Anum406

PFP · Advice on tax efficient investments · Advice on the tax consequences of making pension contributions · Recognise and advice on tax planning opportunities · Take account of the ethical dimension to tax advice and tax planning IHT · Describe the principles of Inheritance Tax. · Describe the main exemptions and reliefs from IHT. · Explain the consequences of lifetime transfers and deemed transfers on death. · Compute IHT liabilities on lifetime transfers and...

· Determine the residence and domicile of an individual, and the residence of a company · Define the scope of corporation tax for a resident and non-resident company · Explain the purpose of double tax treaties and apply the provisions of a treaty based on the OECD model to determine the tax liabilities of overseas companies trading in the UK and UK companies trading overseas. · Explain the consequences of setting up a permanent establishment in another country · Compute double ...

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