Module 1: Introduction to Taxation & Income Tax

• The Tax System: Overview of direct vs. indirect taxes and the role of the tax authorities.
• Employment Income: Calculating gross pay, taxable benefits (benefits in kind), and allowable expenses.
• Personal Allowances: Applying thresholds and calculating the final tax liability across different tax bands.
• National Insurance/Social Security: Understanding contributions for both employees and employers.

Module 2: Taxation of Business Profits (Sole Traders)

• Trading Income: Adjusting accounting profit to taxable profit (add-backs and deductions).
• Capital Allowances: Calculating tax depreciation on plant, machinery, and motor vehicles.
• Basis of Assessment: Understanding the commencement, cessation, and change of accounting dates.
• Relief for Business Losses: Strategies for carrying losses forward or offsetting them against other income.

Module 3: Corporation Tax

• Taxable Total Profits: Combining trading income, investment income, and capital gains for companies.
• Chargeable Gains for Companies: Indexation allowances and the disposal of business assets.
• Quarterly Installment Payments: Understanding the payment deadlines for large vs. small companies.
• Group Relief: An introduction to transferring losses between companies within the same group.

Module 4: Capital Gains Tax (CGT) & Inheritance Tax

• Scope of CGT: Identifying chargeable assets, exempt assets, and chargeable persons.
• Computation of Gains: Calculating proceeds, allowable costs, and enhancement expenditure.
• CGT Reliefs: Applying Business Asset Disposal Relief (BADR) and Rollover Relief.
• Inheritance Tax (IHT) Basics: Understanding taxable estates, lifetime transfers, and exempt transfers.

Module 5: Value Added Tax (VAT) & Ethical Compliance

• VAT Principles: Input tax vs. output tax and the concept of “taxable supply.”
• Registration & Returns: Mandatory vs. voluntary registration and the completion of VAT returns.
• Special Schemes: Flat rate schemes, cash accounting, and annual accounting.
• Ethics in Tax: Distinguishing between tax avoidance and tax evasion; the importance of professional integrity.

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