Course Overview: UK Tax System
Chapter 1: The UK Tax System
– Introduction to the structure and components of the UK tax system, covering the key taxes and their purposes.
Chapter 2: Income Tax Computations
– Detailed guide on computing income tax, including allowances, deductions, and taxable income.
Chapter 3: Property and Investment Income
– Part 1: Basics of property and investment income, including rental income and interest.
– Part 2: Advanced concepts in property and investment income, including dividends and capital gains.
– Part 3: Special cases and additional considerations for property and investment income.
Chapter 4: Employment Income
– Understanding the tax treatment of employment income, including salaries, bonuses, and benefits in kind.
Chapter 5: Benefits and PAYE System
– Overview of taxable benefits and the PAYE (Pay As You Earn) system for tax collection from employment income.
Chapter 6: Unincorporated Traders – Assessment and Profits
– Part 1: Introduction to unincorporated traders, assessing profits.
– Part 2: Advanced assessment techniques and profit calculations.
– Part 3: Practice questions to reinforce understanding of assessments and profits.
Chapter 7: Capital Allowances
– Explanation of capital allowances for businesses, including qualifying expenditures and computation methods.
Chapter 8: Unincorporated Traders – Relief for Trading Losses
– Strategies for managing and claiming relief on trading losses for unincorporated traders.
Chapter 9: Partnerships
– Tax implications and responsibilities within partnerships, including profit sharing and loss allocation.
Chapter 10: National Insurance Contributions
– Understanding the different classes of National Insurance contributions and their impact on taxpayers.
Chapter 11: Income Tax Administration
– Part 1: Fundamentals of income tax administration, including filing requirements and deadlines.
– Part 2: Advanced administration topics, such as penalties and dispute resolutions.
Chapter 12: Chargeable Gains – Basic Principle
– Basic principles of chargeable gains, including calculation methods and reporting requirements.
Chapter 13: Chargeable Gains – Chattels, Land, and Buildings
– Specific rules and tax treatments for gains from chattels, land, and buildings.
Chapter 14: Chargeable Gains – Shares
– Tax implications of gains from the sale of shares, including reliefs and exemptions.
Chapter 15: Chargeable Gains – Business Asset and Reliefs
– Overview of reliefs available for gains on business assets, including rollover relief and entrepreneurs’ relief.
Chapter 16: Corporate Tax Computation and Administration
– Part 1: Introduction to corporate tax computation, including taxable profits and allowances.
– Part 2: Advanced corporate tax administration, covering compliance and filing.
Chapter 17: Corporate Tax – Taxable Total Profits
– Detailed examination of calculating taxable total profits for corporations.
Chapter 18: Corporation Tax – Chargeable Gains
– Specific rules for calculating and reporting chargeable gains for corporations.
Chapter 19: Corporation Tax – Loss Relief
– Understanding and applying loss relief provisions for corporations.
Chapter 20: Corporation Tax – Group of Companies
– Tax considerations for groups of companies, including group relief and consortium relief.
– Practice Questions: Review and practice questions to solidify understanding of corporate tax topics.
Chapter 21: Inheritance Tax
– Overview of inheritance tax, including thresholds, exemptions, and reliefs.
– Practice Questions: Practice scenarios to apply inheritance tax knowledge.
Chapter 22: Value Added Tax (VAT)
– Part 1: Fundamentals of VAT, including registration, rates, and returns.
– Part 2: Advanced VAT topics, including special schemes and cross-border transactions.
– Practice Questions: VAT-specific questions to test understanding.
– Exam Style Questions: Practice with exam-style questions for VAT.
Mock Tests
– Intro: Introduction to the mock test format.
– Part 1: First part of the mock test covering initial chapters.
– Part 2: Second part of the mock test covering later chapters.
Additional Resources
– Tax – UK Guide: Comprehensive guide to the UK tax system, serving as a reference for all chapters.
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