ACCT9011 Advanced Taxation (CPA) (Part 1 of 2) Assignment Sample MTU Ireland

ACCT9011 Advanced Taxation (CPA) (Part 1 of 2) module is designed to provide you with the specialist tax knowledge and skills required to operate as a professional accountant in an increasingly complex taxation environment. The module will enable you to identify and apply key concepts in Irish taxation law, analyze the tax implications of business transactions, and confidently advise clients on tax planning strategies.

In this module, you will develop a comprehensive understanding of the major taxes levied in Ireland, including income tax, corporation tax, capital gains tax, value-added tax, and stamp duty. You will also gain an insight into the impact of taxation on financial reporting and decision-making within businesses.

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

Assignment Activity 1: Apply the computational rules for Income Tax in the preparation of Income Tax returns and advise on appropriate tax planning measures, including the use of available reliefs and allowances.

Income tax is levied on the taxable income of individuals, companies, and other entities. The tax rate depends on the type of entity and the amount of taxable income.

Computational rules for income tax returns:

• Taxable income is the total income from all sources less any allowable deductions.
• The tax rate is applied to the taxable income.
• The tax liability is the tax payable on the taxable income.
• Allowable deductions include expenses incurred in deriving the income, such as business expenses, and reliefs and allowances available under the tax law.
• Reliefs and allowances reduce the amount of tax payable on the taxable income.

Tax planning measures:

• Use available reliefs and allowances to reduce the amount of tax payable.
• Use tax-efficient structures for business transactions, such as using trusts or companies.
• Review the tax implications of financial decisions, such as investing in shares or taking out a mortgage.
• Plan for changes in the tax law, such as the introduction of new taxes or changes to existing taxes.
• Keep up to date with developments in taxation law and practice.

To minimize the tax liability, it is important to understand the computational rules for income tax returns and to be aware of the various reliefs and allowances that are available. In addition, businesses should consider using tax-efficient structures for transactions and Review the tax implications of financial decisions. It is also important to keep up to date with developments in taxation law and practice.

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

Several computational rules must be applied when preparing Corporation Tax returns. These rules ensure that the correct amount of tax is calculated, and help to prevent errors in the return. 

Firstly, Corporation Tax is calculated based on accounting profits. This means that any expenses which are not allowable for corporation tax purposes must be deducted from the gross profit figure. Professional fees, such as accountancy and legal fees, are not allowable expenses. 

Secondly, when computing Corporation Tax liability, only taxable income is taken into account. This means that any losses or exempt income must be deducted from the total profit figure. For example, interest received on bank deposits is exempt from Corporation Tax. 

Thirdly, once the taxable income figure has been calculated, the appropriate tax rate must be applied. The rate of Corporation Tax depends on the type of entity and the amount of taxable income. 

Finally, once the tax liability has been calculated, any allowable deductions must be deducted from the total tax due. Allowable deductions include expenses incurred in deriving the income, such as business expenses, and reliefs and allowances available under the tax law. 

Several reliefs and allowances can be used to reduce the amount of Corporation Tax payable. These include: 

• The small companies’ rate of Corporation Tax, is 20% for accounting periods ending on or after 1 April 2015. This rate is available to companies with taxable profits of £300,000 or less. 
• The research and development (R&D) tax credit, is available to companies that incur eligible expenditure on R&D activities. 
• The enterprise management incentive (EMI), allows companies to grant share options to employees. 
• The patent box regime provides a reduced rate of Corporation Tax on profits arising from patents and other qualifying intellectual property.

The use of these reliefs and allowances can reduce the amount of Corporation Tax payable. In addition, businesses should consider using tax-efficient structures for transactions and Review the tax implications of financial decisions. It is also important to keep up to date with developments in taxation law and practice.

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.

Several computational rules must be applied when preparing Capital Gains Tax returns. These rules ensure that the correct amount of tax is calculated, and help to prevent errors in the return. 

Firstly, only gains that have been realized are subject to Capital Gains Tax. This means that any gains that have not yet been realized, such as unrealized gains on investments, are not subject to Capital Gains Tax. 

Secondly, when computing the amount of tax payable, only taxable gains are taken into account. This means that any losses or exempt gains must be deducted from the total gain figure. For example, gifts made to charities are exempt from Capital Gains Tax. 

