FOUNDATIONS OF TAX - 2017/8

Module code: MANM368

Module provider

Surrey Business School

Module Leader

GUEST P Prof (SBS)

Number of Credits

15

ECT Credits

7.5

Framework

FHEQ Level 7

JACs code

N330

Module cap (Maximum number of students)

N/A

Module Availability

Semester 2

Overall student workload

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test MID-TERM TEST (50 MINUTES) 30%
Examination 120 MINUTES EXAMINATION 70%

Alternative Assessment

N/A

Prerequisites / Co-requisites

MANM198 - Principles of Accounting  

Module overview

This module introduces students to the subject of taxation and provides the core knowledge of the underlying principles and major technical areas of taxation as they affect the activities businesses, both incorporated and unincorporated.

Module aims

Learning outcomes

Attributes Developed

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:



Capital Allowances: Classification of expenditure on capital assets in accordance with the statutory distinction between capital & revenue expenditure.


Computing assessable business income: Adjustment of trading profits and losses for tax purposes


Preparing chargeable gains computations for businesses: including share pools, bonus and rights issues.


Preparing capital gains computations for sole traders and partnerships.


Corporation tax computations: trading profits and losses, capital allowances, investment income, loss reliefs and charges. Calculating corporation tax due including marginal relief and completing the HMRC forms.


Income tax computations for sole traders and partnerships: trading profits and losses, capital allowances, investment income, loss reliefs and charges. Calculating income tax due and completing the HMRC forms


The scope of value added tax, VAT registration requirements, computation of VAT liabilities and the effect of special schemes.


Methods of Teaching / Learning

The learning and teaching strategy is designed to give students the opportunity to gain knowledge and understanding of the relevant theory and business practices and problems pertinent to the topics covered in the module.

The  learning and teaching methods include:

 



The use of weekly two-hour tutorials as well as a weekly drop-in session, to illustrate the theory and allow the student to practice the practical application of such theory with a range of weekly tutorial questions.


Lecture material will be supported by directed reading and weekly homework exercises will be set to test students’ understanding on an on-going basis.


SurreyLearn will be used as an information portal and will contain lecture notes, practical exercises and model answers.


Individual feedback will be given in the drop-in sessions on the class test and general feedback will be posted on SurreyLearn. 


Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of both the theoretical concepts and their practical application.

 

The summative assessment for this module consists of:

A 50 minutes class-test (30%) during week 8 of teaching

A two hour closed-book final exam (70%) during the examination period

  

Formative assessment and feedback

The class test will be marked by the module convenor, marks are usually returned to the students within two semester weeks following the class test. In the semester week following the class test the module convenor posts the class test, results and model answers on SurreyLearn with general feedback on how the cohort has performed. 

 

The weekly drop-in session is used to provide individual feedback to students. Explaining how they could have moved from the mark attained to 100%. This feedback will help the student prepare for final examination.

 

Both the class test and final exam have detailed marking schemes that take into account process and ensure consistent marking where there is more than one module tutor.

 

Independent learning

This module has a strong emphasis on Independent learning with students having to take responsibility for their own learning.

Students will be expected to participate in tutorials and are actively encouraged to share their views and experiences.  Attendance is compulsory and experience has shown students with low attendance also attain very low marks.

Tutorial attendance is compulsory, and vital information on the assessments is usually given during these sessions. 

Not all elements of the curriculum will be covered in detail in the tutorials. Students will be made aware of the areas they are expect to are expected to research for themselves.

Reading list

Reading list for FOUNDATIONS OF TAX : http://aspire.surrey.ac.uk/modules/manm368

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2017/8 academic year.