Introduction to Tax

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ANF206
Code
Term 1
Term
10
Credits
08
SCQF Level
2023/4
Year
Business, Law and Social Sciences
School

Description

This module introduces students to Tax and forms the first of 2 modules covering this accredited subject.

Aims

The aim of this Module is to provide the student: with the ability to make the relevant calculations relating to income and national insurance.

Learning Outcomes

By the end of this module the student should be able to:

  1. Demonstrate an understanding of the structure and administration of the UK tax system as it affects individuals and incorporated businesses;
  2. Calculate the Income Tax due on the income of an employed individual with other sources of income;
  3. Demonstrate an understanding and calculate the basis periods for trading income of self-employed businesses and partnerships;
  4. Compute an employer's liability for National Insurance in respect of the employee and employer.

Indicative Content

1 Introduction to taxation:

General introduction to UK tax system; Administration of tax system; Tax evasion; Tax avoidance; HMRC Charter; Introduction to Income tax.

2 Taxation of the individual:

Sources of income; Basis of assessment and allowable expenditure; Capital expenditure; Personal allowances and reliefs;; Employee's liability for National Insurance contributions.

3 Income from employment:

Basis of assessment; Employment income; Non-taxable employment income; Deductible expenses;

4 Income from self-employment:

The calculation of trading profits; Disallowed and allowable expenditure; Trading income allowance ; Basis periods for trading income; Commencement of trade; Cessation of trade; Change of accounting date; Capital allowances; Trading losses and relief; partnerships.

Teaching and Learning MethodHours
Lecture6
Tutorial/Seminar12
Supervised Practical Activity6
Unsupervised Practical Activity0
Assessment25
Independent51

Guidance Notes

SCQF Level - The Scottish Credit and Qualifications Framework provides an indication of the complexity of award qualifications and associated learning and operates on an ascending numeric scale from Levels 1-12 with SCQF Level 10 equating to a Scottish undergraduate Honours degree.

Credit Value – The total value of SCQF credits for the module. 20 credits are the equivalent of 10 ECTS credits. A full-time student should normally register for 60 SCQF credits per semester.

Disclaimer

We make every effort to ensure that the information on our website is accurate but it is possible that some changes may occur prior to the academic year of entry. The modules listed in this catalogue are offered subject to availability during academic year 2023/4, and may be subject to change for future years.