AC5064 - Taxation - Income Tax (2024/25)
| Module specification | Module approved to run in 2024/25 | |||||||||||||||
| Module title | Taxation - Income Tax | |||||||||||||||
| Module level | Intermediate (05) | |||||||||||||||
| Credit rating for module | 15 | |||||||||||||||
| School | Guildhall School of Business and Law | |||||||||||||||
| Total study hours | 150 | |||||||||||||||
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| Assessment components |
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| Running in 2024/25(Please note that module timeslots are subject to change) |
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Module summary
This module aims to:
1. Give student an understanding of the UK income tax system.
2. Focuses on the taxation of individuals with income from a variety of sources including trading profits and losses, savings and investments, rent and employment.
3. Enable students to prepare income tax computations for individuals and unincorporated businesses.
Syllabus
1. Introduction to the UK tax system
2. Income tax computations for taxpayers in a variety of circumstances
3. Trading income, including basis periods, trading losses and capital allowances
4. Partnership taxation (basis periods and notional losses)
5. Income and benefits in kind from employment and NIC (employed and self employed contributions)
6. Income from property
Learning Outcomes LO1 - LO3
Balance of independent study and scheduled teaching activity
Teaching will take the form of a weekly two hour lecture and one hour seminar. The lecture will provide the key principles behind taxation, an evaluation of different forms of taxation and application of UK tax rules through guided examples.
The seminar programme will run through question banks to develop students computational skills and apply understanding to personal and business taxation scenarios. Independent study is supported through further problem sets, set reading and past exam questions.
Learning outcomes
On successful completion of this module, students will be able to:
LO1. Evaluate key features of UK personal taxation
LO2. Compute and interpret tax liabilities under current UK rules for income tax for individuals and unincorporated businesses, including partnerships.
LO3. Communicate the information to the taxpayer(s) providing advice on payment dates and simple tax planning measures.
Bibliography
Textbooks:
Essential texts:
• Melville, A. Taxation, (Current Finance Act); Pearson
Other texts:
Websites:
• HMRC: www.hmrc.gov.uk
• Taxation Magazine: www.taxation.co.uk