Thirdly, once the taxable gain figure has been calculated, the appropriate tax rate must be applied. The rate of Capital Gains Tax depends on the type of asset and the amount of taxable gain. 

Finally, once the tax liability has been calculated, any allowable deductions must be deducted from the total tax due. Allowable deductions include expenses incurred in deriving the gain, such as professional fees. 

Several reliefs and allowances can be used to reduce the number of Capital Gains Taxes payable. These include: 

• The annual exempt amount is the number of gains that can be realized in a year without incurring any tax liability. For the 2019/20 tax year, the annual exempt amount is £12,000. 
• The Entrepreneurs’ Relief, provides a reduced rate of Capital Gains Tax on gains arising from the sale of a business or shares in a qualifying company. 
• The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS), provide tax relief for investors in certain early-stage companies. 

Assignment Activity 4: Advice on the requirements of a Revenue Audit to enable client/employer compliance.

Revenue audits are conducted by HMRC to ensure that businesses and individuals are complying with the tax laws. The requirements of a Revenue audit vary depending on the type of business and the amount of tax owed. However, there are some general requirements that all businesses should be aware of.

Firstly, businesses must keep accurate records of their income and expenditure. This includes sales invoices, purchase invoices, bank statements, and receipts for expenses.

Secondly, businesses must provide HMRC with all the information they request. This may include copies of financial statements, VAT returns, and PAYE records.

Thirdly, businesses must allow HMRC to inspect their premises and records. This inspection may take place without prior notice.

Finally, businesses must co-operate with HMRC during the audit process. This includes providing any information or documents that HMRC requests.

If a business fails to comply with the requirements of a Revenue audit, it may be liable for penalties. These can include fines, backdated taxes, and interest charges. Therefore, businesses need to ensure they are fully compliant with the requirements of a Revenue audit.

Assignment Activity 5: Advise clients and or management on the operation of the VAT system and provide appropriate tax planning advice concerning VAT.

The VAT system is a complex area of tax law, and businesses need to ensure they are compliant with the rules. Businesses must register for VAT if their turnover exceeds the registration threshold, which is currently £85,000. Once registered, businesses must charge VAT on all applicable goods and services. They can then reclaim any VAT paid on their purchases.

Businesses must keep accurate records of their income and expenditure, and submit regular VAT returns to HMRC. Returns must be submitted electronically, and businesses must make payments using the appropriate payment methods.

Failure to comply with the VAT rules can result in penalties, including fines and interest charges. Therefore, businesses need to seek professional advice to ensure they are compliant with the rules.

Assignment Activity 6: Advise clients and or management on the operation of the Capital Acquisition Tax (CAT) system and provide appropriate tax planning advice concerning CAT.

Capital Acquisition Tax (CAT) is a tax on the transfer of property, including gifts and inheritances. The rate of CAT depends on the value of the property and the relationship between the donor and recipient.

Businesses and individuals must file a return with HMRC within four years of the date of the transaction. Failure to do so can result in penalties, including interest charges and late payment fees.

CAT can be a complex area of tax law, and businesses and individuals need to seek professional advice to ensure they are compliant with the rules.

Assignment Activity 7: Discuss the principles of Stamp Duties and calculate any duty tax payable having optimized the use of any available reliefs.

Stamp duty is a tax that is levied on the transfer of property, including land and buildings. The rate of stamp duty depends on the value of the property and the type of transaction.

There are several reliefs available that can reduce the amount of stamp duty payable. These include first-time buyer relief, multiple dwelling relief, and agricultural relief.

Stamp duty can be a complex area of tax law, and businesses and individuals need to seek professional advice to ensure they are compliant with the rules.

Assignment Activity 8: Integrate their learning across the various (examinable) tax heads in the appraisal of complex tax issues to provide clients and or management with optimum tax planning advice that is within the legal and ethical frameworks.

When advising clients or management on complex tax issues, it is important to take into account all of the relevant tax heads. This includes income tax, corporation tax, capital gains tax, and inheritance tax. Each of these taxes has its own rules and regulations, and it is important to ensure that advice is given within the legal and ethical frameworks.

It is also important to consider the overall tax position of the client or business. This includes taking into account any reliefs or allowances that may be available. By taking a holistic approach, it is possible to provide clients or management with optimum tax planning advice.

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