FOUNDATIONS OF TAX - 2018/9
Module code: MANM368
This module introduces students to the subject of taxation and provides the core knowledge of the underlying principles and major technical areas of taxation as they affect the activities businesses, both incorporated and unincorporated.
Surrey Business School
GUEST P Prof (SBS)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 7
JACs code: N330
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
MANM198 - Principles of Accounting
Indicative content includes:
Capital Allowances: Classification of expenditure on capital assets in accordance with the statutory distinction between capital & revenue expenditure.
Computing assessable business income: Adjustment of trading profits and losses for tax purposes
Preparing chargeable gains computations for businesses: including share pools, bonus and rights issues.
Preparing capital gains computations for sole traders and partnerships.
Corporation tax computations: trading profits and losses, capital allowances, investment income, loss reliefs and charges. Calculating corporation tax due including marginal relief and completing the HMRC forms.
Income tax computations for sole traders and partnerships: trading profits and losses, capital allowances, investment income, loss reliefs and charges. Calculating income tax due and completing the HMRC forms
The scope of value added tax, VAT registration requirements, computation of VAT liabilities and the effect of special schemes.
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||MID-TERM TEST (50 MINUTES)||30|
|Examination||120 MINUTES EXAMINATION||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of both the theoretical concepts and their practical application.
The summative assessment for this module consists of:
A 50 minutes class-test (30%) during week 8 of teaching
A two hour closed-book final exam (70%) during the examination period
Formative assessment and feedback
The class test will be marked by the module convenor, marks are usually returned to the students within two semester weeks following the class test. In the semester week following the class test the module convenor posts the class test, results and model answers on SurreyLearn with general feedback on how the cohort has performed.
The weekly drop-in session is used to provide individual feedback to students. Explaining how they could have moved from the mark attained to 100%. This feedback will help the student prepare for final examination.
Both the class test and final exam have detailed marking schemes that take into account process and ensure consistent marking where there is more than one module tutor.
This module has a strong emphasis on Independent learning with students having to take responsibility for their own learning.
Students will be expected to participate in tutorials and are actively encouraged to share their views and experiences. Attendance is compulsory and experience has shown students with low attendance also attain very low marks.
Tutorial attendance is compulsory, and vital information on the assessments is usually given during these sessions.
Not all elements of the curriculum will be covered in detail in the tutorials. Students will be made aware of the areas they are expect to are expected to research for themselves.
- to introduce students to the functions of the tax system and the separate taxes that an accountant would need to have detailed knowledge of:
- • Corporation tax
- • income tax and national insurance
- • chargeable gains arising on disposals of investments for both individuals and companies
- • VAT.
|001||Prepare capital allowances computations for all business types||KCPT|
|002||Prepare assessable business income computations for self-employed individuals||KCPT|
|003||Prepare corporation tax computations for UK resident companies||KCPT|
|004||Prepare chargeable gains computations for companies and capital gains computations for individuals||KCPT|
|005||Show an understanding of current tax law and HMRC (Her Majesty’s Revenue & Customs) practice and make submissions within statutory timescales||KCPT|
|006||Explain & compute the effects of value added tax on incorporated and unincorporated businesses||KCPT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 117
Lecture Hours: 11
Tutorial Hours: 22
Methods of Teaching / Learning
The learning and teaching strategy is designed to give students the opportunity to gain knowledge and understanding of the relevant theory and business practices and problems pertinent to the topics covered in the module.
The learning and teaching methods include:
The use of weekly two-hour tutorials as well as a weekly drop-in session, to illustrate the theory and allow the student to practice the practical application of such theory with a range of weekly tutorial questions.
Lecture material will be supported by directed reading and weekly homework exercises will be set to test students’ understanding on an on-going basis.
SurreyLearn will be used as an information portal and will contain lecture notes, practical exercises and model answers.
Individual feedback will be given in the drop-in sessions on the class test and general feedback will be posted on SurreyLearn.
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Reading list for FOUNDATIONS OF TAX : http://aspire.surrey.ac.uk/modules/manm368
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2018/9 academic year.