Business Taxation

Module code: ACFI 2308

Module description

This module will consider the taxation legislation relevant to unincorporated businesses, employees and other individuals who pay income tax or capital gains tax. It will include a mixture of policy and practice relating to the current tax legislation. Consideration will be given to theoretical issues such as the primary objectives of taxation, the underlying principles of an ideal tax and the classification of taxes. The computational emphasis will be on income tax and capital gains tax. In relation to income tax and unincorporated businesses we will consider how we convert the accounting profit to the taxable profit and how relief is given for the investment in non-current assets before completing the end of year income tax calculations. In relation to capital gains tax we will consider the computations to calculate the taxable gain on the sale of various assets including a principle private residence and shares. Towards the end of the year consideration will be given to tax planning. The module will require students to carry out numerical computations, respond by letter to client queries and write reports that evaluate the legislation.

Contact hours per student per year

• Lectures: 22 hours
• Tutorials: 22 hours
• Assessment: 2 hours

Assessments

• Multiple choice phase test: 30%
• Unseen exam (90 mins): 70%

Additional costs: No extra costs other than purchase of books