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Program Overview
Module Overview
The Advanced Taxation module focuses on furthering students' knowledge of the taxation of incorporated and unincorporated businesses covered in the Introduction to Taxation module. This module introduces students to personal taxation, covering Income Tax and Inheritance Tax.
Module Provider
Surrey Business School
Module Leader
MCCARTNEY Jacqueline (SBS)
Number of Credits
15
ECTS Credits
7.5
Framework
FHEQ Level 6
Module Cap
N/A
Overall Student Workload
- Workshop Hours: 10
- Independent Learning Hours: 105
- Seminar Hours: 20
- Guided Learning: 10
- Captured Content: 5
Module Availability
Semester 2
Prerequisites / Co-requisites
n.a.
Module Content
Indicative content includes:
- The scope of Inheritance tax, the basic principles of computing transfers of value, liabilities arising on chargeable lifetime transfers and on the death of an individual, and the use of exemptions in deferring and minimising inheritance tax liabilities.
- Computing assessable business income: Opening and closing year rules for unincorporated businesses, partnerships assessable profits for each partner, and loss relief claims.
- Further Income tax issues: taxation of property income, pension schemes, and providing for retirement.
- Further chargeable gains issues: transfers between spouses, principal private residence exemption, letting relief, entrepreneur's relief, rollover relief, holdover relief, and incorporation relief.
- The scope of value added tax, VAT registration requirements, computation of VAT liabilities, and the effect of special schemes.
- Corporation tax for groups of companies, group losses, and the effect of a change in the company's ownership on the use of its losses.
Assessment Pattern
| Assessment Type | Unit of Assessment | Weighting |
|---|---|---|
| School-timetabled exam/test | CLASS TEST SET TIME AND DATE 60 min | 30 |
| Examination | EXAM SET TIME AND DATE 120 min | 70 |
Alternative Assessment
Not applicable
Assessment Strategy
The assessment strategy is designed to provide students with the opportunity to demonstrate their knowledge of the taxation of incorporated and unincorporated businesses and individuals, as well as their ability to prepare tax computations and give tax planning advice to clients.
Module Aims
- Build understanding of a range of taxes including Income Tax, Corporation Tax, Capital Gains Tax, Value Added Tax, and Inheritance Tax.
- Prepare tax computations.
- Critically evaluate alternative taxation options and advise clients.
Learning Outcomes
| Attributes Developed | ||
|---|---|---|
| 001 | Discuss the operation and scope of the UK tax system. | KCPT |
| 002 | Calculate Income Tax & Inheritance Tax liabilities of individuals. | KCPT |
| 003 | Calculate tax liabilities of unincorporated and incorporated businesses. | KCPT |
| 004 | Calculate Value Added Tax liabilities for unincorporated and incorporated businesses. | KCPT |
Attributes Developed
- C - Cognitive/analytical
- K - Subject knowledge
- T - Transferable skills
- P - Professional/Practical skills
Methods of Teaching / Learning
The learning and teaching strategy is designed to give students the opportunity to gain knowledge and understanding of the current Finance Act and current business practices in the areas of tax compliance and tax planning. The learning and teaching methods include elements of seminars, lectures, guided reading, and captured content, including illustrative practice exercises.
Reading List
Upon accessing the reading list, please search for the module using the module code: MAN3102
Other Information
- Employability: The module aims to develop tax compliance and tax planning skills that are highly sought after by employers.
- Global and Cultural Capabilities: UK taxation is governed by UK Tax Law. The Advanced Taxation module is accredited by five internationally recognized professional accounting bodies.
- Digital Capabilities: Throughout the module, students learn to navigate and utilize the virtual learning environment (SurreyLearn) and use Excel to prepare tax computations.
- Resourcefulness and Resilience: Advanced Taxation builds on concepts from two financial accounting modules and the Introduction to Taxation module, reinforcing and further developing knowledge and skills related to financial accounting and taxation.
- Sustainability: The Advanced Taxation module is accredited by five professional accounting bodies, all of which are leaders in the development of sustainable business practices.
Programmes this Module Appears In
- Programme: Accounting and Finance (Dual degree with SII-DUFE) BSc (Hons)
- Semester: 2
- Classification: Optional
- Qualifying conditions: A weighted aggregate mark of 40% is required to pass the module
- Programme: Accounting and Finance BSc (Hons)
- Semester: 2
- Classification: Optional
- Qualifying conditions: A weighted aggregate mark of 40% is required to pass the module
