ACCA TX – Taxation – United Kingdom (TX-UK) is one of the six skill level papers of ACCA which aims to develop knowledge and skills relating to the tax system as applicable to individuals, single companies, and groups of companies.
The syllabus for Taxation – United Kingdom (TX-UK) introduces candidates to the subject of taxation and provides the core knowledge of the underlying principles and major technical areas of taxation as they affect the activities of individuals and businesses.
Candidates are introduced to the rationale behind – and the functions of – the tax system. The syllabus then considers the separate taxes that an accountant would need to have a detailed knowledge of, such as income tax from self-employment, employment and investments, the corporation tax liability of individual companies and groups of companies, the national insurance contribution liabilities of both employed and self-employed persons, the value added tax liability of businesses, the chargeable gains arising on disposals of investments by both individuals and companies, and the inheritance tax liabilities arising on chargeable lifetime transfers and on death.
Having covered the core areas of the basic taxes, candidates should be able to compute tax liabilities, explain the basis of their calculations, apply tax planning techniques for individuals and companies and identify the compliance issues for each major tax through a variety of business and personal scenarios and situations.
On successful completion of this exam, candidates should be able to:
- Explain the operation and scope of the tax system and the obligations of tax payers and/or their agents and the implications of non-compliance
- Explain and compute the income tax liabilities of individuals and the effect of national insurance contributions (NIC) on employees, employers and the self-employed
- Explain and compute the chargeable gains arising on individuals
- Explain and compute the inheritance tax liabilities of individuals
- Explain and compute the corporation tax liabilities of individual companies and groups of companies
- Explain and compute the effects of value added tax on incorporated and unincorporated businesses
Students are awarded “Advanced Diploma in Accounting and Business” when they have successfully completed (either passed or exempt) Papers LW-FM. A positive result is required for all nine BT to FM papers in order for the Advanced Diploma in Accounting and Business certificate to be awarded.
- Lectures : 27
- Revision class: 4
- Progress Tests: 3
- Mock Tests : 2
- Duration: 4 Months
- Course level : Skill level
- Language : English
- Students: 25
- Certificate: No
- Assessments: Computer Based Exam
PER: Performance Objectives
|· PO1 – PROFESSIONALISM AND ETHICS
|· PO15 – TAX COMPUTATIONS AND ASSESSMENTS
· PO16 – TAX COMPLIANCE AND VERIFICATION
· PO17 – TAX PLANNING AND ADVICE
- Lectures 33
- Quizzes 5
- Duration 4 Months
- Skill level All levels
- Language English
- Students 2485
- Assessments Yes
SECTION A: THE UK TAX SYSTEM AND ITS ADMINISTRATION
SECTION B: INCOME TAX AND NIC LIABILITIES
SECTION C: CHARGEABLE GAINS FOR INDIVIDUALS
SECTION D: INHERITANCE TAX
SECTION E: CORPORATION TAX LIABILITIES
SECTION F: VALUE ADDED TAX (VAT)