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Business Taxation

Syllabus aim

To develop knowledge and understanding in the core areas of tax related to businesses and their employees.

Objectives

On completion of this paper candidates should be able to:

• explain the operation of the UK tax system
• prepare computations of the corporation tax liability for individual companies and groups of companies
• prepare computations of the income tax liability for employees, sole traders and partnerships
• prepare computations of the chargeable gains arising on incorporated and unincorporated businesses
• explain and apply the principles and scope of Value Added Tax
• explain the impact of National Insurance Contributions on employees, employers and the self-employed
• explain the use of exemptions and reliefs in deferring or minimising tax liabilities
• demonstrate the skills expected at Part 2.

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