AAT Level 4 – Personal Tax – FA24 (PNTA)
This is an optional unit for the Level 4 Diploma in Professional Accounting.
In this unit, you will acquire fundamental knowledge of the three most common taxes that impact taxpayers in the United Kingdom (UK): income tax, capital gains tax, and inheritance tax. Armed with this knowledge, you will not only be able to prepare computations for these taxes, where applicable but also grasp how taxpayers can legally minimize their overall tax liabilities.
£29.90
- Description
Description
The unit covers the foundational theory of taxation, providing insight into taxes that affect every UK taxpayer. Within income tax, you will explore various sources of income, such as employment income, income from investments, and income from property. Additionally, deductions and reliefs applicable to income tax will be thoroughly covered, empowering you to calculate the net income tax liability for UK taxpayers. The topic of National Insurance will also be addressed.
Furthermore, you will delve into capital gains tax and inheritance tax, understanding their fundamental principles and how they may impact UK taxpayers.
With a comprehensive understanding of these three taxes, you will gain insight into the taxation implications of decisions made by clients. You will be capable of providing advice and guidance to ensure taxpayers comply with tax legislation.
Overall, the unit aims to equip you with knowledge of taxation as it pertains to UK taxpayers, enabling you to accurately and fairly compute tax liabilities. Moreover, it fosters an appreciation for the theory behind taxation, including ethical aspects specifically relevant to a taxation practitioner.
Learning outcomes
- Understand principles and rules that underpin taxation systems
- Calculate UK taxpayers’ total income
- Calculate income tax and National Insurance contributions (NICs) payable by UK taxpayers
- Calculate capital gains tax payable by UK taxpayers
- Understand the principles of inheritance tax
