Principles of Taxation

This unit introduces students to taxation for taxpayers in the United Kingdom (UK). It introduces students to the different types of income that a UK taxpayer may have, including income from employment, self-employment, property and investments. Students will be able to calculate each type of income. Students will also be able to identify appropriate use of losses. Deductions and reliefs that apply to Income Tax are covered so that students can compute the income Tax liability for a UK taxpayer. Students will also be able to calculate National Insurance contributions on relevant types of income. Learning outcomes: Understand the United Kingdom (UK) tax system and ethical behaviour Calculate Income Tax and National Insurance contributions Identify types of income Calculate Capital Gains Tax payable by UK taxpayers Prepare tax computations for trading companies Understand administrative requirements of the UK’s tax regime Understand tax planning opportunities