UK Tax System – Tax practitioner, Corporation Tax for UK Companies
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C
OLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF PROFESSIONAL STUDIES
Assignment front sheet
Assignment
-
1
Qualification
Unit
number and title
Pearson BTEC Level 5 HND Diploma Business
Unit
12
:
Taxation
Semester
Batch
IV
(Four)
Fa
ll
201
6
-
1
7
Student name
Assessor name
M
s
.
Sujata Suresh
Student No.
I
nternal
V
erifier (IV)
name
Ms. Sujatha Bhat
Date issued
Completion date
Submitted on
Sep
-
Oct
201
6
Assignment title
UK Tax System
–
Tax practitioner, Corporation Tax
for U
K
Companies
Learning
Outcome
Learning
outcome
Assessment
Criteria
In this assessment you will have the
opportunity to present evidence that
shows you are able to:
Task
no.
Evidence
(Page no)
LO1
Understand
the duties and
responsibilities
of the tax
p
ractitioner in
the UK tax
environment
1
.1
Describe the UK tax environment
1
1
.2
Analyse the role and responsibilities of the
tax practitioner
2
1.3
explain the tax obligation of tax payers or
their
agents
and the implications of non
-
compliance
3
LO
3
B
e able to
calculate
corporation
tax liabilities
for
companies
3
.1
calculate chargeable profits
4
3
.2
Calculate the tax liabilities and due payment
date
5
3
.3
Explain how income tax deductions are
dealt with.
6
Learner declaration
I cert
ify that the work submitted for this assignment is my own and research sources are fully
acknowledged.
Student
signature:
Date:
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In addition to the ab
ove PASS criteria, this assignment gives you the
opportunity to submit evidence in order to achie
ve the
following MERIT and DISTINCTION grades
Grade Descriptor
Indicative characteristic/s
Contextualisation
M1
Identify and apply
strategies to find appropriate
solutions
Effective judgements have been
made
.
To achieve M1,
y
ou will have to have an
e
ffective judgement
in giving your
answer
.
(Task3.1)
M2 Select / design and apply
appropriate methods /
techniques
A range of sources of
information has been used
To achieve M2
,
you should have used different sources to collect data and a
range of sou
rce of information should have been used for information relating
to the
(T
ask1.3)
,
(Task3.3)
M3 Present and communicate
appropriate findings
1.
the appropriate structure
and approach has been used
coherent, logical development
of principles/ concepts for
the
intended audience
2.
a range of methods of
presentation have been used
and technical language has
been accurately used
To achieve M3, you should have used an appropriate structure and approach in
presenting the types of taxation in UK, and put your findi
ngs in a tabular form
or in a flow chart with proper explanation
(Task1.1)
,
( Task 1.2)
,
(Task3.2)
a range of methods of presentation
should
have been used
with
technical
tax
language
(Task1.1)
,( Task 1.2)
,
(Task3.2)
.
D1 Use critical reflection to
evalua
te own work and
justify valid conclusions
1.
Conclusions have been
arrived at through synthesis of
ideas and have been justified
To achieve D1, you should justify the conclusions drawn on the basis of
relevant rules and formulas and its application.
(Task3.
1)
D2 Take responsibility for
managing and organising
activities
Autonomy/independence has
been demonstrated
To achieve D2,
you should have demonstrated autonomy and independence by
bringing detail
s
in answering
(Task1.1)
,
(Task3.3)
D3 Demonstrate c
onvergent
/lateral / creative thinking
convergent and lateral thinking
have been applied
To achieve D3, Presentation and calculation has to be perfect with proper
referencing and without any error. All parts of question should be attempted
in full
.
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A
s
signment Brief
Purpose of this assignment
Understand the UK Tax environment and the duties and responsibilities of the tax practitioner. Students
should also know about corporation tax liability of relevant entities. The knowledge gained should help the
student in
Self
-
Assessment
and also help in filing returns for their company
.
LO
-
1
-
Understand the duties and responsibilities of the tax practitioner in UK tax
environment
“
Scenario ‘A’
C
overs
LO 1.1, L O 1.2 and LO 1.3
The Finance Budget 2016
-
17 was
a budget which was looked upon with great expectation .It was a
budget which investors were looking for.
Simple Co is one of the leading, established tax practitioners
of the city and you are one of the partners of Simple Co.
Simple Co has captured the ma
rket reputation
by its independent ethical policies , excellent tax planning guidance and loyalty to its clients.
You have been approached by various clients both new and old to brief them about the UK Tax
Environment and the stringent policies of non
-
adh
erence.
1.1
Task 1 (LO1
-
AC 1.1 )
D
escribe the UK tax environment
P, M3
,D2
Require
d
:
-
A
s
a
tax practicing expert,
you are
required to describe in detail the UK tax
environment to
your clients
,
so
that they get
an overall
picture of the
operating system
which will help
your clients to get an idea
about the UK Tax environment.
