47. Business Tax (AAT)

The content of this particular qualification includes the following:

• 47.01. Introduction to business taxation: WHAT IS 'BUSINESS TAX'?, THE TAX SYSTEM, HM Revenue & Customs, The law governing tax - statute law, The law governing tax - case law, Information available from HM Revenue & Customs, CALCULATION OF CORPORATION TAX & INCOME TAX, Corporation Tax, Income Tax, HOW INCOME IS CATEGORISED FOR TAX PURPOSES, FINANCIAL YEARS & TAX YEARS, Corporation Tax - financial years, Income Tax - tax years, HOW TAX RETURNS WORK, Tax returns for limited companies, Tax returns for individuals
  Structure of the income tax return, Scheduling of the income tax return, WHEN TO PAY TAX, Companies - Corporation Tax, Individuals - Income Tax, NATIONAL INSURANCE, Self-employed National Insurance contributions, THE DUTIES & RESPONSIBILITIES OF A TAX PRACTITIONER, Confidentiality, Taxation services, Dealing with professional ethics problems, Tax records, Compliance checks.
• 47.02. Corporation Tax - trading profits: THE CORPORATION TAX COMPUTATION, ADJUSTMENT OF PROFITS, Adjusting income, Adjusting expenditure, Expenditure that is not allowable, Expenditure that is allowable, Note regarding trade bad debts & provisions, Working from published accounts, DEALING WITH ACCOUNTS FOR LONG PERIODS, DEALING WITH TRADE LOSSES.
• 47.03. Corporation Tax - capital allowances: INTRODUCTION TO CAPITAL ALLOWANCES, WHAT IS 'PLANT & MACHINERY'?, CAPITAL ALLOWANCES FOR PLANT & MACHINERY, Annual Investment Allowance (AIA), AIA in CAPs straddling 31 March 2014, Pooled expenditure calculations, Carrying out a computation using pools, Short-Life' Assets, Capital allowance computations straddling 31 March 2014, CAPITAL ALLOWANCES FOR SHORT CAPS, DEALNG WITH THE ACCOUNTS FOR A LONG PERIOD, CAPITAL ALLOWANCES WHEN COMPANIES CEASE TRADING.
• 47.04. Corporation Tax - chargeable gains: INTRODUCTION TO CHARGEABLE GAINS, A note for those familiar with Capital Gains Tax for individuals, Basis of assessment, Disposals, CHARGEABLE & EXEMPT ASSETS, Exempt assets, CHARGEABLE GAINS & CORPORATION TAX, THE COMPUTATION OF EACH GAIN, Proceeds on disposal, Incidental costs of disposal, Original cost, & incidental costs of acquisition, Indexation allowance, Links with capital allowances, DEALING WITH PART DISPOSALS, IMPROVEMENT EXPENDITURE, SPECIAL RULES FOR CHATTELS, Chattels sold at a gain for over £6,000, Chattels sold at a loss for less than £6,000, MATCHING RULES FOR SHARES, Using the 'FA 1985 pool', BONUS & RIGHTS ISSUES, Dealing with bonus shares, Dealing with rights issues, ROLLOVER RELIEF.
• 47.05. Corporation Tax - calculating the tax: THE CORPORATION TAX COMPUTATION, Structure of the computation, Revision - what have we covered so far, Where we go from here, Profits from investments, Gift-aid payments, CALCULATING THE CORPORATION TAX LIABILITY, Corporation Tax 'bands' & marginal relief, Calculations without marginal relief, Calculations using marginal relief, Effective rates of Corporation Tax, DEALING WITH ASSOCIATED COMPANIES, DEALING WITH SHORT CHARGEABLE ACCOUNTING PERIODS, Dealing with financial years with different tax rates, DEALING WITH A VARIETY OF LOSSES, SPLITTING ALL PROFITS FOR LONG ACCOUNTING PERIODS, Trading profits (before deducting capital allowances), Capital allowances, Interest from non-trade investments, Profits from renting out property, Chargeable gains, Taxable total profits, Franked investment income (FII) & 'augmented profits', WHEN TO PAY CORPORATION TAX, COMPLETION OF THE COMPANY TAX RETURN, The company tax calculation, Page 2 Boxes, COMPLETING THE REMAINDER OF THE CT600, Capital allowances & balancing charges, Losses, deficits & excess amounts, INTEREST & PENALTIES, Interest, Penalties for not telling HMRC your company is liabile for Corporation Tax, Late return penalties, Penalties system for errors in tax returns & documents, Failure to keep records, KEEPIING RECORDS, General principles, Records relating to tax computations, Time limits for assessments & claims.
• 47.06. Income Tax - trading profits: INTRODUCTION TO BUSINESS TAXATION OF INDIVIDUALS, WHAT IS TRADING?, The badges of trade, Notification of starting trading, THE BASIS OF ASSESSMENT OF TRADING PROFITS, Basis period for assessment, ADJUSTING THE TRADING PROFITS OF AN ACCOUNTING PERIOD, Review of adjusting profits, Adjusting income, Adjusting expenditure, Adjusting accounts of companies & individuals, CAPITAL ALLOWANCES UNDER INCOME TAX, DEALING WITH TRADING LOSSES.
• 47.07. Income tax - further issues: WHEN BUSINESSES START TRADING, Basis periods in the opening years, Time-apportionment of trading profits, WHEN BUSINESSES STOP TRADING, Basis periods, Capital allowances when a business ceases, DIVIDING TRADING PROFITS BETWEEN PARTNERS, Simple profit splits, More complex profit splits, Partnership losses, When partnerships start or cease trading, CHANGES IN A PARTNERSHIP, When the profit sharing agreement changes, When a new partner joins a partnership, A partner joining partway through an accounting period, When a partner leaves a partnership, NATIONAL INSURANCE FOR THE SELF-EMPLOYED, A REVIEW OF INCOME TAX PAYMENT DATES, Payments on account, INTEREST & PENALTIES, Incorrect returns, Failure to keep records, COMPLETING THE TAX RETURN PAGES, Self-employment pages, Self-employment (full), Self-employment (short), PARTNERSHIP TAX RETURN, KEEPING RECORDS.
• 47.08. Capital Gains Tax for individuals: CAPITAL GAINS TAX - A PERSONAL & BUSINESS TAX, Basis of assessment, HOW IS CAPITAL GAINS TAX CALCULATED?, Annual exempt amount, THE COMPUTATION OF EACH GAIN, Transfer to spouse or civil partner, Transfer to a 'connected person', Exempt assets, Dealing with capital losses, Offsetting against gains arising in the same tax year, Offsetting against gains in a late tax year, ISSUES THAT ARE COMMON TO COMPANIES & INDIVIDUALS, MATCHING RULES FOR SHARES, USING THE 'FA 1985 POOL', BONUS & RIGHTS ISSUES, Dealing with bonus shares, Dealing with rights issues, DEALING WITH THE DISPOSAL OF A BUSINESS, Non-current assets, Goodwill, ENTREPRENEURS' RELIEF, Conditions for entrepreneurs' relief, GIFT RELIEF, SUMMARY OF RULES & RELIEFS, PAYMENT OF CAPITAL GAINS TAX, KEEPING RECORDS.

END