BSc Accounting with Industrial/Professional Experience

Year of entry: 2021

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Course unit details:
Principles of Taxation

Unit code BMAN24111
Credit rating 10
Unit level Level 2
Teaching period(s) Semester 1
Offered by Alliance Manchester Business School
Available as a free choice unit? No

Overview

This course has been designed to develop core technical, commercial and ethical skills and knowledge in a structured and rigorous manner. The aim of the course is to enable students to understand the general objectives of tax and to prepare various calculations in straightforward scenarios. Many business decisions will have tax consequences and will be discussed at board level. Tax is now very important and looks set to be in the media spotlight and affecting commercial decisions for the foreseeable future.

Pre/co-requisites

Unit title Unit code Requirement type Description
Financial Reporting BMAN10501 Pre-Requisite Compulsory
Financial Reporting and Accountability BMAN21020 Co-Requisite Compulsory
BMAN24111 has pre-requisites of BMAN10501 and co-requisites is BMAN21020. Core course for BSc Accounting and only available to BSc Accounting.

Pre-requisite course units have to be passed by 40% or above at the first attempt.

Aims

This course aims to allow students to:
• Explain the general objectives of taxation, the influences on and development of the UK tax system, the different types of tax in the UK and be able to recognise the ethical issues arising in the course of performing tax work
• Identify the obligations that the UK tax system imposes on taxpayers and the implications for tax-payers of non-compliance
• Calculate income tax and basic National Insurance payable
• Calculate CGT payable by individuals or chargeable gains subject to CT
• Calculate the amount of corporation tax payable by companies
• Understand the principles of VAT, stamp duty and inheritance tax
• Understand the implications for tax systems of countries which operate in a globalised economy
• It will also satisfy the requirements for accreditation for the ICAEW’s Principles of Taxation paper (subject to students achieving 50% or higher)
 

Learning outcomes

A tax adviser needs to have not only knowledge of how calculations are performed but also be able to discuss why and how individuals and businesses are affected. There will be opportunities to practise the calculations, whilst gaining transferable skills such as communication, research and evaluation.

On successful completion of this course, students will be able to:
• Understand the development of the UK tax system, and the political and economic framework in which the UK tax system operates, including how this impacts the choice of taxation policy;
• Perform straightforward tax computations and give basic tax planning advice;
• Understand and discuss the basic principles of UK Income tax, Corporation Tax and Value Added Tax;
• Understand the principles of other UK taxes such as Inheritance Tax and Capital Gains Tax and the interaction thereof;
• Comment on the principles of case law which have driven major features of tax legislation;
• Comment on the ethics of taxation.

Syllabus

This course is designed to give students a good understanding of the objectives and characteristics of taxation. It discusses the development of UK taxation system and considers the social and economic factors which affect taxation policy

It also outlines the rules and principals involved in the UK taxation system enabling students to prepare personal tax computations, corporation tax computations and basic CGT computations. It also aims to give students an understanding of other taxes such as VAT, inheritance tax and capital gains tax, together with the ethics underpinning taxation and the basic administration thereof.

The course will provide opportunity to consider the current debate surrounding the morality of taxation and corporate and social responsibility matters.

Teaching and learning methods

There will be two lecture hours covering the course material.  Lectures are used to introduce context, concepts and debate and it is recommended that students attend all lectures. The lectures are not intended to cover all the material required for the exam and students will need to complement the lecture material with their own self-study.

The course lecturer will also set material, exercises etc. which will be discussed in the lecture and in the workshops. Students will be expected to prepare in advance, work individually and in groups as appropriate.

Discussion topics and assignments will be posted for completion as the course progresses and students are expected to contribute to the group work through participation via Blackboard. The purpose of these discussions and topics for further study is to assist with preparation for the workshops and also to provide an additional means of exchanging views with other students. They will not count towards the formal assessment of the course but participation will be monitored to ensure all students are contributing.

Tutorials/workshops will commence in week 1 to facilitate discussion and work through numerical examples.  Quizzes will be made available for students to practise the numerical aspects of this course.  On line MCQ bank and short form questions are available to support this course.  Tax practitioners will also be providing material to illustrate the use in practice of principles learned during this course.

Total study hours: 100 hours split between lectures, classes, self study and preparation for classes, coursework and examinations.

Assessment methods

Examinations (70%)

There will be an unseen written exam at the end of the semester. This contributes 70% to the course mark. Students will be required to answer all questions, these will be a mix of multiple choice questions (or multi-part multiple choice, or multi-response questions) for up to 40% of the paper and 20% scenario based (essay based and numeric).

The other (30%) of the course mark will be a group project (or 1,500 word essay equivalent) which will require presentation as a poster to be submitted via Blackboard.

 

 

 

Feedback methods

  • Students will receive immediate feedback on questions prepared for workshops.
  • Students can receive immediate feedback from the online quizzes.
  • Students will receive written feedback on their essay within 15 working days of submission.
  • Students will receive generic feedback on exam performance via Blackboard.

Informal Contact Methods
1. Office Hours as per SOHOL
2. Online Learning Activities (blogs, discussions, self-assessment questions)
3. Drop in Surgeries (extra help sessions for students on material they may be struggling with)

Recommended reading

Core Text:

The recommended textbook for this course is Taxation Policy and Practice by Lymer and Oats (currently in the 25th edition for 2018/19ISBN 978-1-906201401).

Copies of the text book are available in the University Branch (Precinct /Centre) of Blackwell’s bookshop. The textbook is also available from the publisher by accessing the accounting education.com website and looking on taxstudent.com. There may be a student discount.

It is a requirement to have access to the textbook as the workshop exercises will be taken directly from the latest edition.

Supplementary Text: (To be updated each financial year)

Any specific supplementary readings will be indicated on Blackboard:

Taxation (Finance Act 2018), Melville
Taxation (incorporating the Finance Act 2018), Combs, Dixon and Rowes

The Economics of taxation (18th edition), James & Nobes

 

Study hours

Scheduled activity hours
Lectures 22
Seminars 11
Independent study hours
Independent study 67

Teaching staff

Staff member Role
Wendy Wild Unit coordinator

Additional notes

Information
Length of course: 11 teaching weeks. 

Pre-requisite course units have to be passed by 40% or above at the first attempt.

Pre-requisites: BMAN10501

Co-requisites: BMAN21020

Dependent courses: None

Programme Restrictions: Compulsory for and available only to students on the BSc Accounting programme.

For Academic Year 2021/22

Updated: March 2021

Approved by: March UG Committee

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