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Taxation

Aim

This unit aims to give learners an understanding of the taxation of individuals and limited companies in the United Kingdom.

Learning outcomes and assessment

LO1 Understand the duties and responsibilities of the tax practitioner in the UK tax environment

1.1 describe the UK tax environment

1.2 analyse the role and responsibilities of the tax practitioner

1.3 explain the tax obligations of tax payers or their agents and the implications of noncompliance

LO2 Be able to calculate personal tax liabilities for individuals and partnerships

2.1 calculate relevant income, expenses and allowances

2.2 calculate taxable amounts and tax payable for employed and self employed individuals and payment dates

2.3 complete relevant documentation and tax returns

LO3 Be able to calculate corporation tax liabilities for companies

3.1 calculate chargeable profits

3.2 calculate tax liabilities and due payment dates

3.3 explain how income tax deductions are dealt with

LO4 Be able to calculate capital gains tax payable for individuals and businesses

4.1 identify chargeable assets

4.2 calculate capital gains and losses

4.3 calculate capital gains tax payable.