Paper 2.3

Business Taxation

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

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.