ACCT8009 Advanced Taxation and Planning Assignment Sample Ireland

ACCT8009 Advanced Taxation and Planning is a highly intensive and challenging course that covers a wide range of topics related to tax law and policy. The course is perfect for students who are looking to pursue a career in tax, either in practice or in academia. 

The course begins with an overview of the Ireland taxation system, including its history, key principles, and major reforms. It then moves on to consider more specific areas of taxation such as income tax, GST, indirect taxes, capital gains tax, tax planning strategies, and international taxation. Throughout the course, students will be encouraged to critically engage with the material, testing their understanding through applying it to real-world scenarios. 

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

Assignment Activity 1: Apply computational rules for Income Tax and advise on appropriate tax planning measures, including advice on the requirements of a revenue audit.

Computational rules for Income Tax are applied to determine the amount of tax payable on taxable income. Several measures can be taken to reduce the amount of tax payable, including advice on the requirements of a revenue audit.

It is important to seek professional advice when planning your tax affairs, to ensure that you take full advantage of all available allowances and deductions. Failure to do so could result in an increased tax bill and possibly even penalties from HMRC.

Assignment Activity 2: Apply computational rules for Corporation Tax in the preparation of Corporation Tax returns and advise on appropriate tax planning measures.

The Corporation Tax Division of the IRS is responsible for businesses and other organizations that are required to pay federal corporate income tax. The rules for filing a return and paying taxes can be complex, so it’s important to understand them and plan accordingly.

When preparing your corporation’s tax return, you’ll need to include information on all income, expenses, deductions, and credits. You’ll also need to file Form 1120, the Corporate Income Tax Return. This form is used to figure out your tax liability and will determine how much tax you owe.

Planning is key to minimizing your corporation’s tax liability. There are several measures you can take to lower your taxes, such as deductions for business expenses and credits for investing in research and development. You should also consider using tax-advantaged structures, such as S corporations, to minimize your taxes.

Assignment Activity 3: Apply the computational rules for Capital Gains Tax in the preparation of Capital Gains Tax returns and advise on appropriate tax planning measures including the use of available reliefs.

Capital Gains Tax is a tax on the profit you make when you sell something for more than you paid for it. It is important to plan to minimize your tax liability, as several reliefs and allowances may be available.

When preparing your Capital Gains Tax return, you’ll need to include information on all assets sold, the sale price, and the cost of acquisition. You’ll also need to file Form 1040, the Individual Income Tax Return. This form is used to figure out your tax liability and will determine how much tax you owe.

Several reliefs and allowances may be available to you, such as the Capital Gains Tax exemption, the Capital Gains Tax deferral, and the Capital Gains Tax relief for entrepreneurs. You should also consider using tax-advantaged structures, such as trusts, to minimize your taxes.

Assignment Activity 4: Explain the operation of Capital Acquisitions Tax, apply the computational rules for Capital Acquisitions Tax, and provide appropriate advice.

Capital Acquisitions Tax (CAT) is a tax levied by the Irish government on gifts and inheritances. The tax is payable by the recipient of the gift or inheritance and is charged at a rate of 33%.

The computation of CAT is relatively straightforward. The value of any gift or inheritance is subject to CAT at a rate of 33%, regardless of how it was acquired (gifted, inherited, bought, etc). There are some exceptions to this rule – for example, transfers between spouses are exempt from CAT – but in general, the rule is simple: any transfer of property or money is subject to CAT at a rate of 33%.

If you are considering making a gift or inheritance, it’s important to take CAT into account. You may be able to minimize your tax liability by using one of the many reliefs and allowances that are available, such as the Business Property Relief or the Agricultural Relief. You should also consider using tax-advantaged structures, such as trusts, to minimize your taxes.

Assignment Activity 5: Explain the principles of Stamp Duty and calculate any duty tax payable having optimized the use of available reliefs.

Stamp Duty is a tax that is payable on documents that are executed, or signed, in England and Wales. The rate of Stamp Duty that is payable depends on the amount of money that is changing hands as a result of the transaction.

There are several different reliefs available that can be used to reduce the amount of Stamp Duty payable. For example, there is no Stamp Duty to pay on transfers of land between husband and wife, and there is also no Stamp Duty to pay on transfers of land for agricultural purposes.

The amount of Stamp Duty payable can be calculated using the following formula:

SD = (P x R) / 100

Where SD is the amount of Stamp Duty payable, P is the purchase price of the property, and R is the rate of Stamp Duty that is applicable.

For example, if you are buying a property for £200,000 and the applicable rate of Stamp Duty is 2%, the amount of Stamp Duty payable would be £4,000.

If you are thinking of buying a property, it’s important to take Stamp Duty into account. You may be able to reduce the amount of tax that you owe by using one of the many available reliefs. You should also consider using a solicitor to help you with the purchase, as they will be able to advise you on the best way to minimize your Stamp Duty liability.

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