TAX08004 2022 Taxation 1
Full Title
Taxation 1
Transcript Title
Tax1
Code
TAX08004
Attendance
N/A %
Subject Area
TAX - Taxation/Auditing
Department
BUS - Business
Level
08 - NFQ 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 (Add-on)
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 (Add-on)
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.
Module Dependencies
Co-requisites
None
Incompatibles
None
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