tax (ACC3140)

Apply the basis of assessment for trading income. Compute ‘overlap profits’ and show how relief is obtained. Calculate the effect of a change of accounting date. Show how adjustments to an income statement can produce a loss. Identify the forms of relief for trading losses and compute assessments after loss relief. Advise a taxpayer on the optimum use of losses. Advise on the income tax consequences of starting up in business.

Describe the principles of VAT. · Distinguish between taxable and exempt supplies, and explain the consequences of both types of supply. · Determine whether a trader should register for VAT. · Determine the value of a supply · Advise on the VAT treatment of imports and exports · Compute VAT payable to HMRC. · Describe the various VAT schemes and explain their relevance · Describe the administration of VAT and the penalties for non-compliance · Advise a trader on V...

Use statute and case law to explain the meaning of plant and machinery. Compute capital allowances on expenditure on plant and machinery Compute capital allowances on structures and buildings