Tax Compliance

BMAN24740 Tax Compliance 20 Full year Undergraduate Level 2 Sara Closs-Davies Unit coordinator Faculty of Humanities 1 FHEQ level (Framework for Higher Education Qualifications) ' Middle part of Bachelors ' European Credit Transfer & Accumulation System Rating : 10.0 The course follows on from Principles of Tax.In this unit, students will build on the technical and computational knowledge already acquired in relation to the following areas of UK taxation: Ethics and Law in relation to UK tax; Indirect Taxes; Capital Taxes; Corporation Taxes; Income tax and NIC.  Each of the main areas described will be expanded to cover more technically demanding topics.  The course carries ICAEW ‘strategic’ accreditation, and therefore students should review the detailed ICAEW Syllabus and Technical Knowledge Grids which contain useful information on the unit content.This unit is available for the BSc Business Accounting degree only. Please see ‘Additional information’ section for further ICAEW conditions imposed for this unit.Whilst the core content will not change, it will be updated annually to reflect the latest UK tax legislation.    The course follows on from Principles of Tax.In this unit, students will build on the technical and computational knowledge already acquired in relation to the following areas of UK taxation: Ethics and Law in relation to UK tax; Indirect Taxes; Capital Taxes; Corporation Taxes; Income tax and NIC.  Each of the main areas described will be expanded to cover more technically demanding topics.  The course carries ICAEW ‘strategic’ accreditation, and therefore students should review the detailed ICAEW Syllabus and Technical Knowledge Grids which contain useful information on the unit content.This unit is available for the BSc Business Accounting degree only. Please see ‘Additional information’ section for further ICAEW conditions imposed for this unit.Whilst the core content will not change, it will be updated annually to reflect the latest UK tax legislation.    To enable students to progress from the basic computations learned in Principles of Tax, to more complex tax computations, such as those including tax losses and reliefs.  To enable students to provide written explanations of tax treatments and give advice on basic tax planning.  On completion of this course, students will be able to:  Recognise the ethical issues arising in the course of performing tax work and identify the obligations the UK system of taxation imposes on taxpayers and the implications for taxpayers of non-compliance:Calculate the amount of VAT owed by or owed to businesses:Calculate the amount of stamp taxes due in straightforward transactions:Calculate the capital gains tax payable by individuals.:Calculate the amounts of inheritance tax due on lifetime transfers and transfers on death by individuals, personal representatives, and trustees:Calculate the corporation tax liabilities of companies:Calculate the amounts of income tax owed by or owed to individuals: and  Calculate the amounts of national insurance payable by individuals, businesses, and companies.Provide written explanations of required calculations.Give tax planning advice in simple scenarios.  Students will gain detailed technical knowledge in relation to the following areas of UK taxation: Indirect Taxes; Capital Taxes; Corporation Taxes; Income and NIC; Taxation on an unincorporated business. Students will also gain an understanding of ethics and law in relation to UK tax. Students will apply their technical knowledge to case scenarios, identifying and using relevant information, to develop solutions and applying judgement in relation to the case, leading to a credible conclusion. Students will apply technical knowledge to support reasoning and conclusions. They will prepare tax computations, give advice, prepare reports or notes required in a clear and concise way in accordance with the instructions given.   The course support the student’s development as lateral thinkers. They will be required to analyse courses of actions in terms of the requirements of the scenario, tax legislation, case law and accounting ethics. The delivery schedule and assessment method for the course demonstrates the student’s ability of time management, self-discipline and motivation. Problem solving The mode of delivery of this course allows the students to develop self-study and time management skills. Much of the workshop time will be devoted to understanding the fundamental principles of a tax and establishing the skills required by employers e.g., communication, numerical interpretation, organisation and planning, problem solving and initiative. Research The methods of assessment engaged in this course will also enhance students’ workplace skills as the exam questions are be based around a ‘typical’ tax scenario, allowing the students to develop their judgement and advice skills. The course will build on the knowledge and workplace skills developed in Principles of Taxation. Other This module has been specifically designed with the aim to enhance students’ exposure to professional practice and broaden their knowledge of UK tax. Many aspects of the course are tailored specifically to support students’ ability to work within the specialist field of taxation. The key areas of the syllabus are: 1.    