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TAX08004 2022 Taxation 1

General Details

Full Title
Taxation 1
Transcript Title
Tax1
Code
TAX08004
Attendance
N/A %
Subject Area
TAX - Taxation/Auditing
Department
BUS - Business
Level
08 - Level 8
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Riona Lyons
Programme Membership
SG_BACCO_H08 202200 Bachelor of Arts (Honours) in Accounting SG_BFINV_K08 202200 Bachelor of Business (Honours) in Business with Finance and Investment SG_BFINA_H08 202200 Bachelor of Business (Honours) in Finance and Investment SG_BACCO_K08 202200 Bachelor of Business (Honours) in Business with Accounting (Add-on) SG_BACOO_H08 202300 Bachelor of Arts (Honours) in Accounting SG_BACCO_K08 202300 Bachelor of Business (Honours) in Business with Accounting
Description

To provide an overview of the Irish taxation system and an in-depth insight into the principles and scope of Irish income tax and its function in the overall taxation infrastructure.

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

Understand the structures of the Irish taxation system and the role of Irish taxation legislation

2.

Understand and describe the scheme of administration for collection of income tax in Ireland

3.

Explain the implications of residence, ordinary residence and domicile on an individual's liability to Irish tax and any reliefs available on income from foreign employments

4.

Calculate the income tax liabilities of individuals, married persons and partnerships on all sources of income

5.

Determine the income assessable to tax for sole traders and calculate their income tax liability ensuring correct treatment of capital allowances and losses

6.

Identify the dues dates for payment of Income tax and for filing of the appropriate returns along with consequences for non-compliance.

Teaching and Learning Strategies

This module will be delivered through a combination of lectures and practical tutorials.

Module Assessment Strategies

This subject will be assessed through a continuous assessment during the term and a final written exam. The final written exam will be supervised in person or via online proctoring.

 

Repeat Assessments

Repeat assessments will be developed in accordance with the requirements of the module.

Indicative Syllabus

LO1: Understand the structures of the Irish taxation system and the role of Irish taxation legislation

  • DOF, Revenue Commissioners, Collector General, local Inspectors, Appeals Commissioners
  • Sources of legislation including Tax Consolidated Acts (1997)

LO2: Understand and describe the scheme of administration for the collection of income tax in Ireland

  • Self-assessment system vs PAYE system
  • On-line services

LO3: Explain the implications of residence, ordinary residence and domicile on an individual's liability to Irish tax and any reliefs available on income from foreign employments

  • Rules for determining residence, ordinary residence and domicile and their impact on the charge to income tax
  • Employment reliefs including Foreign Earnings Deductions

LO4: Calculate the income tax liabilities of individuals, married persons and partnerships on all sources of income

  • Calculate Gross Income, Taxable Income, and Tax thereon
  • Allocation of appropriate tax credits (refundable and non-refundable)
  • Understanding and calculation of PRSI and USC
  • Understanding the principles of loss relief and application to minimise the tax liability for the tax year

LO5: Determine the income assessable to tax for sole traders and calculate their income tax liability, ensuring correct treatment of capital allowances and losses

  • Differences between accounting revenues and costs and taxable income and deductible expenses
  • Understanding of capital versus revenue expenditure, and claim for allowances on capital expenditure

LO6: Identify the dues dates for payment of Income Tax and for filing of the appropriate returns along with consequences for non-compliance.

  • Pay and file obligations
  • Interest on late and underpayments of tax
  • Surcharge for late filing

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
20 %
End of Semester / Year Formal Exam
80 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Continuous Assessment Coursework Assessment UNKNOWN 20 % Week 8 1,2,3,4
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam End of semester exam Final Exam UNKNOWN 80 % End of Term 1,2,3,4,5,6
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Tiered Classroom Lecture 4 Weekly 4.00
Independent Learning UNKNOWN Self Study 3 Weekly 3.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Module Resources

Non ISBN Literary Resources

Latest Editions of each of the following:

  • Irish Taxation Law and Practice;  Institute of Taxation
  • The Student's Tax Handbook; Conlon, Tom and McKeon, Murray
Journal Resources
URL Resources
Other Resources

None

Additional Information

None