module specification

AC5064 - Taxation - Income Tax (2021/22)

Module specification Module approved to run in 2021/22
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
 
9 hours Assessment Preparation / Delivery
105 hours Guided independent study
36 hours Scheduled learning & teaching activities
Assessment components
Type Weighting Qualifying mark Description
Coursework 30%   Individual report - 1000 words
Unseen Examination 70%   2 hour closed book exam
Running in 2021/22
Period Campus Day Time Module Leader
Autumn semester North Friday Morning
Autumn semester North Friday Afternoon

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.

Assessment strategy

Assessment consists of two components:


1) Individual coursework with computational questions – 1000 words (30%)

2) 2-hour closed book examination (70%)

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