Tax (ACC3140)

Describe the influence of accounting principles on profits chargeable to corporation tax. Determine the corporation tax treatment of non-trading income. Compute debits and credits which arise on loan relationships. Compute instalments of corporation tax Compute the chargeable gains of companies Implement relief for R&D Compute relief for lease premiums

Describe the objectives of taxation and the principles of an ‘ideal’ tax. · Appreciate the macro-economic context in which the government makes revenue-raising decisions. · Describe the Chancellor’s objectives for the forthcoming fiscal year. · Reflect changes proposed in your analysis of tax problems. · Identify and analyse ethical issues relating to tax advice. · Distinguish between tax avoidance and tax evasion

PFP · Advice on tax efficient investments · Advice on the tax consequences of making pension contributions · Recognise and advice on tax planning opportunities · Take account of the ethical dimension to tax advice and tax planning IHT · Describe the principles of Inheritance Tax. · Describe the main exemptions and reliefs from IHT. · Explain the consequences of lifetime transfers and deemed transfers on death. · Compute IHT liabilities on lifetime transfers and...

· Determine the residence and domicile of an individual, and the residence of a company · Define the scope of corporation tax for a resident and non-resident company · Explain the purpose of double tax treaties and apply the provisions of a treaty based on the OECD model to determine the tax liabilities of overseas companies trading in the UK and UK companies trading overseas. · Explain the consequences of setting up a permanent establishment in another country · Compute double ...

Explain the significance of tax-adjusted losses Describe the reliefs available for trading losses and give effect to the optimum loss relief claims Describe relief for non-trading losses capital losses Define a group for the purposes of group loss relief Identify the claimant and surrendering company and show the effect of making a group relief claim Explain the consequences of a transfer of trade between two companies in a group Define a group for the purposes of chargeable ga...

Describe the scope of corporation tax. · Identify relevant accounting periods. · Compute the indexation allowance for chargeable gains · Compute profits chargeable to corporation tax. · Identify financial years and compute the corporation tax liability of a company. · Describe the obligation of a company under corporation tax self-assessment. · Explain the consequences of failure to comply.

Identify chargeable and non-chargeable assets for the purposes of capital gains tax. Compute the chargeable gains of an individual taxpayer. Apply for the annual exemption and advise on its efficient use by husband and wife living together. Compute capital gains tax liabilities. Describe the major reliefs and exemptions.

Compute the profits of a property income business. Describe the treatment of property income losses. Determine the tax treatment of interest and dividends. Identify sources of income which are not subject to tax. Compute the tax treatment of lease premiums.

· Describe the principles of partnership taxation · Adjust and allocate partnership profits and losses · Deal with notional losses · Give effect to changes in partnership composition · Comment on the role of partnerships in tax planning · Describe the basic principles of the taxation of an LLP. · Restrictions on loss relief

· Apply the ‘badges of trade’ to determine whether a transaction is a trading activity. · Describe the scope of taxation of trading income. · Determine the tax consequences of consumption of own goods. · Explain and apply the ‘capital v. revenue’ principle. · Adjust a profit and loss account to arrive at trading profits · Explain, by reference to statute and case law, the reasons for making adjustments to the profit and loss account. · Compute self-employed Natio...