AF5034 - Applied Taxation

What will I learn on this module?

The module will introduce you to the subject of taxation. You will learn about the underlying principles and technical areas of taxation as they affect individuals and businesses.

You will study the following five taxes:

• Income tax

Topics include: the tax computation, adjustment to profit, capital allowances, basis of assessment, employment income, treatment of pension contributions, property income, trading losses, and partnerships

• Corporation tax

Topics include: calculation of the corporation tax liability and the treatment of losses

• Value added tax

Topics include: the scope of VAT, registration and deregistration, the tax point, a VAT invoice, output tax and input tax computational issues, types of supplies and VAT schemes

• Capital gains tax

Topics include: calculation of gains and losses, part disposals, chattels and wasting assets, shares and securities, principal private residence and reliefs

• Inheritance tax

Topics include: chargeable lifetime transfers, exempt transfers and potentially exempt transfers, lifetime tax and tax payable upon death

You will also study National Insurance Contribution liabilities for both the self-employed and employees; compliance matters in respect of each of the five taxes above; tax avoidance v tax evasion. Professional ethics and ethical tax behaviour. The moral duty of corporations (and individuals) to pay taxes and societal implications.

How will I learn on this module?

You will learn through lectures and seminars, supported by tutor-directed study and independent learning. The lectures will use gapped handouts. Each lecture will introduce you to a set of tax rules and techniques using worked examples, which you will then be required to apply in a series of practical exercises undertaken in advance of your seminar. Your tutor will then work through the exercises with you in the seminar session. This will provide you with a means of formative assessment and feedback by enabling you to determine your level of knowledge and understanding of a topic, and ability to apply the rules and techniques you have learnt to practical situations. Solutions to seminar activities will be placed onto the module’s eLearning Portal (eLP) site. The module also has a reading list to support your independent learning, which will provide you with details of key texts that will enable you to consolidate and enhance your knowledge and understanding of the application of tax rules in solving problems. The tax rules covered in the syllabus will be localised where necessary to ensure that they are applicable to the environment in which you study. Use will be made of excel to perform certain tax calculations and HMRC videos will demonstrate the operation of the tax system in an on-line environment.

How will I be supported academically on this module?

The module tutor will provide support in relation to the day-to-day operation of the module in the first instance. You will also receive feedback from tutors in seminars, facilitated by the formative assessment activities, during which you will have an opportunity to ask any questions you may have in respect of the subject matter.

The e-learning portal will house the gapped lecture notes and seminar exercises and solutions, and an electronic reading list will provide you with information in respect of the supporting texts.

What will I be expected to read on this module?

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

What will I be expected to achieve?

Knowledge & Understanding:

You will be able to demonstrate a detailed knowledge and understanding of the underlying rules, principles and methods of operation of the UK tax system. (MLO 1)

You will be able to compute the tax liabilities of individuals and companies within the context of income tax, corporation tax, value added tax, capital gains tax, inheritance tax, and national insurance. (MLO 2)

How will I be assessed?

Formative
Feedback will be provided by means of tutor-annotated comments on your script.

You will also be required to undertake exercises in advance of your seminars and will receive class-based feedback from your tutors in respect of these on an on-going basis.

Summative
The assessment will be a single three-hour closed book exam (+15 minutes reading time) at the end of the semester. This will consist of both written and numerical questions in relation to the five taxes covered and the operation of the UK tax system. Tax tables will be provided. (MLO 1, MLO 2)

Pre-requisite(s)

None

Co-requisite(s)

Module abstract

Applied Taxation will give you the skills to effectively compute the tax liabilities of individuals and businesses and explain the basis of your calculations. You’ll also be able to apply tax-planning techniques and identify compliance and ethical issues. As tax is such an important consideration within any business decision-making environment, this module is a great opportunity for enhancing your employment prospects. You’ll finish with a detailed knowledge of five key taxes (income tax, corporation tax, value added tax, capital gains tax and inheritance tax), as well as national insurance, which you’ll be able to apply to the process of solving complex problems within professional practice or industry. The tax rules you’ll study will be tailored to ensure that they are relevant to your local economy.

Course info

UCAS Code N405

Credits 20

Level of Study Undergraduate

Mode of Study 3 years full-time or 4 year sandwich

Department Newcastle Business School

Location City Campus, Northumbria University

City Newcastle

Start September 2021 or September 2022

Fee Information

Module Information

All information on this course page is accurate at the time of viewing.

Courses starting in 2021 are offered as a mix of online and face to face teaching due to the ongoing Covid-19 pandemic.

We continue to monitor government and local authority guidance in relation to Covid-19 and we are ready and able to flex accordingly to ensure the health and safety of our students and staff.

Students will be required to attend campus as far as restrictions allow. Contact time will increase as restrictions ease, or decrease, potentially to a full online offer, should restrictions increase.

Our online activity will be delivered through Blackboard Ultra, enabling collaboration, connection and engagement with materials and people.

 

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