Ethics and law in relation to UK tax Students will be able to recognise ethical issues that could arise when accountants perform tax work. The students will learn the obligations the UK tax system imposes on taxpayers and the implications of non-compliance to tax legislation by taxpayers. For all of the taxes covered students will gain an understanding of the wider economic and social impact of any proposed changes in the tax legislation.  2.    Indirect taxes Students will be able to calculate the amount of VAT owed by or owed to businesses and calculate the amount of stamp taxes due in straightforward transactions. 3.    Capital taxes Students will be able to calculate the capital gains tax payable by individuals and trustees and advise on the effect of reliefs in given scenarios. Students will also be able to explain the principles of inheritance tax, calculate the amounts of inheritance tax due on lifetime transfers and transfers on death by individuals, personal representatives and trustees. The students will be able to describe the circumstances in which inheritance tax reliefs are applicable. 4.    Corporation tax Students will be able to calculate the corporation tax liabilities of companies, demonstrating the relevance of the distinction between revenue and capital for both receipts and expenses, recognising the interaction between tax and accounting profits and applying tax legislation to capital assets. Students will recognise the effect on the corporation payable in group companies, including how losses can be utilised in a group. 5.    Income tax and NIC Students will be able to calculate the amounts of income tax owed by or owed to individuals and trustees as well as the amounts of national insurance payable by employers, the self-employed and employees. Students will be able to calculate the national insurance payable on employment income and trading income. The course will be delivered over 17-weeks: 11 weeks in Semester 1 and 6-weeks in Semester 2. This is to accommodate the timing of the placement period. The format of delivery will be a 2-hour lecture and 1-hour workshop.  Students will have 200 hours of activity hours based on a mix of delivery styles  The learning and teaching will include:Classroom based face-to-face lectures and workshops.Directed independent study to include completion of ICAEW Workbooks and Question Banks.In-class timed tests.Asynchronous online resources.In preparation for the assessment the students will sit a  mock exam.  0 Other 100% <div class="OutlineElement Ltr SCXW80547018 BCX2" style="direction:ltr;"><p class="Paragraph SCXW80547018 BCX2" style="background-color:transparent;color:windowtext;font-style:normal;font-weight:normal;margin:0px;padding-left:0px;padding-right:0px;text-align:justify;text-indent:0px;vertical-align:baseline;" paraid="911000754" paraeid="{66a3937e-70a4-4ce3-81c3-6fa825e2979b}{188}"><span class="TextRun SCXW80547018 BCX2 NormalTextRun" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB">Summative assessment –100% of the assessment will be a 2.5-hour unseen ICAEW approved assessment. This will take place no earlier than Week 7 of Semester 2. (See Additional Information)<span class="EOP SCXW80547018 BCX2" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-ccp-props="{"134245417":false,"335551550":6,"335551620":6}"> </div><div class="OutlineElement Ltr SCXW80547018 BCX2" style="direction:ltr;"><p class="Paragraph SCXW80547018 BCX2" style="background-color:transparent;color:windowtext;font-style:normal;font-weight:normal;margin:0px;padding-left:0px;padding-right:0px;text-align:justify;text-indent:0px;vertical-align:baseline;" paraid="1419604369" paraeid="{66a3937e-70a4-4ce3-81c3-6fa825e2979b}{190}"><span class="EOP SCXW80547018 BCX2" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-ccp-props="{"134245417":false,"335551550":6,"335551620":6}"> </div><div class="OutlineElement Ltr SCXW80547018 BCX2" style="direction:ltr;"><p class="Paragraph SCXW80547018 