Principles of Taxation

BMAN11171 Principles of Taxation 10 Semester 1 Undergraduate Level 1 Alison Zimmer Unit coordinator 1 FHEQ level (Framework for Higher Education Qualifications) ' First part HE study/Bachelors ' European Credit Transfer & Accumulation System Rating : 5.0 Tax has played a fundamental role in civilised societies for thousands of years, and continues to do so in a complex, rapidly evolving, and globalised setting. This unit will arm students with the ability to understand and explain the purposes of taxation, the considerations needed for tax design, the basics of the UK tax framework, and issues concerning ethics and environmental taxation. This will form the backdrop for learning the fundamental principles of taxation as well as learning how to prepare basic computations for the main UK taxes.  Tax has played a fundamental role in civilised societies for thousands of years, and continues to do so in a complex, rapidly evolving, and globalised setting. This unit will arm students with the ability to understand and explain the purposes of taxation, the considerations needed for tax design, the basics of the UK tax framework, and issues concerning ethics and environmental taxation. This will form the backdrop for learning the fundamental principles of taxation as well as learning how to prepare basic computations for the main UK taxes.  This course unit aims to provide a foundation knowledge of the principles of UK taxation and its context, as well as providing students with the skills necessary to perform computations in income tax, national insurance contributions, corporation tax, capital gains tax and VAT. On successful completion of this course unit a student will be able to: Knowledge and Understanding •    Describe and explain the general objectives of tax and the basic UK tax framework, within the current political, economic, and environmental context.  Intellectual skills •    Explain the principles of tax design, applying these to existing and proposed new taxes. Practical skills •    Perform basic tax computations involving UK income tax, national insurance contributions, corporation tax, capital gains tax and VAT. Transferable skills and Personal qualities •    Apply the principles of UK income tax, national insurance contributions, corporation tax, capital gains tax, VAT, and environmental tax to issues in simple scenarios including the administration of the tax system.  •    Identify ethical issues using the ethical frameworks in place for those working in tax in the UK.   This includes knowledge of the UK’s principal taxes, ability to organise numerical information, plan and execute computations, explain taxes, and give basic tax planning advice. The methods of assessment used in this course are designed to consider students’ employability skills, for example the requirement to explain and discuss important tax topics, and the research of a contemporary tax issue. Achieving 50% and above in this unit will allow students to apply for ICAEW exemption from Principles of Tax (Certificate Level). Please note that accreditation is subject to change. Other This course unit is a useful introduction to the fundamentals of the UK tax system, particularly from the perspective of an accountant. On the successful completion of this course unit, the student will have developed knowledge and skills which will be helpful when applying for jobs within the specialist field of tax. The key areas of the syllabus are: •    UK tax Framework •    Personal income taxation •    Taxing employment income •    Taxing trading income •    National Insurance Contributions (NICs) •    Capital gains tax •    Corporation tax •    Value Added Tax (VAT) •    Ethics and tax •    Environmental taxation This course unit will include: •    Synchronous lectures and seminars. •    Asynchronous (pre-recorded video) lectures where appropriate. •    Quick quizzes (MCQs on Blackboard). •    Discussion board •    Directed independent study Real world, topical examples will be referred to and discussed throughout the course. Students will be expected to keep informed of tax stories and make links with the syllabus. Students should note that the final examination will include some discussion topics, and these can be drawn from discussions in the lectures and workshops. Further details on weekly study expectations will be included on Blackboard. 0 Other 30% 1 Written exam 70% Examination 70% (Written Exam)Coursework 30% (Group Project) Feedback during the course will be given in several ways to allows students to judge their progression. The methods will include but are not limited to the following: •    Face to face feedback during lectures and workshops as students undertake illustrative questions. •    The opportunity for students to ask the lecturer questions directly during lectures and workshops. •    Using, and engagement in, the discussion board. •    Using on-going online quizzes to obtain independent feedback on their strength of knowledge and understanding of the different taxes. •    Students can visit the lecturer in office hours and receive verbal feedback on the work which they have attempted. N To be confirmed (updated per Finance Act). Lectures 20 Practical classes & workshops 10 0 70 Academic programmes that course is available to: BSc (Hons) Accounting BSc (Hons) Business AccountingThis course will allow students to apply for an ICAEW certificate level exemption. For academic purposes the students will need to attain a pass mark of 40%, but to attain the professional body exemption a pass mark of 50% is required. The higher pass mark requirement is reflected in the contact hours. The duration of the exam reflects the requirements set out by the professional body. 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