Course Information Undergraduate prospectus

Taxation

Course summary

Course code: FINA1026
Level: 5
Credits: 30
School: Business Faculty
Department: Accounting and Finance
Course Coordinator(s): Iwona Vellam

Specification

Aims

The aim of this course is to provide students with an overview of taxation, its role in society and the obligations of individuals and companies to pay tax.
Specifically the aim of the course is to develop:
• Skills, knowledge and understanding of the tax requirements and appreciate their practical application for individuals and companies.
• An understanding of the scope of the tax system and the responsibilities of the taxpayers to declare and pay their tax liabilities.
• Analytical and problem solving abilities related to tax planning.

Learning outcomes

On successful completion of this course a student will be able to:

1. Explain and understand the scope of taxation in specified jurisdictions.
2. Apply tax principles for each tax to practical settings to compute tax liabilities for individuals, unincorporated businesses and corporations.
3. Explain and identify the obligations of taxpayers in respect of declaration and payment of tax and the implications of non-compliance.
4. Assess and recommend the best alternatives from a range of solutions with the aim of minimising tax liabilities.

Indicative content

The indicative content of this course is determined by the tax legislation of specific country in which it is delivered. The indicative content shown below is therefore applicable to the UK alone and will NOT apply to other countries where this course may also be taught.

• Objectives of taxation
• Operation of the UK tax system
• Outline of Corporation Tax for single and group companies
• Income tax for employees, sole traders and partnerships
• Chargeable Gains Tax for unincorporated businesses and individuals
• Inheritance tax
• Principles and scope of VAT
• Impact of National Insurance Contributions on employees, employers and the self-employed
• Administration of taxation

Teaching and learning activity

This teaching will be delivered by means of lectures that are designed to introduce students to the relevant aspect of taxation. The issues will be illustrated by means of practical examples. Students will develop their understanding of the subject through seminars where they will be required to apply tax legislation to practical problems. Independent learning will be encouraged and student learning will be facilitated by working through the on-line BPP tax modules.

Regular staged tests will be held throughout the year in order to improve student participation and to provide quick and regular feedback to students.

Assessment

In-class tests - 30% weighting, 40% pass mark, learning ooutcomes 1-4. Outline Details - five 50 minute in-class, closed book tests from which the best four test marks will contribute to the overall mark.

Examination - 70% weighting, 40% pass mark, learning outcomes 1-4. Outline Details - 3 hour closed book.

Students are not required to pass all components in order to pass the course.