Premier Training

Prepare the relevant pages of a tax return for an unincorporated business and produce the computations to support this (Press the ticks on the left to mark your understanding)

Adjust trading profits and losses for tax purposes
Apply the basis of assessment for unincorporated businesses, including opening and closing years and overlap profits
Classify expenditure on capital assets in accordance with the statutory distinction between capital and revenue expenditure
Prepare computations of capital allowances
Make adjustments for private use of assets by owners
Divide profits and losses of partnerships amongst partners
Prepare computations to show the changes in partnership structure for new partners and departing partners
Calculate national insurance contributions payable by self-employed persons
Identify and value any chargeable assets that have been disposed of; calculate the chargeable gain/or allowable loss and relevant reliefs as applicable under current tax law; and calculate any tax liability
Complete the self-employed or partnership supplementary pages of the tax return for individuals, and submit them within statutory time limits

Complete corporation tax returns and supporting computations for incorporated businesses

Adjust trading profits and losses for tax purposes

Classify expenditure on capital assets in accordance with the statutory distinction between capital and revenue expenditure

Prepare computations of capital allowances

Enter adjusted trading profits and losses, capital allowances, investment income and capital gains in the corporation tax computation

Calculate taxable total profits, and other relevant figures, as it applies to companies with periods longer than, shorter than and equal to 12 months

Calculate corporation tax payable, taking account of marginal relief and associated companies

Complete corporation tax returns and submit them within statutory time limits

Identify and value any chargeable assets that have been disposed of and calculate the chargeable gain/or allowable loss and relevant reliefs as applicable under current tax law

Understand the impact of legislation and legislative changes

Identify relevant tax authority legislation and guidance

Explain the system of penalties and interest as it applies to income tax, corporation tax and capital gains tax

Apply any changes that occur to taxation codes of practice, regulation or legislation

Understand tax law and its implications for unincorporated businesses

Describe the main regulations relating to disallowed expenditure

Explain the basis of assessment for unincorporated businesses

Explain the availability and types of capital allowances

Identify alternative loss reliefs, demonstrating how best to utilise that relief

Explain the basic allocation of trading profits between partners

Explain the self-assessment process including payment of tax and filing of returns for unincorporated businesses

Identify due dates of payments, including payments on account

Understand tax law and its implications for incorporated businesses

Explain the calculation of corporation tax payable by different sizes of companies including those with associated companies

Identify alternative loss reliefs for trading losses, describing how best to utilise that relief

Identify corporation tax payable and the due dates of payment, including instalments

Understand how to treat capital assets

Identify capital gains exemptions and reliefs on assets

Identify methods by which chargeable assets can be disposed of

Identify the rate of tax payable on gains on capital assets disposed of by individuals and entitlement to relevant reliefs