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Aims

To develop the ability to prepare computations of tax liability for both individuals and businesses resident in the UK for the purposes of income tax, corporation tax, capital gains tax and value added tax. In addition, to develop knowledge and understanding of the manner in which dealings must be conducted with HM Revenue and Customs, including knowledge of the statutory timescales for the submission of claims and returns and the due dates for the payment of tax liabilities.

Objectives

On completion of this paper, candidates should be able to:

• prepare adjusted profit / loss computations for trades and professions
• calculate an individual's income from employment
• prepare computations of property and investment income
• prepare income tax computations
• prepare computations of the chargeable gains arising on disposals by both individuals and companies
• prepare corporation tax computations
• complete and submit value added tax calculations using data from the appropriate recording systems
• identify the due dates for submission of returns and the payment of tax liabilities
• conduct dealings with the HM Revenue & Customs and with clients in an appropriate manner.

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