module title:Taxation (ICAS TPS Module)
Module code:BEA3014K
Module level:3
Academic year:2016/7
Module lecturers:
  • - Lecturer
Module credit:30
ECTS value:

15

Pre-requisites:
Co-requisites:
Duration of module: Duration (weeks) - term 1:

11

Duration (weeks) - term 3:

6

Module aims

The objective of Test of Professional Skills subjects is to equip students with the practical skills in core areas necessary for an entry level professional accountant. This requires the development of an understanding of relevant concepts, principles and techniques, the ability to apply these in realistic settings and the exercise of judgement in selecting and advising on the most appropriate treatment. The TPS examinations test both the understanding and the application of these skills and techniques. 

The aim of the Taxation course is to develop a thorough understanding of the main UK taxes that affect businesses and individuals  and apply in specific situations, enable them to calculate various tax liabilities and to advise/conclude on the tax implications of business scenarios.

ILO: Module-specific skills

  • 1. explain the key aspects of the administration of the tax system
  • 2. prepare a tax adjusted trading profit (or loss) computation
  • 3. construct an individual's tax liability
  • 4. advise on an individual's income tax liability
  • 5. construct chargeable gains computations for individuals and companies
  • 6. advise on chargeable gains
  • 7. construct a company's corporation tax liability
  • 8. advise a company on tax planning opportunities
  • 9. prepare VAT calculations for common business transactions
  • 10. prepare stamp tax liabilities
  • 11. prepare inheritance tax computations
  • 12. integrate best practice and the Code of Ethics when dealing with clients and HMRC
  • 13. explain the main aspects of environmental taxes

ILO: Discipline-specific skills

  • 14. advise clients on technical issues explained in an easily understandable way;
  • 15. identify, develop and evaluate key business scenarios from a tax perspective;
  • 16. research tax technical issues using the tax legislation;
  • 17. demonstrate preparing and structuring reports which are tailored appropriately to the identified recipients
  • 18. recommend the most appropriate taxation solution given a number of alternatives
  • 19. appraise a suggested solution, discussing the advantages and disadvantages of such an approach

ILO: Personal and key skills

  • 20. use judgement to identify the important issues and make appropriate recommendations;
  • 21. identify, devdemonstrate understanding of general business issues
  • 22. apply analytical and problem solving skills to a situation
  • 23. demonstrate written and numerical communication skills to present information clearly, logically and be able to prioritise key information
  • 24. demonstrate an ability to undertake independent study and to time and priority manage

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
1261740

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Contact Hours126face-to-face taught classes comprising lectures and workshops
Private Study174pre-course, home study including weekends and evenings

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Workshop exercisesWorkshop exercises are variable1-24Verbal in classes and suggested solutions provided
Mock examMock 1 – 40 mark paper of 1 hour 40 minutes Mock 2 – 40 mark paper of 1 hour and 40 minutes Mock 3 – 50 mark paper of 2 hours and 15 minutes Mock 4 – 50 mark paper of 2 hours and 15 minutes1-24Marked papers and suggested solutions provided

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
01000

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Examination100A written examination of 2 x 2 ¼ hour papers each worth a total of 50 marks. The pass mark is 50%.1-24Mark awarded and suggested solution and Examiners report provided
0
0
0
0
0

Syllabus plan

Introduction to Taxation
The Income Tax Computation
Adjusting Trading Profits
Capital Allowances
Basis of Assessment
Employment Income
Other Income
Allowances and Deductions
IT Administration
PAYE & NIC
Income Tax Losses
Investments and Pensions
Partnerships
Use of Legislation
Chargeable Gains Computations
Relief from Chargeable Gains
Introduction to Value Added Tax
Value Added Tax 2 Corporation Tax Computations 1
Corporation Tax Computations 2
Corporation Tax Losses
Corporation Tax – Groups and Consortia
Introduction to Inheritance Tax
Inheritance Tax Relief, Planning and Administration
Stamp TaxesProfessional Conduct
Business Structures and Tax Planning
Environmental Taxes and Subsidies

Indicative learning resources - Basic reading

The required texts for the module are: 
1. CA Education Taxation course notes, workshop exercises and question banks 
2. Tolley’s Tax Handbooks (Yellow and Orange) or CCH Tax Statutes and Statutory Instruments Volume 1 and 2 (Red and Green)

Module has an active ELE page?

Yes

Origin date

03/06/2014

Last revision date

03/06/2014