ACCT7009 Income Tax Assignment Sample MTU Ireland
ACCT7009 Income Tax is a course offered by MTU. The focus of the course is on Irish tax law and its application to individuals and businesses. The course aims to provide students with a comprehensive understanding of income tax in Ireland. The course covers topics such as taxation of incomes, capital gains tax, value-added tax, and stamp duty.
The course is designed for students who have an interest in pursuing a career in taxation or who wish to gain a better understanding of the Irish tax system. It would also be beneficial for those who are self-employed or run their own business.
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In this section, we are describing some assigned tasks. These are:
Assignment Task 1: Apply the general principles for the administration and computation of Income Tax.
The general principles for administration and computation of Income Tax are as follows:
- Income is taxed on an accrual basis, which means that income is taxed when it is earned, not when it is received. For example, interest earned on a savings account is taxable in the year it was earned, even though the money may not be withdrawn until later.
- Generally, taxpayers are allowed to deduct expenses that are incurred to earn income. For example, if you work from home, you can deduct the costs of running your home offices, such as electricity and phone bills.
- The amount of tax payable is based on the taxpayer’s total taxable income for the year. Taxable income includes all forms of income, such as salary, investment income, and pension income.
- Taxpayers are liable for tax on their worldwide income, regardless of where it is earned. For example, if you are a resident of Ireland and you earn income from property rental in the United Kingdom, you must declare this income in your Irish tax return.
- Ireland has double taxation agreements with many countries, which means that income earned in one country can be exempt from tax in the other country. For example, if you are a resident of Ireland and you earn interest on a bank account in the United Kingdom, you will not have to pay tax on this interest in either country.
- Taxpayers are required to file a tax return every year. The tax return is used to calculate the amount of tax payable.
- Tax is payable on the 31st of October in the year following the year of assessment.
- If you are self-employed, you must make estimated tax payments during the year. These payments are called PAYE (Pay As You Earn) installments.
- Tax relief is available for certain expenses, such as charitable donations and medical expenses.
- Capital gains tax is payable on the sale of assets, such as property or shares.
- Inheritance tax is payable on the value of an estate when a person dies.
- Stamp duty is payable on the purchase of certain assets, such as property and shares.
- Value-added tax (VAT) is payable on the supply of goods and services.
- Withholding tax is deducted from certain types of income, such as interest and dividends.
- Deposit interest retention tax (DIRT) is deducted from interest earned on deposits held in banks and building societies.
Assignment Task 2: Classify and correctly assess income tax under the appropriate tax head and schedule.
The classification of income tax under the appropriate tax head and schedule is a complex process as there are various provisions in the Income Tax Act, of 1961 which need to be considered while making this assessment. However, in general, the income tax can be classified as follows:
- Corporate Income Tax: Taxes that are levied on the profits of companies are known as corporate income taxes. These taxes are paid by businesses and help to finance the government’s public expenditure programs.
- Individual Income Tax: This type of tax is levied on the income of individuals and is used to finance public goods and services.
- Estate Duty/Inheritance Tax: This type of tax is levied on the value of assets that are transferred from one person to another upon the death of the owner.
- Capital Gains Tax: This tax is levied on the gains that are realized from the sale of assets such as property or shares.
- Value-Added Tax: A value-added tax is a tax that is levied on the supply of goods and services.
- Withholding Tax: Withholding tax is a type of tax that is deducted from certain types of income, such as interest and dividends.
- Deposit Interest Retention Tax: Deposit interest retention tax (DIRT) is a type of tax that is deducted from interest earned on deposits held in banks and building societies.
From the above, it can be seen that there are various types of taxes that fall under the category of income tax. The most appropriate way to classify the taxes would be according to the type of entity that is liable to pay the tax. For instance, corporate income tax would be paid by companies, while individual income tax would be paid by individuals. Similarly, estate duty/inheritance tax would be paid by individuals who inherit assets from another person, and capital gains tax would be paid by those who realize gains from the sale of assets.
Assignment Task 3: Prepare tax-adjusted accounts and capital allowances computations.
There are a few things to consider when preparing tax-adjusted accounts and capital allowances computations. First, you’ll need to determine which expenses are eligible for tax allowances. Generally, capital expenses such as equipment or property purchases are the most common types of expenses that qualify for allowances.
Next, you’ll need to calculate the adjusted accounts for each line item in your company’s financial statement. This includes adjusting for the depreciation of capital assets and other relevant items. Once the adjusted accounts have been calculated, you can then compute the company’s taxable profit or loss for the year.
Capital allowances are an important consideration when it comes to calculating your company’s taxable income. By taking advantage of these allowances, you can reduce your taxable profit and save on your tax bill.
The most common type of capital allowance is the Annual Investment Allowance (AIA). This allowance allows businesses to deduct the cost of certain capital expenditures from their taxable profits. For example, if your company spends £100,000 on new equipment, you can deduct this amount from your taxable profit for the year.
Another important allowance to consider is the Enterprise Investment Scheme (EIS). This scheme provides tax relief for businesses that invest in certain types of projects. For example, if your company invests £100,000 in a new product development project, you may be eligible for EIS relief.
When computing your company’s capital allowances, it’s important to keep in mind that there are limits on the amount that can be claimed. For example, the AIA is capped at £200,000 per year. As such, it’s important to consult with a tax professional to ensure that you are taking advantage of all the allowances and reliefs that are available to your business.
Assignment Task 4: Apply the appropriate reliefs, allowances, and credits to calculate personal tax liabilities.
There are several reliefs, allowances, and credits that can reduce your tax liability. Some of the most common are:
- The standard deduction is a set amount that you can deduct from your taxable income.
- Personal exemptions, allows you to deduct a certain amount for each person in your household.
- Itemized deductions, which take into account items such as medical expenses, charitable donations, and home mortgage interest.
- Specific credits such as the earned income credit or the child tax credit.
By applying the appropriate reliefs, allowances, and credits to your situation, you can calculate your tax liabilities accurately. It’s important to consult with a tax professional to make sure that you are taking advantage of all the deductions and credits that you are entitled to.
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