AC217-Tax Compliance

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Autumn term module
Pre-requisites: AC108 Principles of Taxation
Non-modular pre-requisites:
Co-requisites:
Modules excluded: AC221 Personal Tax or AC319 Business Tax
Current from: 2023/4

Module Convenor: Mrs Clare Bentata
Email: clare.bentata@henley.ac.uk

Type of module:

Summary module description:

This module builds on the knowledge acquired in AC108 Principles of Taxation, developing knowledge and understanding of the main UK taxes, including income tax, capital gains tax, inheritance tax, corporation tax, national insurance, stamp taxes, and the ethical issues related to tax advisory work.

Aims:

This module aims to enable students to prepare tax computations and provide tax advice to individuals and companies in a wide range of scenarios, in addition to explaining the ethical issues surrounding the tax advice.

Assessable learning outcomes:

1. Recognise the ethical issues arising in the course of performing tax work and identify the obligations the UK system of tax imposes on taxpayers and the implications for taxpayers of non-compliance


2. Calculate the capital gains tax payable by individuals 


3. Calculate the amounts of income tax owed by or owed to individuals 


4. Calculate the amounts of inheritance tax due on lifetime transfers and transfers on death by individuals, personal representatives and trustees


5. Calculate the amounts of national insurance payable by individuals, businesses and companies


6. Calculate the corporation tax liabilities of companies


7. Calculate the amount of VAT owed by or owed to businesses


8. Calculate the amount of stamp taxes owed by individuals, businesses or companies

Additional outcomes:

The module also aims to encourage the development of oral communication skills and the students’ effectiveness in group situations. Structured activities are designed to develop independent learning, including reflective, adaptive and collaborative learning.

Outline content:

• Application of the principles of tax to individuals 


• Taxation of income


• Taxation of gains


• Inheritance tax


• Application of the principles of tax to businesses including taxation of gains


• Trading profits


• Corporation tax


• Groups of companies


• VAT


• Legal and ethical implications of tax planning and advice

Global context:

The module covers international aspects of income tax, capital gains tax, corporation tax and VAT.

Brief description of teaching and learning methods:

Lectures and tutorials will be combined and used for the exposition of the main concepts, principles and techniques associated with the discipline and will focus on numerical practice and discussion of examination style questions.

Contact hours:

	Autumn	Spring	Summer
Lectures	20		12
Tutorials	20
Guided independent study:
Wider reading (directed)	20
Exam revision/preparation			64
Completion of formative assessment tasks	44
Reflection	20
Total hours by term	124	0	76
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	100

Summative assessment- Examinations:

The exam will be an unseen exam in the Summer term and will be two and a half hours long. Students may use Hardman’s Tax Tables open book text.

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

Summative assessment- Coursework and in-class tests:

None

Formative assessment methods:

Formative assessments are available in the textbook for all weeks of the module to enable students to gain the necessary practice. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance.

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:

Requirement for a University pass is a minimum mark of 40%.

This module contributes to the Tax Compliance module of the ACA Professional Stage. In order to apply for ICAEW credit for prior learning, students must be registered on the BA Accounting and Business programme and must obtain a minimum mark of 55% in this module.

Reassessment arrangements:

Reassessment is by examination only in August / September of the same year.

Additional Costs (specified where applicable):

Required text books  - ICAEW Tax Compliance Study Manual and Question Bank, published by ICAEW. Cost, approximately £58.

Any non-programmable calculator - Approximately £15 

Last updated: 12 April 2023