BSc Business Accounting with Industrial/Professional Experience

Year of entry: 2024

Course unit details:
Business Planning Tax

Course unit fact file
Unit code BMAN32210
Credit rating 20
Unit level Level 6
Teaching period(s) Full year
Available as a free choice unit? No

Overview

This course builds on student’s knowledge of the main taxes, whilst introducing more complex scenarios with a greater focus on the interaction of taxes. Students will notice that the business scenarios faced will largely feature the taxation of corporate entities and owner-managed businesses and as such there will be greater focus on how taxation fits within the wider business context. Students will also be required to identify risks and uncertainty associated with tax scenarios, and spot inconsistencies in information provided by clients. Some of the scenarios faced will require students to identify ethical problems and solve ethical dilemmas. The course will widen students ability to produce different forms of written communication, eg, memoranda, briefing notes, reports etc to specialist or non-specialist audiences.

It is a requirement of ICAEW accreditation that this course closely aligns with the learning outcomes and syllabus for the equivalent ‘Business Planning: Taxation’ Professional Stage Examination. Students will find that the ICAEW materials provided alongside this course useful, in preparation of the ‘Advanced Stage’ when they graduate.

Pre/co-requisites

Unit title Unit code Requirement type Description
Principles of Taxation BMAN24111 Pre-Requisite Compulsory
Core and only available for BSc Business Accounting with IPE.

Aims

To enable students to apply technical knowledge and professional skills to identify and resolve taxation issues that arise in the context of preparing tax computations and to advise on tax-efficient strategies for businesses and individuals. Students will be required to use technical knowledge and professional judgement to identify, explain and evaluate alternative tax treatments and to determine the appropriate solutions to taxation issues, giving due consideration to the needs of clients and the interaction between taxes. The commercial context and impact of recommendations will need to be considered in making such judgements, as will ethical and legal issues

Learning outcomes

1. Assimilating and using information: Understand a business or accounting situation, prioritise by determining key drivers, issues and requirements and identify any relevant information.

2. Structuring problems and solutions: Structure information from various sources into suitable formats for analysis and provide creative and pragmatic solutions in a business environment.

3. Applying judgement: Apply professional scepticism and critical thinking to identify faults, gaps, inconsistencies and interactions from a range of relevant information sources and relate issues to a business environment.

4. Concluding, recommending and communicating: Apply taxation technical knowledge, skills and experience to support reasoning and conclusion and formulate opinions, advice, plans, solutions, options and reservations based on valid evidence and communicate clearly in a manner suitable for the recipient.

Syllabus

1. ADVANCED TAXATION

Students will be able to analyse, evaluate and calculate the tax consequences of actions for individuals and companies and evaluate the interaction of taxes in given scenarios. This will involve advising and assisting clients in adhering to tax regulations.

COMMUNICATION SKILLS

Code of Ethics as well as other relevant guidance, including the Professional Conduct in Relation to Taxation (PCRT);

TAXATION OF BUSINESS AND CORPORATE ENTITIES

INTERNATIONAL ASPECTS OF CORPORATE TAXATION

FINANCING AND INVESTING

EMPLOYMENT INCOME AND REMUNERATION

PACKAGES

PERSONAL TAXATION AND OVERSEAS TAXATION

TRUSTS

2. TAX PLANNING

Students will be able to advise on alternative tax treatments to defer or minimise tax liabilities.

Students will also be able to understand the interaction of taxes in given scenarios and to identify and discriminate between tax evasion and tax avoidance.

a. identify legitimate tax planning measures to minimise tax liabilities;

b. evaluate and advise on tax strategies to meet business objectives;

c. evaluate and advise on alternative tax strategies relating to corporate transformations;

d. changes in an individual’s circumstances such as marriage, divorce and death;

e. recognise, explain and communicate

opportunities to use alternative tax treatments arising from past transactions; and

f. identify and communicate ethical and professional issues in giving tax planning advice.

3 ETHICS AND LAW

Students will be able to recognise and explain ethical and legal issues arising in taxation scenarios. Where ethical dilemmas arise, students will be required to apply the five fundamental principles and guidance in the IESBA and ICAEW codes as well as other relevant guidance, including the Professional Conduct in Relation to Taxation (PCRT), to recommend and justify appropriate, legal actions.

