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Taxation (TX)
7 sections available · 38 chapters available
Free Taxation (TX) study notes for ACCA students. Each chapter covers a key topic with examples and practice prompts you can continue inside the thinka app.
A. The UK tax system and its administration
The overall function and purpose of taxation in a modern economy
Principal sources of revenue law and practice
The systems for self-assessment and the making of returns
The time limits for the submission of information, claims and payment of tax, including payments on account
The procedures relating to compliance checks, appeals and disputes
Penalties for non-compliance
B. Income tax and NIC liabilities
The scope of income tax
Income from employment
Income from self-employment
Property and investment income
The comprehensive computation of taxable income and income tax liability
National insurance contributions for employed and self-employed persons
The use of exemptions and reliefs in deferring and minimising income tax liabilities
C. Chargeable gains for individuals
The scope of the taxation of capital gains
The basic principles of computing gains and losses
Gains and losses on the disposal of movable and immovable property
Gains and losses on the disposal of shares and securities
The computation of capital gains tax
The use of exemptions and reliefs in deferring and minimising tax liabilities arising on the disposal of capital assets
D. Inheritance tax
The basic principles of computing transfers of value
The liabilities arising on chargeable lifetime transfers and on the death of an individual
The use of exemptions in deferring and minimising inheritance tax liabilities
Payment of inheritance tax
E. Corporation tax liabilities
The scope of corporation tax
Taxable total profits
Chargeable gains for companies
The comprehensive computation of corporation tax liability
The effect of a group corporate structure for corporation tax purposes
The use of exemptions and reliefs in deferring and minimising corporation tax liabilities
F. Value added tax (VAT)
The VAT registration requirements
The computation of VAT liabilities
VAT administration, invoices, tax points and penalties
Imports, exports and postponed accounting for VAT
The effect of special schemes
G. Employability and technology skills
Use computer technology to efficiently access and manipulate relevant information
Work on relevant response options, using available functions and technology, as would be required in the workplace
Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools
Present data and information effectively, using the appropriate tools
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