Aim
The aim of the syllabus is to develop knowledge and skills relating to the tax systemas applicable to individuals, single companies, and groups of companies.
Objectives
MAIN CAPABILITIES:
On successful completion of this exam, candidates should be able to:
- Explain the operation and scope of the tax system and the obligations of tax payers and/or their agents and the implications of non-compliance
- Explain and compute the income tax liabilities of individuals and the effect of national insurance contributions (NIC) on employees, employers and the self employed
- Explain and compute the chargeable gains arising on individuals
- Explain and compute the inheritance tax liabilities of individuals
- Explain and compute the corporation tax liabilities of individual companies and groups of companies
- Explain and compute the effects of value added tax on incorporated and
unincorporated businesses
Brief Contents
- The UK tax system and its administration
- Income tax and NIC liabilities
- Chargeable gains for individuals
- Inheritance tax
- Corporation tax liabilities
- Value added tax (VAT)