中国工商银行ACCA培训班F6串讲讲义PPT课件

中国工商银行ACCA培训班F6串讲讲义PPT课件

Course Contents
Revision on Syllabus Contents
The UK tax system
Income tax liabilities
Corporation tax liabilities
Chargeable gains
National insurance contributions
Value added tax
The obligations of taxpayer and/or their agents
Mock Exam Illustration
Calculations of Income Tax Liabilities
Calculations of Corporation Tax Liabilities
Questions on Value Added Tax
Calculations of Chargeable Gains
Calculations of Tax Planning – Assessment of Trading Income, Loss Relief, Pay Packages, Group Relief
Miscellaneous Topics

Course Contents
Revision on Syllabus Contents
The UK tax system
Income tax liabilities
Corporation tax liabilities
Chargeable gains
National insurance contributions
Value added tax
The obligations of taxpayer and/or their agents
Mock Exam Illustration
Calculations of Income Tax Liabilities
Calculations of Corporation Tax Liabilities
Questions on Value Added Tax
Calculations of Chargeable Gains
Calculations of Tax Planning – Assessment of Trading Income, Loss Relief, Pay Packages, Group Relief
Miscellaneous Topics

The UK tax system
The overall UK tax system mainly runs as self-assessment. A number of economic and social factors determine details of tax treatment: encourage of individual saving habits, giving to charity, environmental protection; discourage motoring, smoking & alcohol and environmental pollutions

F6 discuss five tax types including Income Tax, Corporation Tax, Value Added Tax, Capital Gain Tax and National Insurance Contribution. However, general rules are similar 1)there must be a chargeable person (individual vs incorporated entity) for tax assessment 2)there must be a chargeable period for tax assessment – the main task in F6 for candidates is to assess different kinds of taxable profit/income and determine applicable tax rates for calculation of tax liabilities

Exam in 2008 Dec still base on Finance Act 2007 with reference to all kinds of case laws in place

Tax planning means realization of tax avoidance with uses of charges, allowances and reliefs. Only most tax beneficial method is regarded as the correct answer. Tax evasion is forbidden and discloser of such issues will cause punishment.
Course Contents
Revision on Syllabus Contents
The UK tax system
Income tax liabilities
Corporation tax liabilities
Chargeable gains
National insurance contributions
Value added tax
The obligations of taxpayer and/or their agents
Mock Exam Illustration
Calculations of Income Tax Liabilities
Calculations of Corporation Tax Liabilities
Questions on Value Added Tax
Calculations of Chargeable Gains
Calculations of Tax Planning – Assessment of Trading Income, Loss Relief, Pay Packages, Group Relief
Miscellaneous Topics

Income Tax Liabilities
Income tax is a tax levied on individuals by reference to their taxable income for a fiscal year.

In Exam Question One is an income tax question which most likely contain trading income and income tax computation. There may also be marks for trading losses benefits pensions and national insurance contributions and the residence status of an individual.

Subtopics
Classification of different sources of income
Income Tax Computation – Taxable Income Computation, Calculation of Liability
Aging Allowance and Extended Band of Basic Rate
Tax payable, Balancing Payment and Payment on Accounts
Assessment of Taxable Trading Profit – Adjustment of Trading Profit, Partnership, Basis Period Adjustment
Business Property Income
Employment Income
Loss Reliefs
Classification of Different Sources of Income
Taxable income computation
Taxable income computation
Income Tax Liability
Sample of Income Tax Liability
Aging Allowance
Extended Band of Basic Rate
Tax payable, Balancing Payment, Payments on Account
Assessment of Taxable Trading Profit
Adjustment of Account Profit to Taxable Profit
NET PROFIT PER ACCOUNTS X

ADD BACK:
– Expenditure not deductible for tax purpose (X)
X
DEDUCT:
– Income assessable under other categoriesX
– Non-taxable income X
(X)
ADJUSTED PROFITS X

Less: CAPITAL ALLOWANCES *business related
– Plant & machinery (X)
– Industrial buildings (X)

Tax adjusted trading profitsX

Typical Expenditure by a business
Typical Expenditure by a business
Sample
Tips for Adjustment of Account Profit to Taxable Profit
Disallowed
Capital expenditure
General provision
Entertainment (exempt. For staff/ customer conditional)
Donation
Legal and professional charges

Re-class
Gift aid donation
Legal and professional charges
interest related
Capital Allowance On P & M
Short Life Asset
Long Life Asset
Private use assets
Sample of Capital Allowance – P& M