Business Tax: Corporation Tax, Income Tax, CGT, VAT

We will be teaching the following parts of the SQE1 Assessment Specification:

Income Tax:

• chargeable persons/entities (employees, sole traders, partners, shareholders, lenders and debenture holders)
• basis of charge (types of income/main reliefs and exemptions)
• the charge to tax: calculation of income tax in each of England and Wales and collection
• the scope of anti-avoidance provisions.

Capital Gains Tax:

• chargeable persons/entities (sole traders, partners, and shareholders)
• basis of charge (calculation of gains/allowable deductions/main reliefs and exemptions)
• the charge to tax: calculation and collection
• the scope of anti-avoidance provisions.

Corporation Tax:

• basis of charge (calculation of income profits and chargeable gains/allowable deductions/main reliefs and exemptions)
• The charge to tax:
  • calculation, payment and collection of tax
• tax treatment of company distributions to shareholders
• outline of anti-avoidance legislation.

Value Added Tax:

• key principles relating to scope, supply, input and output tax
• registration requirements and issue of VAT invoices
• returns/payment of VAT and record keeping.

Inheritance Tax:

• business property relief.

We will finish by practising MCQs on what we have covered.

The Session will be recorded.