BCX2" style="background-color:transparent;color:windowtext;font-style:normal;font-weight:normal;margin:0px;padding-left:0px;padding-right:0px;text-align:justify;text-indent:0px;vertical-align:baseline;" paraid="1606689641" paraeid="{66a3937e-70a4-4ce3-81c3-6fa825e2979b}{192}"><span class="TextRun SCXW80547018 BCX2 NormalTextRun" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB">Formative assessment – for each area of the syllabus the students will complete in-class tests, and a full <span class="TextRun SCXW80547018 BCX2 NormalTextRun ContextualSpellingAndGrammarErrorV2Themed" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB">2.5 hour<span class="TextRun SCXW80547018 BCX2 NormalTextRun" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB"> mock ICAEW approved assessment prior to the summative assessment.<span class="EOP SCXW80547018 BCX2" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-ccp-props="{"134245417":false,"335551550":6,"335551620":6}"> </div> Following the assessment generic feedback posted on Blackboard regarding overall test performanceFormative feedback will be given by:Informal advice and discussion during a lecture and workshop.Oral and written feedback on in-class tests.Responses to student emails and questions from a member of staff including feedback provided to a group via an online discussion forum.  BMAN24111 Pre-Requisite Compulsory Compulsory for and available only to students on the BSc Business Accounting. BSc Business Accounting wIPE BSc Business Accounting wIPE Second Year Mandatory N ICAEW Learning Resources for Tax Compliance Professional Level –will be provided electronically by ICAEW via Bibliu interface. This includes a Workbook and Question Bank.Supplementary materials may be provided (for example Kaplan, BPP study manuals)(Note: these texts will be updated annually to reflect the Finance Act relevant to the exam sitting)  Practical classes & workshops 51 0 149 <div class="OutlineElement Ltr SCXW53769340 BCX2" style="direction:ltr;"><p class="Paragraph SCXW53769340 BCX2" style="background-color:transparent;color:windowtext;font-style:normal;font-weight:normal;margin:0px;padding-left:0px;padding-right:0px;text-align:left;text-indent:0px;vertical-align:baseline;" paraid="2142686137" paraeid="{2837acdc-95b0-4c4f-a1fc-616bca1e43fd}{26}"><span class="TextRun SCXW53769340 BCX2 NormalTextRun" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB">For academic purposes the students will need to attain a pass mark of 40%.<p class="Paragraph SCXW53769340 BCX2" style="background-color:transparent;color:windowtext;font-style:normal;font-weight:normal;margin:0px;padding-left:0px;padding-right:0px;text-align:left;text-indent:0px;vertical-align:baseline;" paraid="2142686137" paraeid="{2837acdc-95b0-4c4f-a1fc-616bca1e43fd}{26}"><span class="TextRun SCXW53769340 BCX2 NormalTextRun" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB">  </div><div class="OutlineElement Ltr SCXW53769340 BCX2" style="direction:ltr;"><p class="Paragraph SCXW53769340 BCX2" style="background-color:transparent;color:windowtext;font-style:normal;font-weight:normal;margin:0px;padding-left:0px;padding-right:0px;text-align:left;text-indent:0px;vertical-align:baseline;" paraid="1706587853" paraeid="{2837acdc-95b0-4c4f-a1fc-616bca1e43fd}{28}"><span class="TextRun SCXW53769340 BCX2 NormalTextRun" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB">To meet the conditions for ICAEW accreditation a pass mark of 55% is required. Students who do not reach the required standard for accreditation on the first attempt will be required to <span class="TextRun SCXW53769340 BCX2 NormalTextRun ContextualSpellingAndGrammarErrorV2Themed" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB">resit<span class="TextRun SCXW53769340 BCX2 NormalTextRun" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-height:18px;" data-contrast="auto" xml:lang="EN-GB" lang="EN-GB"> in the summer resit period. <p class="Paragraph SCXW53769340 BCX2" style="background-color:transparent;color:windowtext;font-style:normal;font-weight:normal;margin:0px;padding-left:0px;padding-right:0px;text-align:left;text-indent:0px;vertical-align:baseline;" paraid="1706587853" paraeid="{2837acdc-95b0-4c4f-a1fc-616bca1e43fd}{28}"> </div><div class="OutlineElement Ltr SCXW53769340 BCX2" style="direction:ltr;"><p class="Paragraph SCXW53769340 BCX2" style="background-color:transparent;color:windowtext;font-style:normal;font-weight:normal;margin:0px;padding-left:0px;padding-right:0px;text-align:left;text-indent:0px;vertical-align:baseline;" paraid="53486476" paraeid="{2837acdc-95b0-4c4f-a1fc-616bca1e43fd}{30}"><span class="TextRun SCXW53769340 BCX2 NormalTextRun" style="font-family:Calibri, "Calibri_EmbeddedFont", "Calibri_MSFontService", sans-serif;font-size:11pt;line-heig