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ACCT8008 Advanced Income Tax Assignment Sample Ireland

ACCT8008 is an advanced income tax course that covers a variety of topics related to individual taxation. The course is designed for students who have already taken introductory courses in accounting and taxation.

In this course, you will learn about the different types of income taxes, including personal and corporate income taxes. You will also learn how to prepare tax returns for individuals and businesses. Finally, you will explore various tax planning strategies that can help you reduce your tax liability.

This course will provide you with a comprehensive understanding of the Irish tax system. You will learn about the different types of taxes, including income tax, corporation tax, and capital gains tax. You will also learn how to prepare tax returns for individuals and businesses. In addition, you will explore various tax planning strategies that can help you reduce your tax liability.

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

Assignment Brief 1: Apply the computational rules for Income Tax in the preparation of Income Tax returns.

The computational rules for Income Tax in the preparation of Income Tax returns are specified in the Income Tax Act, 1961. Section 14 of the Income Tax Act lays down the heads of income on which tax is to be paid.

Under each head of income, there are specific provisions that dictate how much tax is payable on different types of income. For instance, salaries are taxable at a different rate than capital gains. To calculate how much tax an individual owes on their total income, all the applicable rates need to be applied to each type of income earned.

The Income Tax Department has put out detailed manuals which explain how to apply these provisions and compute tax liability. The objective of this assignment is for you to use these manuals to prepare an Income Tax return for an individual.

You will be given a set of facts relating to an individual’s income and expenses for the financial year 2017-18. You will need to compute the tax liability of the individual using the computational rules laid down in the Income Tax Act, 1961.

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Assignment Brief 2: Advice comprehensively on the appropriate tax planning measures including the use of available reliefs and allowances.

Several tax planning measures are available in Ireland, and it is important to make use of these to reduce your tax liability. Some of the key measures include:

  • Making use of available reliefs and allowances, such as the R&D tax credit, capital allowances, and agricultural relief
  • Maximizing your allowable deductions, such as pension contributions and charitable donations
  • Use Married Couple’s Relief or Gift Aid to reduce your taxable income
  • Taking advantage of tax-efficient investment opportunities, such as ISAs or offshore bonds

By making use of these measures, you can ensure that you pay the minimum amount of tax possible on your income. Please consult a qualified accountant for more specific advice on how to reduce your tax liability.

Assignment Brief 3: Explain and advise on the requirements of a Revenue Audit.

A revenue audit is an examination of an organization’s income and expenses to ensure that they are recorded accurately and by generally accepted accounting principles. The purpose of a revenue audit is to ensure that the Organization is properly recording its revenue and expense transactions and to provide assurance that the Organization is complying with applicable laws and regulations. While a routine financial audit focuses on the accuracy of an organization’s financial statements, a revenue audit assesses whether the organization’s reported revenues are appropriate given the type of business it conducts and its accounting methods.

To conduct a revenue audit, the auditors will request documentation supporting the Organization’s reported income and expenses. This documentation may include sales invoices, bank statements, contracts, etc. The auditors will review this documentation to ensure that the Organization is accurately recording its revenue and expenses. In addition, the auditors will also assess whether the organization is complying with applicable laws and regulations.

After completing the audit, the auditors will provide a report detailing their findings. This report will identify any areas where the organization needs to improve its accounting practices or compliance with laws and regulations. The report will also include recommendations on how the organization can improve its revenue recording and reporting processes.

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Assignment Brief 4: Describe and apply the relevant tax legislation concerning subcontractors, including the operation of Relevant Contracts Tax.

There are a few pieces of tax legislation that are particularly relevant to subcontractors. The first is the Relevant Contracts Tax (RCT), which applies to payments made for certain contracts in the construction, land and property development, and engineering industries. The RCT is a withholding tax, which means that the contractor who makes the payment must deduct and account for the tax before making the payment.

Another relevant piece of legislation is Section 660 of the Corporation Tax Act 2009, which deals with the deductibility of losses by companies. This section applies where a company carries on a trade through a subsidiary company, and the subsidiary company incurs losses while carrying on that trade. In such cases, the parent company can claim a deduction for those losses against its profits.

Finally, Section 24 of the Finance Act 2010 deals with the taxation of income from property development. This section provides that income from the sale of land or buildings that are used for residential purposes is exempt from income tax. However, this exemption does not apply to properties that are used for commercial purposes.

Assignment Brief 5: Research in depth the appropriate tax legislation and apply it to tax problems and scenarios.

The appropriate tax legislation for a given tax problem depends on the facts and circumstances of the specific case. For example, if you are self-employed, you may be able to deduct certain business expenses from your income to reduce your taxable income. However, if you are employed by someone else, you may not be able to deduct those same expenses.

Likewise, if you sell stocks that have increased in value, you may be subject to capital gains taxes. However, if the stocks have decreased in value, you may be able to claim a capital loss deduction on your taxes. It is important to research the appropriate tax legislation for your specific situation and scenarios to make sure that you are paying the correct amount of taxes and taking advantage of all available deductions and exemptions.

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