TAX08005 2022 Taxation 2
Full Title
Taxation 2
Transcript Title
Tax2
Code
TAX08005
Attendance
N/A %
Subject Area
TAX - Taxation/Auditing
Department
BUS - Business
Level
08 - NFQ Level 8
Credit
05 - 05 Credits
Duration
Stage
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 scope and principles of Corporation tax, Capital Gains tax and Value- Added tax.
Learning Outcomes
On completion of this module the learner will/should be able to;
1.
Identity transactions which give rise to a disposal for CGT purposes, prepare CGT computations and discuss reliefs that may be available.
2.
Explain the major differences between income tax and corporation tax. Calculate the taxable profits and tax liability of a company, and explain and compute reliefs available to companies/groups of companies
3.
Explain when a charge to VAT arises, identify the appropriate VAT rates in various scenarios, and calculate a basic VAT liability for an accountable person.
4.
Identify the dues dates for payment of CGT, CT, VAT 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: Identity transactions that give rise to a disposal for CGT purposes, prepare CGT computations and discuss reliefs that may be available.
- The charge to CGT, disposal of an asset, the timing of disposal, chargeable/non-chargeable assets, chargeable persons, territorial scope of CGT, connected persons and married persons
- Calculation of CGT: consideration and acquisition costs, treatment of incidental costs, indexation relief, enhancement expenditure, part disposals, use of capital losses, and non-wasting chattels
- Advanced computational issues, for example, development Land, and share identification rules
- CGT reliefs including principal private residence relief, and retirement relief
LO2: Explain the major differences between income tax and corporation tax (CT). Calculate the taxable profits and tax liability of a company and explain and compute reliefs available to companies/groups of companies.
- The system of CT, scope and territoriality of CT, factors which determine company residence
- Major differences between income and CT
- Calculating taxable profits and tax thereon
- Understanding and use of Case I/II losses, trade and non-trade charges, order of set-off of trading losses, non-trade losses, restriction of losses on late filing
- Close company definitions, impact on individuals and companies, and calculation of surcharges
LO3: Explain when a charge to VAT arises, identify the appropriate VAT rates in various scenarios, and calculate a basic VAT liability for an accountable person.
- Charge to VAT, supply of goods and services, different rates of VAT, accountable and taxable persons
- Input and output VAT, liability/refund position
LO4: Identify the dues dates for payment of CGT, CT, VAT and for filing of the appropriate returns along with consequences for non-compliance.
- Pay and file obligations
- Interest on late and underpayments of tax
- Surcharges 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 |
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 |
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
The latest editions of the following:
- Irish Taxation Law and Practice; Institute of Taxation
- The Student's Tax Handbook; Conlon, Tom ; McKeon Murray
Journal Resources
URL Resources
Other Resources
None
Additional Information
None