TAXS H2303: Taxation 1
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1 Module Title: Language of Instruction: Taxation 1 in Accounting Degree English Credits: 10 NFQ Level: 7 Module Delivered In 2 programme(s) Teaching & Learning Strategies: Lectures - communication of knowledge and ideas from the lecturer to the student. Problem Solving Exercises - student will work as part of a team and will work together to resolve various tax scenarios. Class Discussion/Debate - Students will be encouraged to actively participate in the class sessions which will develop their analytical and communication skills. Self-Direct Independent Learning - the emphasis on independent learning will develop a strong and autonomous work and learning practices. Module Aim: The course aims to give students a comprehensive and detailed knowledge of Income Tax, PAYE, Local Property Tax, Administration of Tax and a basic knowledge of Capital Gains Tax and VAT. This module will develop the students analytical skills in assessing the relevant liabilities arising from each category of tax and applying each tax in practical scenarios. It develops students' analytical skills by applying their knowledge and understanding to solving practical problems. Learning Outcomes On successful completion of this module the learner should be able to: LO1 LO2 LO3 LO4 LO5 Calculate the Income tax liabilities for individuals who have varied incomes and personal circumstances, including LPT, PAYE,PRSI, USC, interest and surcharges. Calculate the income tax liability for Individuals who earn Schedule E income. Calculate the income tax liability of a self-employed individual. Calculate the Capital Gains tax liability for an individual. Explain the basic principles of VAT, and calculate VAT liabilities. Pre-requisite learning Module Recommendations This is prior learning (or a practical skill) that is recommended before enrolment in this module. No recommendations listed Incompatible Modules These are modules which have learning outcomes that are too similar to the learning outcomes of this module. No incompatible modules listed Co-requisite Modules No Co-requisite modules listed Requirements This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. No requirements listed
2 Module Content & Assessment Indicative Content 1-INCOME TAX - -Administration(3%) Self-Assessment System, Payment Dates and % of tax due, Filing of Tax Return - Interest and surcharge penalties, Tax Structure- Revenue Commissioners, Tax Inspectors, Collector General Appeals Procedures Capital and Revenue Taxes Direct and Indirect taxation The Income Tax Computation (12%) Analysis of income, charges, personal reliefs, refundable and non-refundable tax credits. The tax bands-standard, lone parent, married couples, DIRT. The concept of tax deducted at source, and tax relief granted at source. Reliefs - Carers Allowance. Permanent Health Insurance. Long Term Unemployed Relief. Employment & Investment Incentive Scheme- EIIS investment relief. Film Investment Relief. Tax Credits Non-Refundable Basic personal tax credits Single, Married, Widowed, One-parent family. Additional credits for widows and lone parents in respect of qualifying children. Home carer s tax credit. Incapacitated child s tax credit. Age. Blind person. Employee. Medical Expenses. College fees. Pension Contributions and retirement annuities. Calculation of Income Tax due by or refundable to the taxpayer. High Earners Restriction PRSI, USC Taxation of Investment Income for Individuals (8%) Case 111, Foreign Income and Income from which Irish tax is not deducted at source. Basis of Assessment. UK dividends. UK Interest. Government Security Interest. Credit Union Interest. Irish companies in receipt of bank deposit interest. Case IV Income from which Irish tax is not deducted at source, and a catch all. Covenants receivable, bank deposit interest, special medium term and long-term savings accounts. DIRT tax credit. Increase in the standard rate tax band. Miscellaneous income. Case V Basis of Assessment, computation of rental profits, allowable, disallowable expenditure, premiums on short leases, rental losses, rent a room relief. Excess capital allowances. Treatment of rents paid to non-residents. Schedule F Basis of assessment, DWT, Irish companies in receipt of Irish dividend income from other Irish resident companies. Shares in lieu of dividends. Schedule E Income (10%) Definition of office and employment; Deductible expenses Employment versus Self-Employment Round sum subsistence allowances. Revenue-approved mileage