Foundations In Taxation (FTX)

Foundations in Taxation Course Outline

Module 1: Introduction in Washington D.C. Tax System

• Principal sources of revenue law and practice
• Different types of taxes

Module 2: Adjusted Profit/Loss Computations for Trades and Professions

• Adjustment of trading profits/losses for tax purposes
• Capital allowances
• Basis of assessments
• Relief for trading losses
• Partnerships
• National Insurance contributions for the self-employed
• Preparing relevant pages of a tax return

Module 3: Income Tax Liabilities

• Introduction to personal taxation
• Income from employment and Class 1 National Insurance Contributions
• Income from property, savings, and investments
• Comprehensive computation of taxable income and income tax liability
• Use of pension contributions in deferring and minimising income tax liabilities
• Income tax administration

Module 4: Capital Gains Tax

• Scope of the taxation of capital gains for individuals
• Basic principles of computing gains and losses
• Gains and losses on the disposal of shares and securities
• Gains and losses on the disposal of movable and immovable property
• Computation of capital gains tax payable by individuals and completion of the self-assessment tax return
• Use of exemptions and reliefs in deferring and minimising tax liabilities arising on the disposal of capital assets

Module 5: Corporation Tax Liabilities

• Scope of corporation tax
• Taxable total profits
• Comprehensive computation of corporation tax liability
• Chargeable gains for companies
• Relief for losses
• Use of exemptions and reliefs in deferring and minimising corporation tax liabilities
• Completing the corporation tax return
• Corporation tax administration

Module 6: Value Added Tax (VAT)

• Scope of value added tax (VAT)
• VAT registration requirements
• Basic principles of VAT
• VAT invoices and records
• Administration of VAT
• Effect of special schemes
• Preparing and completing VAT returns
• Communicating VAT information

Module 7: Employability and Technology Skills

• Using computer technology to efficiently access and manipulate relevant information
• Working on relevant response options using available functions and technology
• Navigating windows and computer screens to create and amend responses to exam requirements using appropriate tools
• Presenting data and information effectively using the appropriate tools

Who Should Attend this Foundations in Taxation Course?

This course is ideal for individuals seeking a fundamental understanding of taxation. It suits those involved in finance, business management, or accounting who want to enhance their knowledge of tax compliance and financial planning. This course can be beneficial for a wide range of professionals, including:

• Accountants
• Tax Assistants
• Finance Executives
• Business Owners
• Auditors
• Payroll Officers
• Bookkeepers
• Compliance Officers

Prerequisites of the Foundations in Taxation Course

There are no formal prerequisites for this Foundations in Taxation Course. However, basic maths, analytical skills, and English proficiency will help in understanding tax systems, compliance, and pursuing ACCA qualifications.

Foundations in Taxation Course Overview

Taxation is a crucial aspect of financial management, ensuring compliance with legal regulations and optimising financial planning. This course provides a fundamental understanding of tax principles, laws, and procedures, equipping individuals with the knowledge to handle taxation matters efficiently.

Proficiency in taxation is essential for individuals managing financial records, tax planning, and regulatory compliance. It benefits professionals involved in finance, accounting, and business operations, enabling them to navigate tax obligations, minimise liabilities, and ensure adherence to tax laws.

This training offered by The Knowledge Academy helps delegates understand key taxation concepts, including tax calculations, compliance requirements, and reporting processes. Delegates will gain practical insights into handling tax-related tasks, improving their ability to manage financial responsibilities effectively.

Course Objectives

• To understand fundamental taxation principles and regulations
• To develop knowledge of tax compliance and reporting requirements
• To learn about different types of taxes and their applications
• To enhance skills in tax calculations and financial planning
• To analyse tax laws and their impact on businesses
• To improve proficiency in managing tax obligations effectively

Upon completing this course, delegates will receive a certification validating their knowledge of taxation. This certification enhances career prospects and demonstrates their ability to apply tax principles and compliance strategies in professional settings.

What’s included in this Foundations in Taxation Course?

• World-Class Training Sessions from Experienced Instructors
• Foundations in Taxation Certificate
• Digital Delegate Pack