AAT Level 4 – Business Tax – FA24 (BNTA)
This is an optional unit for the Level 4 Diploma in Professional Accounting.
In this unit, you will be introduced to UK taxation relevant to businesses, equipping you with the knowledge and skills to compute business taxes for sole traders, partnerships, and limited companies. Moreover, you will learn to identify tax planning opportunities while upholding the utmost ethical standards.
£29.90
- Description
Description
As you learn how to prepare tax computations, you will gain the necessary skills to apply the tax treatment of capital expenditure and adjust accounting profits for tax purposes. This will include allocating profits to tax years for ongoing businesses, as well as in opening and closing years. Additionally, you will become proficient in allocating profits between partners in a partnership and calculating National Insurance (NI) contributions for the self-employed. You will be well-prepared to advise clients on the tax implications of making losses.
An in-depth understanding of the administrative requirements of UK tax law will be emphasized, covering implications of errors in tax returns, late filing of returns, late payment of tax, and the importance of retaining records for the required period. Additionally, you will gain the expertise to compute tax on the sale of capital assets by companies, while comprehending the capital gains implications of selling a business and the available tax reliefs for businesses.
Recognizing the significance of tax advice in various accountancy roles, you will explore tax planning opportunities for businesses. Ethical considerations faced by business owners and managers in reporting their business tax will be discussed, and you will understand the responsibilities that an agent has in providing tax advice to business clients. Upholding ethical standards while providing tax guidance will be at the forefront of your training.
Overall, this unit will equip you with the essential knowledge and skills to navigate UK taxation as it relates to businesses, enabling you to excel in your accountancy roles and provide valuable tax advice to clients.
Learning outcomes
- Prepare tax computations for sole traders and partnerships
- Prepare tax computations for limited companies
- Prepare tax computations for the sale of capital assets by limited companies
- Understand the administrative requirements of the UK’s tax regime
- Understand the tax implications of business disposals
- Understand tax reliefs, tax planning opportunities and agent’s responsibilities in reporting taxation to HM Revenue & Customs
