ACCT7010 Corporate Taxes, CGT, VAT Assignment Sample MTU Ireland

ACCT7010 Corporate Taxes, CGT, VAT course will equip you with the knowledge and skills to advise on, prepare and manage tax compliance for business entities. The course also provides an overview of the major tax types that may apply to businesses including income tax, capital gains tax (CGT), value-added tax (VAT), and stamp duty.

You will develop an understanding of how taxes are levied on businesses, the requirements for lodgment and payment of tax, and how to manage tax compliance risks. The course also covers tax planning strategies that businesses can use to minimize their tax liabilities.

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In this section, we are describing some assigned briefs. These are:

Assignment Activity 1: Explain Corporation Tax legislation and prepare Corporation Tax computations.

A corporation tax is a tax that is levied on the profits of a company. The amount of corporation tax that a company owes is calculated based on its taxable profits for the year.

Two main pieces of legislation govern corporation tax in the UK: the Corporation Tax Act 2010 and the Companies Act 2006.

1. Corporation Tax Act 2010: This Act sets out the rules for how corporation tax is to be calculated and paid. It also includes provisions for reliefs and exemptions from corporation tax.
2. Companies Act 2006: This Act sets out the rules for how companies are to be run. It includes provisions on directors’ duties, shareholders’ rights, and company accounts.

To calculate a company’s corporation tax liability, you will need to know its taxable profits for the year. Taxable profits are calculated using the accruals basis of accounting, which means that profits are taxed in the year in which they are earned, regardless of when they are received.

The first step in calculating a company’s taxable profits is to calculate its accounting profit or loss for the year. This is done by preparing the company’s financial statements for the year.

Once the accounting profit or loss has been calculated, certain adjustments are made to arrive at the taxable profit. These adjustments include:

• adding back any expenses that are not tax-deductible;
• deducting any income that is exempt from tax;
• making adjustments for capital allowances; and
• making adjustments for losses brought forward from previous years.

After the taxable profit has been calculated, the corporation tax is then calculated at the relevant rate. For the 2018/19 tax year, the corporation tax rate is 19%.

Once the corporation tax liability has been calculated, it must be paid to HMRC. Corporation tax is usually payable in installments, with the first installment due nine months and one day after the end of the company’s accounting period.

The second installment is due six months later, and the final installment is due three months after that. Corporation tax can also be paid electronically through HMRC’s online service.

It is important to note that corporation tax is a self-assessment tax. This means that it is the responsibility of the company to calculate and pay its corporation tax liability. If a company does not pay its corporation tax liability on time, it will be liable for interest and penalties.

Assignment Activity 2: Explain Capital Gains Tax legislation and prepare Capital Gains Tax computations.

Capital gains tax (CGT) is a tax that is levied on the profit that is made from the sale of an asset. The amount of CGT that is owed is calculated based on the gain that is made from the sale, less any exempt amounts and allowable losses.

Two main pieces of legislation govern CGT in the UK: the Capital Gains Tax Act 1992 and the Taxation of Chargeable Gains Act 1992.

1. Capital Gains Tax Act 1992: This Act sets out the rules for how CGT is to be calculated and paid. It also includes provisions for reliefs and exemptions from CGT.
2. Taxation of Chargeable Gains Act 1992: This Act sets out the rules for how gains are to be taxed. It includes provisions for the calculation of gains, the payment of tax, and the reliefs and exemptions that are available.

To calculate a person’s CGT liability, you will need to know their total gain for the year. The total gain is calculated by adding together all of the gains that have been made from the sale of assets during the year, less any exempt amounts and allowable losses.

Assignment Activity 3: Explain Value Added Tax legislation and advise on VAT procedures and practice.

Value-added tax (VAT) is a tax that is levied on the sale of goods and services. The amount of VAT that is owed is calculated based on the value of the sale, less any exempt amounts and allowable deductions.

Two main pieces of legislation govern VAT in the UK: the Value Added Tax Act 1994 and the Value Added Tax Regulations 1995.

1. Value Added Tax Act 1994: This Act sets out the rules for how VAT is to be calculated and paid. It also includes provisions for reliefs and exemptions from VAT.
2. Value Added Tax Regulations 1995: These Regulations set out the rules for how VAT is to be accounted for and reported. They also include provisions for the registration, payment, and recovery of VAT.

To calculate a person’s VAT liability, you will need to know the value of the sale. The value of the sale is calculated by adding together the prices of all of the goods and services that have been sold during the year, less any exempt amounts and allowable deductions.

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