Module ACCT2021: Introduction to Taxation

Department: Accounting

ACCT2021: Introduction to Taxation

Prerequisites

• Introduction to Financial Accounting ACCT1041

Corequisites

• None

Excluded Combination of Modules

• None

Aims

• To enable students to understand the general objectives of the tax system and its administration, and to calculate and explain income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax and VAT in straightforward scenarios.

Content

• Objectives and types of tax
• The implications of different jurisdictions on tax in the UK
• Ethics and administration
• Income tax and national insurance contributions
• Capital gains tax and corporation tax on chargeable gains
• Corporation tax
• Inheritance tax
• Value Added Tax (VAT)

Learning Outcomes

• On completion of this module, students will be able to:
• explain the general objectives of tax, the influences upon the UK system of tax and the different types of tax in the UK.
• recognise the ethical issues arising in the course of performing tax work and identify the obligations the UK system of tax imposes on taxpayers and the implications for taxpayers of non-compliance.
• Be aware of differences between tax jurisdictions and the impact on UK tax of foreign taxes.

• On completion of this module, students will be able to:
• calculate and explain the amounts of income tax owed by or owed to individuals and the amounts of national insurance payable for employees, employers, and the self-employed.
• calculate and explain the capital gains tax payable by individuals and the chargeable gains subject to corporation tax.
• calculate and explain the inheritance tax liabilities of individuals.
• calculate and explain the corporation tax liabilities of companies.
• calculate and explain the amount of VAT owed by or owed to businesses.

• Written communication
• Presenting information effectively, using appropriate tools
• Planning, organisation and time management
• Problem solving and analysis
• Use of initiative by gaining access to relevant sources
• Computer literacy
• Self-management and demonstration of ability to sustain effort over an extended period
• Use of the online learning environment to efficiently access and manipulate relevant information

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Learning will be facilitated by lectures, seminars and independent study.
• Students will be summatively assessed by an examination.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Online test

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University