To
a
chieve P,
you are required to explain the meaning
of taxation,
types
of taxation
, methods
of tax
collection and
tax legislation
of
UK
.
To achieve M3,
you
should have
use
d
an
appropriate structure and approach in presenting the
t
ypes of
taxation
in UK, and put your findings
i
n a tabular form or in
a flow chart with
proper
explanation.
To achieve D2,
you
should
have
demonstrated autonomy and independence
in describing
the overa
ll
taxation system
in
your own
way of presentation
by doing an independent search.
You should
have met
the deadline to submit the tasks
to
achieve the unit assessment criteria
by taking responsibility in
managing and organising activities.
1.2
Task 2 (LO1
-
A
C 1.2 )
Analyse the role and responsibilities of the tax practitioner
P
,M3
Require
d
:
-
As a
partner of a
Simple Co.,
knowledge your
clients
the
role and responsibilities of the tax practitioner
towards
their
clients and
HMRC.
To
a
chieve P,
you are requir
ed to explain how the tax payer deals with HMRC
explaining his role
and
responsibilities
as a tax
practitioner.
To achieve M
3
,
you should have used a range of source of information
in the assignment
relating to
the above task.
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1.3
Task
3
(LO1
-
AC 1.
3
)
Ex
plain the tax obligation of tax payers or their
agents
and the
implications of non
-
compliance
P
,M2
Require
d
:
-
To bring to the knowledge of your clients,
the tax obligation of tax payers or their
agents
and the
implications of non
-
compliance
.
To
a
chieve
P
, you are required to
advice the
clients
on tax planning by explaining
the
tax
obligations of
tax payer
s
and
the implications of non
-
compliance
.
To
a
chieve M2,
a range of sources of information should have been used
to explain clearly
the
obligations .
In addition to the above
, as a practitioner brief
on
the Self
-
assessment procedure,
maintaining
of records and penalty
if not complied by the tax payer.
LO
-
3
-
Be able to calculate
corporation tax liabilities for
companies
.
“
Scenario ‘
B
’
Covers LO
3
.
1, L O
3
.2 and LO
3
.3
Crowne
Ltd
,
a UK registered company
has diversified its operations since the last financial year
.
Its
profits
have increased
three fold and
the company is under pressure from the auditors
as they feel the tax
returns may go inacc
urate.
Crowne Ltd has appointed Pearl Co. as their tax consultants. You are one of the
lead team member of Pearl Co. As a leader of the
team,
you
work on
the tax calculation and
advice Crowne
Ltd on filing of returns, maintenance of books of records
and a
lso
advice
Crowne Ltd on adherence of tax
payment rules and regulation
for the year 2016
-
17.
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£
£
Sales
4000,000
Less: Cost of Sales
600,000
Gross Profit
3
400000
Add:
O
ther income:
Profit on sale of asset
1
,000
Interest received
2,
2
00
Rental
income
8,000
Dividend received
4,500
3
415
70
0
Less: expenses:
Salary and wages
50,000
Maintenance
3,000
Water bill
1,000
Telephone Expenses
2,500
Motor Car Expenses
6,500
Heating
6000
Depreciation
5,000
Advertisement
6,000
Subscription
3,000
Entertainment expenses
4,700
Donation
900
Legal and professional charges
600
General Expenses
3,200
Directors’
fees
5,000
Audit fees
2
00
0
9
9400
NET PROFIT
331
6
3
00
You are given the accounts of Crowne Ltd for the year to 31 March 2017.
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Notes:
a)
The amount of £
3
,000 for Maintenance includes £
5
00
purchase of
printer
.
b)
Motor Car
expenses include
2
% personal expenses of the
CFO
.
c)
Entertainment expenses includes :
-
Gift to customers (
table clock
costing £
1
3
each for
5
customers) £
65
Customers’ entertainment
£
4
0
d)
Donation is done to a
trading
party for local charity purpose.
e)
Legal and Professional Fees includes:
-
Accountancy fees
£
5
0
Special Audit fee
s
£
1
00
f)
General Expenses includes a
mobile usage
fine
of £50
,paid by the director for using mobile
while driving
.
g)
Plant and Machinery:
On 1 April 201
6
the opening
balance of plant and machinery in the pool was £
2
,200
The following transactions took place during the year ended 31 March 201
7
:
September
201
6
Purchased equipment
£
8
50
,000
June 201
6
Purchased Car (CO2 emmission is 1
30
g/
km)
£
25
,000
January
201
7
Sold
equipment
£2,
8
00
h)
The details of
some
trading loss
to be adjusted
is as follows:
-
Loss for the year ended 31 March 201
5
£
3
8
00
Loss for the year ended 31 Mar
ch 201
6
£
3
00
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3.1
Task 4 (LO3
-
AC 3.1 )
Calculate Chargeable
profits
(TTP)
P,
M1,
D
1
Required:
-
To determine
the chargeable profits of
Crowne
Ltd for the year ended 31 M
arch
201
7
after necessary
adjustments.
