What you will study
The module covers UK taxation as it applies in England and Wales.
Unit 1: Income tax – basics
This first unit introduces you to income tax – the tax individuals pay on their personal income. It will explain the various schedules under which taxable income is classified. The focus will be on income tax related to earnings, such as income from employment or investment.
Unit 2: Income tax – self-employment
The exploration of tax on the individual continues by focusing on how income related to self-employment is taxed. This will look at starting and ending such employment as well as any allowances that are available to the self-employed.
Unit 3: Capital gains tax
This unit examines how profits from the disposal of capital assets are taxed. It explores which transactions are affected and how any capital losses may be used to mitigate tax payable.
Unit 4: Ethics
The study of ethics is an important element of studying taxation. You’ll discover what is meant by the evasion of tax as opposed to the avoidance of tax. It will question how aggressive tax avoidance should be and explore potential ethical dilemmas facing tax advisors.
Unit 5: Corporation tax
The module now considers company taxation, including newly formed companies or those winding up. It explains how to calculate how much of the profits are due to be taxed and in which year, and thus which rates apply. This unit explores the use of losses by the loss-making company and within corporate groups.
Unit 6: VAT
This unit introduces you to value-added tax and describes the overall mechanism for charging and accounting for value-added tax. It will also examine a number of schemes established to help small traders and explore the various interest charges and penalties for late payment.
Unit 7: Inheritance tax
The final unit looks at the taxation on the transfer of estates. These are charges that typically arise on the estate owner's death but can also arise on the transfer of assets made during the owner’s lifetime.
Professional recognition
This module forms part of the BSc (Hons) Accounting and Finance (R52), which has been granted exemptions by the Chartered Institute of Management Accountants (CIMA) towards its CGMA qualification.