In the assessment, students may be required to, in the context of taxation:

a. recognise and explain the relevance, importance and consequences of ethical and legal issues;

b. recommend and justify appropriate actions where ethical dilemmas arise in a given scenario;

c. design and evaluate appropriate ethical safeguards; and

d. recognise and advise when a tax-avoidance scheme is notifiable to HMRC and distinguish between planning, avoidance and evasion and their consequences

 

Teaching and learning methods

The course will be taught over a two semesters (a full semester 1 and shorter more intense semester 2). The course will adopt a blended learning approach. Students will have 200 hours of activity hours based on a mix of delivery styles to accommodate the timing of the placement period for students on the BSc (Hons) Business Accounting programme. The learning and teaching will include:

  • Classroom based face-to-face lectures and workshops (synchronous)
  • Online asynchronous videos covering specific standalone topics
  • E-learning materials in the form of videos, short form quizzes, longer online question and answers, and discussion forums
  • In preparation for the assessment, students will be given mock exam questions and guidance on the approach to be taken in answering the questions as well as exam technique
  • Directed independent study.

The lectures will focus on the core topics of the course and the more complex, integrated topics. Running alongside this will be a series of asynchronous videos covering the more theoretical aspects of the topic. These asynchronous videos are aimed at teaching the student the topic and enhancing the learning they have gained in their private study. Topics covered in the asynchronous videos will also be covered in the workshop to give the students the opportunity to have areas of misunderstanding or misinterpretation clarified.

Students will receive a minimum of 40 hours of activity hours in the form of lectures, workshops and examinations. Semester 1 will typically have one hour of both lecture and workshop per week; and semester 2 will typically have two hours of both lecture and workshop for the first six weeks leading to a two-and-a-half-hour examination.

Students will have 160 hours of independent study hours. Activities during this period will include recommended reading, e-learning materials including webinars, videos, quizzes and online questions.

 

Employability skills

Analytical skills
The methods of assessment engaged in this course will also enhance students¿ employability skills by setting exam questions that are based around a typical advanced taxation scenario, requiring students to display their judgement, analytical, technical and communication skills. This includes assimilating, identifying and prioritising key information from various sources; selecting appropriate courses of action using an ethical framework;
Problem solving
This course has been designed to enhance students¿ exposure to professional accounting practice and broaden their knowledge of advanced taxation. Whilst students may not ultimately work in the field taxation, the skills learned in the module are those required by employers; communication, applying judgement and problem-solving skills. The ability to identify and explain ethical issues and apply professional scepticism are key requirements of the accounting profession; and these skills are also promoted in the course.

Assessment methods

Summative assessment –100% of the assessment will be a 2.5-hour unseen examination.

The length and content of the final examination aligns with the ICAEW professional exemption requirements. The exam will contain questions requiring the use of communication, judgement and evaluation skills as well as an ability to understand the interaction of different taxes. The exam will consist of three questions. All three questions may cover a range of taxes as well as including tax planning. Ethics and law may be tested in any of the three questions.

The exam will be open book. Students will also be permitted to take the permitted written or printed material into the exam, subject to practical space restrictions.

Formative assessment – for each area of the syllabus the students will be required to complete a series of online quizzes and mock examinations, as part of their independent study, prior to the summative assessment.

Feedback methods

Following the assessment generic feedback posted on Blackboard regarding overall test performance.

Formative feedback will be given by:

  • Informal advice and discussion during a lecture and workshop.
  • Online exercises and graded quizzes delivered through the Blackboard course space.

Responses to student emails and questions from a member of staff including feedback provided to a group via an online discussion forum.

Recommended reading

Students are provided with an electronic version and printed version of the ICAEW Business Planning Tax Study Manual and Question Bank.

Study hours

Scheduled activity hours
Assessment written exam 2.5
Lectures 20
Practical classes & workshops 20
Independent study hours
Independent study 160

Teaching staff

Staff member Role
Claire Levison Unit coordinator

Additional notes

Information

Pre-requisites: BMAN24111 Tax Compliance

Co-requisites: None

Dependent courses: None

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

For Academic Year 2022/23

Updated: March 2022

Approved by: March UG Committee

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