Middlesex University (MDX)
Latest uploads at Middlesex University (MDX). Looking for notes at Middlesex University (MDX)? We have lots of notes, study guides and revision notes available for your school.
-
165
- 0
-
4
Courses at Middlesex University (MDX)
Notes available for the following courses at Middlesex University (MDX)
Popular books Middlesex University (MDX)
Latest notes & summaries Middlesex University (MDX)
Describe the principles of VAT. 
 
· Distinguish between taxable and exempt supplies, and explain the consequences of both types of supply. 
 
· Determine whether a trader should register for VAT. 
 
· Determine the value of a supply 
 
· Advise on the VAT treatment of imports and exports 
 
· Compute VAT payable to HMRC. 
 
· Describe the various VAT schemes and explain their relevance 
 
· Describe the administration of VAT and the penalties for non-compliance 
 
· Advise a trader on V...
Explain the significance of tax-adjusted losses 
 
Describe the reliefs available for trading losses and give effect to the optimum loss relief claims 
 
Describe relief for non-trading losses capital losses 
 
Define a group for the purposes of group loss relief 
 
Identify the claimant and surrendering company and show the effect of making a group relief claim 
 
Explain the consequences of a transfer of trade between two companies in a group 
 
Define a group for the purposes of chargeable ga...
Describe the influence of accounting principles on profits chargeable to corporation tax. 
 
Determine the corporation tax treatment of non-trading income. 
 
Compute debits and credits which arise on loan relationships. 
 
Compute instalments of corporation tax 
 
Compute the chargeable gains of companies 
 
Implement relief for R&D 
 
Compute relief for lease premiums
Describe the objectives of taxation and the principles of an ‘ideal’ tax. 
 
· Appreciate the macro-economic context in which the government makes revenue-raising decisions. 
 
· Describe the Chancellor’s objectives for the forthcoming fiscal year. 
 
· Reflect changes proposed in your analysis of tax problems. 
 
· Identify and analyse ethical issues relating to tax advice. 
 
· Distinguish between tax avoidance and tax evasion
Describe the scope of corporation tax. 
 
· Identify relevant accounting periods. 
 
· Compute the indexation allowance for chargeable gains 
 
· Compute profits chargeable to corporation tax. 
 
· Identify financial years and compute the corporation tax liability of a company. 
 
· Describe the obligation of a company under corporation tax self-assessment. 
 
· Explain the consequences of failure to comply.
Use statute and case law to explain the meaning of plant and machinery. 
 
Compute capital allowances on expenditure on plant and machinery 
 
Compute capital allowances on structures and buildings
Apply the basis of assessment for trading income. 
 
Compute ‘overlap profits’ and show how relief is obtained. 
 
Calculate the effect of a change of accounting date. 
 
Show how adjustments to an income statement can produce a loss. 
 
Identify the forms of relief for trading losses and compute assessments after loss relief. 
 
Advise a taxpayer on the optimum use of losses. 
 
Advise on the income tax consequences of starting up in business.
· Describe the principles of partnership taxation 
 
· Adjust and allocate partnership profits and losses 
 
· Deal with notional losses 
 
· Give effect to changes in partnership composition 
 
· Comment on the role of partnerships in tax planning 
 
· Describe the basic principles of the taxation of an LLP. 
 
· Restrictions on loss relief
· Apply the ‘badges of trade’ to determine whether a transaction is a trading activity. 
 
· Describe the scope of taxation of trading income. 
 
· Determine the tax consequences of consumption of own goods. 
 
· Explain and apply the ‘capital v. revenue’ principle. 
 
· Adjust a profit and loss account to arrive at trading profits 
 
· Explain, by reference to statute and case law, the reasons for making adjustments to the profit and loss account. 
 
· Compute self-employed Natio...
Identify chargeable and non-chargeable assets for the purposes of capital gains tax. 
 
Compute the chargeable gains of an individual taxpayer. 
 
Apply for the annual exemption and advise on its efficient use by husband and wife living together. 
 
Compute capital gains tax liabilities. 
 
Describe the major reliefs and exemptions.