Diploma in Taxation

Course details

Taxation is an inescapable fact of life. Knowledge of taxation can deliver lifelong benefits, saving thousands of euro annually. The Irish tax code, running to several thousand pages, is complex and a minefield to the unwary. Students of the Diploma in Taxation will be expertly guided through the various taxes and shown the various tips that can save money, and traps that can cost money.

Programme Aims and Objectives

On completion of the programme students should have acquired the skills to:

• Calculate tax liabilities for inpiduals and companies
• Appraise multiple tax related scenarios
• Identify tax saving opportunities

Assessment

To be awarded the Diploma in Taxation, students will be required to complete a written case - study based assignment (25%) and an in-class assessment (75%) at the end of the course.

Programme Content

Tax basics

The Irish tax system, the UK tax system, comparison.

Income tax I

Persons liable (inpiduals, trustees, personal representatives), residence, domicile, ordinary residence, non-residents, income tax computation.

Income tax II

Single, married, assessment; employment income, benefit in kind, trading income, capital allowances, losses, rental income, rental losses, deductions against total income (Health expenses, BES, film relief), personal tax credits, other tax credits, dealing in residential land, self-assessment, surcharge.

PRSI

What is PRSI? Employed contributors, reckonable earnings, PRSI classes, self-employed contributors, reckonable income PRSI classes, health levy.

Capital Gains Tax (CGT)

Persons liable (inpiduals, trustees, personal representatives), residence, domicile, ordinary residence, non-residents, CGT computation, deductible expenses (acquisition, disposal), annual exemption, allowable losses, retirement relief, principal private residence relief, transfer of business to a company, self-assessment, surcharge.

Corporation Tax I

Persons liable (companies), company residence, foreign companies trading in Ireland, transferring a business to a company, putting property in a company, extracting profits from a company.

Corporation Tax II

Corporation tax computation, capital allowances, charges, film investment, renewable energy relief, dealing in residential land, tax credits, self-assessment, surcharge.

Value-added Tax (VAT)

Persons who must register, VAT rates, exemptions, VAT on property transactions, VAT computation.

Capital Acquisitions Tax (CAT)

Persons liable, CAT computation, exemptions, valuation date, market value, deductible costs, incumbrance-free value, taxable value, agricultural relief, business relief, small gift exemption, self-assessment.

Stamp Duties

Documents and transactions liable, computing your stamp duty, intergroup transfers, reconstructions and amalgamations, young trained farmers, residential sites, transfers between relatives, Stampable amount, rates of duty, relief for blood relatives, subsales.

Farmers

Income tax, corporation tax, CGT, VAT, CAT, stamp duties.

Charities

Regulation of charities, charitable purposes, acquiring exemption.

Marital breakdown

General issues, tax consequences.

Revenue Audits

Proper records, Revenue powers, Revenue audit.