100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MAN2105 Introduction to Taxation Notes CA$13.75   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of Surrey (UNIS)
  4.  
  5. MAN2105 Introduction to Taxation (MAN2105)

Class notes

MAN2105 Introduction to Taxation Notes

 6 views  0 purchase
  • Course
  • MAN2105 Introduction to Taxation (MAN2105)
  • Institution
  • University Of Surrey (UNIS)

A comprehensive document containing all of the relevant information pertaining to the weekly SBS on Demand videos, weekly seminar questions, weekly seminars, weekly lectures, exam insight and further reading.

Preview 4 out of 234  pages

Document information

  • August 1, 2023
  • 234
  • 2021/2022
  • Class notes
  • Rebeka ashdown
  • All classes

Subjects

  • man2105
  • university of surrey
  • accounting and finance
  • level 5
  • introduction to taxation
  • semester 2
  • comprehensive notes
  • notes

Written for

  • University of Surrey (UNIS)
  • Unknown
  • MAN2105 Introduction to Taxation (MAN2105)
All documents for this subject (1)

Seller

avatar-seller
georgedady

Reviews received

Content preview

MAN2105
Introduction to Taxation Notes

Module Leader Notes
• Module Leader- Rebeka Ashdown
• Module Leader Office- 34MS02
• Module Leader Email- r.ashdown@surrey.ac.uk

Module Textbook
• Business Taxation (Finance Act 2020)
• Authors: Aubrey Penning & Bob Thomas (Edition FA 2020)
• Publisher Osborne Books
• ISBN 978-1-911198-46-8

Module Schedule




Module Assessment Information
• Assessment 1:
o 30% Weighting.
o 50 Minutes in Length.
o MCQ.
o During Week 7.
o Covers Weeks 1-6.
• Assessment 2:
o 70% Weighting.
o Two Hours in Length.
o Covers the entirety of Weeks 1-11.
o Compulsory Question worth 50 marks on Corporation Tax.
o Remaining 50 Marks on Other Compulsory Questions examining Income Tax
and Capital Gains Tax.

,Week 1
Introduction to Business Taxation and Corporation Tax

Introduction to Business Taxation
• No obvious start point to teach tax.
o Tax changes and develops over time.
• 2 Sources of Authority to Levy Taxes:
o Statute Law passed by parliament (Finance Acts).
o Case Law- Authority from decisions taking in court cases.
• Tax is Jurisdictional- UK tax for business residing in the UK.

How a Business is Taxed Depends on How it is Structured
• No distinction between owners/ business:
o Partnership/ Sole Traders:
▪ Income Tax.
▪ Capital Gains Tax.
▪ Class 1 NIC- Employees.
▪ Classes 2 & 4 NIC- Owners/ Partners.
• Separate Legal Entity:
o Ltd Company/ PLC.
▪ Corporation Tax.
▪ CT (Chargeable Gains).
▪ Class 1 NIC- Employees.

The Tax System
• Her Majesty’s Revenue and Customs (HMRC) (formed 2005) amalgamation between
IR (Inland Revenue) & HMC&E (Her Majesty’s Customs & Excise).
o Administers all income tax (IT), corporation tax (CT), and capital gains tax
(CGT).
o Also collects all NIC (national insurance contributions and VAT).
• Self-Assessment System, all must declare income/ profits on time on set forms/
calculate and pay tax without ever being sent a bill.

An Outline Corporation Tax (CT) Computation
£
Trading Income x
(+) Income from Investments x
(+) Chargeable Gains x
(=) Taxable Total Profits (TTP) x
Corporation Tax on TTP x



An Outline Income Tax (IT) Computation
£
Income- Earnings and Other Income x
Less Personal Allowance (x)

,(=) Taxable Total Profits (TTP) x
Tax Payable on Taxable Income x

Financial Years and Tax Years
Finance Act Tax Year Dates
2020 2020/2021 1/4/2020-31/3/2021
CT-Financial Year

6/4/2020-5/4/2021
IT- Tax Year/ Fiscal Year

Companies Individuals (Sole Traders and Partnerships)
• Company Tax Return (CT600) • Tax Returns Incl.
includes a calc. of CT for supplementary pages for
chargeable accounting Sole Traders and Partners
period (CAP). and relates to Tax Year.
• Return submitted online 12 • Paper return submitted by
months after end of period 31 October following tax
that accounts are based on. year, or online submitted by
• Final Payment by 9 months 31 Jan following tax year.
and 1 day after CAP. • Final payment by 31 January
• Large companies also make following tax year.
earlier instalment payments. • Most taxpayers make 2
payments on account.




Case Study: Diverse Accounting Practice (Pg., 1.13)

, Mammouth company- Corporation Tax (CT)

Type of Tax: CT CT600
Y/E: 1.2.19-31.1.20 = CAP Financial Year: 1.4.19- FY 2019/20
31.3.20
Online Submission of CT600 12 Months after end CAP 31.1.21
Final Payment of Tax 9 Months and 1 Day after 1.11.20
end CAP

Jo Small- Income Tax (IT)

Type of Tax: IT Main Form Plus
Supplementary pages for a
Sole trader
Y/E: 1.7.19- 30.6.20 = Basis Tax Year: 6.4.20-5.21 TY 2020/21
Period
Online Submission of Tax 31 Jan following end of TY 31.1.22
Return
Final Payment of Tax 31 Jan following end of TY 31.1.22


National Insurance
• NIC payable by self-employed individual’s (ST & Partners).
o Class 2- Payable Flat Rate £3.05 p.w. (unless small earnings exception <
£6,475) and in addition
o Class 4- Payable on Profits > £9,500 p.a.
▪ 9% of Profits between £9,500 and £50,000 plus;
▪ 2% of Profits above £50,000.
▪ (If profits < £9,500, no Class 4).

Tax Data

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller georgedady. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$13.75. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79976 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$13.75
  • (0)
  Add to cart