TAXATION

SHE Level 3
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M3N425773
Module Leader Angela Cairns
School Glasgow School for Business and Society
Subject Finance and Accounting
Trimester
  • A (September start)

Pre-Requisite Knowledge

Financial accounting or equivalent numerate module

Summary of Content

This module seeks to introduce accounting students to the most important elements of the main UK taxes, which will enable students to develop an understanding of the main areas of tax law. Those students seeking a career in accounting are required to possess a basic general knowledge of tax and skills to calculate various tax liabilities. This information will be required to be presented in suitable formats to the end users of the information.

Syllabus

Overview b7 Historical review of taxation b7 Canons of Taxation Income Tax b7 Income from self-employment . Trading income, capital allowances, basis of assessment, appreciation of losses b7 Employment Income b7 Property & investment income b7 Personal tax computations b7 Basic tax planning Corporation Tax b7 Taxable total profits b7 Chargeable gains for companies b7 Losses for companies & groups Capital Gains Tax b7 Computation of gains & tax payable b7 Shares and securities & availability of reliefs for individuals Inheritance Tax b7 PETs, CLTs during life and upon death b7 Death Estate Value Added Tax Principles, schemes & administration

Learning Outcomes

On successful completion of this module, the student should be able to:1. Demonstrate a practical knowledge and understanding of the various UK taxes and methods of tax collection.2. Demonstrate a critical understanding of current tax and personal financial planning issues.3. Show competence in performing computations of income tax, corporation tax, capital gains tax, inheritance tax and value added tax liabilities.4. Show an ability to evaluate and interpret problems and to appreciate opportunities to plan to minimise tax liabilities.

Teaching / Learning Strategy

Lectures are used to introduce concepts and techniques. Seminars provide a forum for students to discuss concepts, but mainly to attempt practical application of the techniques GCU Learn is used to support learning activities. GSBS will continue to use the advancement of GCU Learn as a blended learning tool through its teaching and learning as well as through engagement with students. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate all modules on GCU Learn to ensure student support and information sharing. Students are provided with formative and summative feedback via a variety of mechanisms. Summative feedback will be through the use of the Undersatnd Taxation computer program, whilst formative feedback is via the class test. Feedback on coursework is provided within 3 working weeks of submission. The class tests feedback will be generic, with students provided with a seminar opportunity to review tests and discuss their marks with the lecturer and seminar tutor.

Indicative Reading

Books and articles: Combs, A., Dixon, S. & Rowes, P. (20xx) Taxation incorporating the 20XX Finance Act, latest edition, Fiscal Publications Lymer, A. & Oats, L. (20xx) Taxation Policy & Practice, latest edition, Fiscal Publications Melville, A. (20xx) Taxation Finance Act 20XX, latest edition, Pitman Publishing Whitehouse, S, (20xx), Revenue Law, latest edition, Butterworths Tolley Online sources: Understand Taxation computer program Access to HMRC website for guidelines.

Transferrable Skills

By the end of this module students will have gained competence in the following key areas: b7 Analytical and interpretation skills b7 Written communication skills to clients on various taxation options b7 ICT skills

Module Structure

Activity Total Hours
Seminars (FT) 11.00
Assessment (FT) 50.00
Practicals (FT) 36.00
Independent Learning (FT) 70.00
Lectures (FT) 33.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (Exams Office) 1.00 30.00 35% Objective test
Exam (Exams Office) 3.00 70.00 35% Unseen examination