and subsistence rates. Reimbursement of motor expenses. Benefits in kind for company cars, company vans, living accommodation, medical plans and preferential loans. Exempt BIK s Travel and lunches. Termination Payments, Basic exemption, Increased exemption, Standard capital superannuation, Employee Share Schemes Taxation of social welfare payments under Schedule E PAYE System, PRSI & USC(3%) Operation of PAYE, Registration as employer PRSI, USC Calculate liability under the PAYE system. Payslip calculation Taxation of Self-Employed Trades and Professions-Case 1, 11 (20%) The badges of Trade Calculation of adjusted profits for tax purposes add backs, deductions, allowable and disallowable expenditure. Basis of assessment. Commencement, Cessation, & Change of accounting date. Relief for pension contributions Treatment of losses Compute farming income on the income averaging basis, Professional Fees withholding tax. Relevant contracts tax. Self Assessment. Return filing dates. Preliminary tax. Capital Allowances (5%) Capital Allowances Calculate Wear & Tear allowances, treatment of grants, compute balancing allowances & charges. Replacement option. Motor Cars the relevant ceiling. Personal motor expenses. Industrial buildings. Local Property Tax (4%) Scope of local property tax Exemptions Calculations Capital Gains Tax (15%) Principles and scope. Meaning of disposal, chargeable assets, exempt assets. CGT Computation Time of disposal, application of market value, treatment of grants. Indexation. Losses. Monetary gains and losses. Part-disposals. Wasting & Non-Wasting Chattels. Rules re development land. Connected persons, married persons transactions between spouses, assets passing on death. Negligible value claims relief Administration; returns & self-assessment. Rates & dates. Principal Private Residence Transfer of a site to a child. 3-Value Added Tax (10%) Describe the scope of VAT. Explain how VAT is accounted for and administered. -The charge to VAT. The multi-stage nature of VAT. Define a supply of goods, and services and the place of supply. Registration mandatory & voluntary Explain how a person can deregister for VAT. Records to be maintained. List the information that must be included on a VAT invoice. Explain the package and the two-thirds rules. Multiple, Composite, Ancillary Supplies Deductible and non-deductible VAT. Partial deduction. Describe the relief that is available for bad debts. Distinguish between the treatment of zero-rated and exempt supplies Describe cash accounting and the invoice basis. Annual accounting schemes Compute the VAT payable, repayable for a vat period. State the circumstances in which interest and penalties apply. Group Registration. Intra-Community supplies of goods and services Computer Lab (10%) Tax Package, Wage slip calculation. Revenue Website. Revenue Online Service. Tax Computation. Capital Allowances Schedules. Using excel for reliefs, bands. formulas Assessment Breakdown % Continuous Assessment 30.00% End of Module Formal Examination 70.00%
3 Continuous Assessment Assessment Type Assessment Description Outcome addressed % of total Assessment Date Presentation Open-book Examination Multiple Choice Questions Examination Students will research various tax topics in groups and present to the class. Some of the topics offered will be a practical assessment. Tax practitioners consult legislation in preparing clients tax computations, advice and reports, this assessment is to prepare students for the work environment. Multiple choice questions to encourage students to learn detail and provide a foundation for the remainder of the year. Class exam to encourage students to revise for finals and to give them exam practice. 1,2,3,4, ,2, ,2,3, ,4, No Project No Practical End of Module Formal Examination Assessment Type Assessment Description Outcome addressed % of total Assessment Date Formal Exam End-of-Semester Final Examination 1,2,3,4, End-of-Semester ITCarlow reserves the right to alter the nature and timings of assessment
4 Module Workload Workload: Full Time Workload Type Frequency Average ly Learner Workload Lecture Independent Learning Time Laboratory Total Hours 7.50 Workload: Part Time Workload Type Frequency Average ly Learner Workload Lecture Independent Learning Time Total Hours 7.00
5 Module Delivered In Programme Code Programme Semester Delivery CW_BBACT_B Bachelor of Arts (Honours) in Accounting 2 Mandatory CW_BBACF_B_OLD1 Bachelor of Business (Honours) in Accounting and Finance 3 Mandatory
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