Taxation

Course details

Course Aim

• This course aims to give participants the knowledge and skills to make self-employed or small business tax returns and is therefore of interest to business owners, self-employed or office staff.
• The Irish Taxation System, Income Tax and VAT and latest Finance Act regulations are covered.
• It provides a sound foundation for those who want to progress to higher level accounting, business or taxation courses.
• The qualification is a good addition to the CV of anyone wishing to improve career prospects in office administration, bookkeeping and accounting.
• Successful candidates can go on to study other business modules and progress to further qualifications in business or accounting.

Unit 1: Administration

• Complete allforms in relation to the collection of Income Tax and VAT.
• Explain the PAYE System, Self-Assessment and Appeals System.

Unit 2: Income Tax

• Calculate tax for employees and pensioners, self-employed, investment
• income, interest, Irish rents and dividends
• Tax credits, reliefs, deductions, charges, cut-off points and
• benefits-in-kind.
• Taxation of married couples including for year of marriage,
• year of death and year of separation.
• Calculate tax due for a self-employed individual, adjusting profits,
• capital allowances, tax due and payment dates.
• PRSI for employees and self-employed.

Unit 3: VAT in the Irish Context

• Administration, when it is chargeable, registration, cash receipts basis,
• bad debts.
• VAT 3 and Annual Return
• Monitor and implement the latest Finance Act

Course Work

• Assignment 1 (25%): Take a final set of accounts for an individual and calculate the Income Tax and P.R.S.I. due for the financial year.
• Assignment 2 (25%): Calculate a VAT liability for two months for a registered business. Examination (50%)