ICB Level 3 Diploma in Tax Self Assessment

Level III Diploma in Self Assessment Tax Returns Completion

Type of Examination: Home-based Assessment

Course Content:

Premier Training will provide each student with:

• Study textbook
• Three assignments
• Practice exam paper
• Telephone helpline
• Personal study programme
• Personal tutor

Syllabus:
This module comprises both Personal and Business Taxation and relates to preparing tax computations and returns for businesses (sole trader) and individuals.

Element (1) Prepare Business Taxation Computations

(A) Prepare capital allowance computations.
(B) Adjust accounting profits and losses for trades and professions.

Learning Outcomes: (A)

• Computations are made in accordance to current tax law and practice
• Expenditure on Capital Assets is classified in accordance with the statutory distinction between Capital and Revenue
• Make adjustments for private use by business owners
• Entries and calculations relating to such computations are correct

Range:

• First Year Allowance (FYA), Writing Down Allowance (WDA), Annual Investment Allowance (AIA) 
• Capital Expenditure on plant and machinery, and motor vehicles

Learning Outcomes : (B)

• Adjusted profit is calculated for inclusion on the tax return
• Make necessary adjustments for private use by business owners
• The bases of assessment are correctly applied
• Complete accurately the supplementary pages on the tax return for a sole trader
• Identify NI contributions payable by self employed
• Returns are submitted to HMRC within the required timescale
• Identify due dates for payment of Income Tax
• Professional advice is given to clients on the recording of information for the tax return and confidentiality is maintained at all times

Element (2) Prepare Personal Taxation Computations

(A) Calculate income from employment
(B) Prepare Computations of Property and Investment Income

Learning Outcomes (A)

• Computations of earnings including benefits in kind, allowable expenses are accurately prepared
• Returns are completed accurately and submitted to HMRC on a timely basis
• Professional advice is given to clients on the recording of information for the tax return and confidentiality is maintained at all times

Range:

• Emoluments: UK resident employees
• Allowable expenses, contributions to pension schemes and charitable contributions

Learning Outcomes (B)

• Schedules of dividends and interest received on shares and securities are accurately prepared
• Schedules of property income are accurately prepared, profits and losses determined and appropriate relief applied
• Returns are submitted to HMRC on a timely basis

Range:

• Sources of investment income from banks, building societies and property income, holiday lets and wear and tear

The elements in this module and learning outcomes are partly based on the former AOSG national standards for Personal and Business Tax.

Details coming soon.

Please register your interest by calling Premier Training on 01469 515444 or contact us with any queries in the meantime.