To
a
chieve P,
you are required to calculate the chargeable profits of
Crowne
Ltd.
(Your answer should
clearly show the calculation of Capital Allowance, trading loss
adjustment
and
the computation of
TTP
)
.
To achieve
M1,
y
ou will have to
make
effective judgements
while including each item
of expense and
income
which are allowed and disallowed
in calculation of chargeable profits.
To
a
chieve D1,
you should justify the conclusions drawn on the basis of relevant rules a
nd formulas and
its application giving neat explanation wherever necessary.
3.2
Task
5
(LO
3
-
AC
3
.
2
)
Calculate the tax liabilities and due payment date
P, M
3
Required:
-
Calculate the tax liabilities of
Crowne
Ltd for the year ended 31 March 201
7
a
n
d specify
due date for filing
the return and payment of tax. What are the consequen
ces
of late filing
after the due date?
To
a
chieve P
, you
in the capacity of an advisor is required to assist
Crowne Ltd
in calculation of tax
liabilit
y
for the company
.
To a
chieve M
3
,
you should have
use
d
a
ppropriate methods and techniques with clean workings and
notes
to justify the difference in tax rates between the
periods (if applicable)
and how it has an impact
on the final tax payable by the company
.
3.3
Task
6
(LO
3
-
AC
3
.
3
)
Explain
how income tax deductions are dealt with.
P, M2, D2
Required:
-
As a tax adviser,
you are required to show
the
various tax deductions to be made by
Crowne
Ltd
and
how to
deal with it.
To
a
chieve P,
you are required to exp
lain the various tax de
ductions for
Crowne
Ltd during the year
201
6
/1
7
.
To achieve M2,
you should
have used different sources to collect data
on tax deductions relevant for
companies like
Crowne
Ltd.
To achieve D2
,
you
should
have demonstrated
autonomy or independence in
resear
ch and study and
should
have met the deadline to submit the tasks and achieve the unit assessment criteria
.
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Evidence
checklist
Summary of evidence required by student
Evidence
presented
Task
1
Describe the UK Tax Environment
Task 2
Analyse the rol
e and responsibilities of the Tax Practitioner
Task 3
Explain the tax obligation of tax payers or their agents and the implications of
non
-
compliance
.
Task 4
C
alculate chargeable profits
Task 5
Calculate the tax liabilities and due payment
date.
Task 6
Explain how income tax deductions are to be dealt with.
Resources
:
List of Websites
www.uk budget .com
Guidance notes
:
1.
Use standard document formats and structures.
2.
Word process the documen
ts.
3.
Use 12 point Arial or Times New Roman script.
4.
Provide a list of references and use the Harvard referencing system.
5.
Complete the title page and sign the statement of authenticity.
6.
Upload the entire assignment in MS word format only on Turnitin.
7.
Stap
le only once to keep the pages of your work together.
8.
Late submission, late work will only be marked on the next occasion the unit is taught.
9.
Submit the work along with the Turnitin report to the respective assessors in their offices.
10.
Collect the assignme
nt submission form duly signed by the assessor and the learner
.
11.
Grades are subject to External Verification.
CLASS ID AND PASSWORD FOR TURNITIN:
1)
(
Morning
Batch) Class
I
d:
; Password:
2)
(
Evening
Batch) Class
I
d:
;
Password:
Word Count
for Assignment
as prescribed
-
2500 words with 5%
Tolerance rate
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Achievement Summary
Qualification
QCF Level: 5
Assessor name
Ms. Sujata Suresh
Unit Number and
title
Unit
-
12
Taxation
Student name
Criteria
Reference
To achieve the criteria the evidence must show that the
student is able to:
Achieved
?
(tick)
1.1
Describe the UK Tax Environment
1.2
Analyse the role and responsibilities of the Tax Practitioner
1.3
Explain the tax obligation of
tax payers or their agents and the
implications of non
-
compliance
3.1
C
alculate chargeable profits
3.2
Calculate the tax liabilities and due payment date.
3.3
Explain how income tax deductions are to be dealt with.
Higher Grade achievements (w
here applicable)
Grade descriptor
Achieved?
(tick)
Grade descriptor
Achieved?
(tick)
M1: Identify and apply
strategies to find
appropriate solutions
D1: Use critical reflection to
evaluate own work and justify
valid conclusions
M2: Select / des
ign and
apply appropriate
methods / techniques
D2: Take responsibility for
managing and organising activities
M3: Present and
communicate
appropriate findings
D3:
Demonstrate
convergent
/later
al/
creative
thinking
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Answers
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