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Tax Accounting Certificate - CPD accredited
The Tax Accounting course aims to improve your understanding of the way tax and accounting systems in the UK work which would be particularly useful to small business owners, entrepreneurs, employed people and anyone looking to improve their general knowledge on the wide subject of tax. The course is split into ten different topics sorted in a logical progression from fundamental knowledge of the various taxes applicable to companies and individuals in the UK, to the advanced accounting methods and financial analysis techniques.
In order to define the complex tax terms, we have used real-life examples throughout the course that illustrate each tax concept and give you a practical perspective on the theory that the course covers. Furthermore, you can check what you have learned with a carefully prepared test.
In this course, you will be able to learn about Her Majesty's Revenue and Customs and gain a unique overview of taxation laws and rules in the UK. Employment is another area that the course covers as it outlines the rights and responsibilities both for employers and employees with regards to tax.
There are numerous benefits and allowances as part of the UK’s welfare system that is funded by the taxpayers in the UK and comes from National Insurance contributions and Income tax, the two primary methods of taxing individuals. People in hardship as well as individuals who perform special duties can benefit greatly from claiming such allowances to help them make ends meet.
However, the primary focus of this course is taxation from a business point of view, making it a great piece of reference for just about any business owner or entrepreneur. Tax responsibilities as well as the most important dates and deadlines have been noted down and instructions on registration and payment have also been included, making sure you have all the knowledge to successfully manage company tax returns, corporation tax and claim business reliefs that can help your business.
The course outlines the PAYE scheme in detail and explores what it is like to run a payroll, choose payroll software, produce payrolls for your employees and make the appropriate deductions.
One of the most common business taxes in the world and in the UK is the Value-Added Tax or VAT. This course is your primary detailed guide to the various rates of VAT, when to charge them and how to claim back VAT that has been charged on your own purchases. Further, it explores the rules, regulations and taxes for trading internationally as well as exporting and importing to and from the UK.
The last sections of the course aim to teach you practical accounting, starting from defining the basic accounting concepts for beginners and taking it further to how to prepare financial reports, calculate various financial ratios and analyse how successful the business is performing.
Finally, there are a number of international standards when it comes to taxation and accounting reporting and the course provides an overview of how the existing tax standards came into being and which international and British organisations enforce these regulations. Keeping up with the recent news, it also outlines the possible impact that the upcoming exit from the European Union may have on taxation in the UK.
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What you will learn:
- What tax is and how the taxation system in the United Kingdom operates
- What taxes apply to individuals residing in the United Kingdom
- What benefits and allowances exist to support people in underprivileged positions
- How to calculate National Insurance contributions based on individual earnings
- What the different National Insurance classes are and who they apply to
- How to calculate Income Tax and demystify tax codes
- What income can be tax free and the various tax reliefs for individuals
- How to calculate Corporation Tax that companies get charged on their sales
- The mechanics of VAT and the VAT schemes are used to reclaim VAT on purchases
- What charges apply to international imports and exports in the EU and outside the EU
- How to import and export goods and services and prevent double taxation
- What double entry accounting is and how debit and credit operations affect accounts
- How to do your own company accounting, preparing and submitting Annual Returns
- What financial organisations set international standards that influence laws in the UK
- What international standards of tax reporting apply in the UK
Module 1: UK Taxation, Tax on Individuals
- The origins of taxation and various types of tax
- What is HMRC and what is its function
- What taxes are applicable to individuals in the United Kingdom
- Your rights and obligations as an employee and as a self-employed individual
Module 2: Benefits and Allowances
- Overview of benefits and allowances and how these work in the United Kingdom
- What are Working Tax Credit, Employment and Support Allowance
- What are Income Support, Universal Credit and Housing Benefit
- What are Jobseeker’s Allowance, Reduced Earnings Allowance and Bereavement Allowance and what conditions must be met when submitting a claim
Module 3: National Insurance & Income Tax
- What type of classes, rates and categories apply with regards to National Insurance
- How much National Insurance contributions you pay when employed/self-employed
- Tax codes, rates and allowances and how they affect Income tax
- How to submit a Self-Assessment Tax Return
Module 4: Business Taxation, Corporation Tax
- How business taxation works in the UK
- The Business Tax Road Map and HMRC’s views of the future
- Company Tax Return and how to submit one
- Capital Tax Gains and Rates
Module 5: PAYE, Payrolls and Wages
- What is PAYE, when is it used, as well as the basics of running a payroll
- Your responsibilities while running a payroll
- Payslips and reporting to HMRC
- What is the PAYE Settlement Agreement
Module 6: Value Added Tax (VAT)
- What Value Added Tax is, and the three rates of VAT that exist in the UK
- Registering for a VAT number and how to submit a VAT return
- How VAT Annual Accounting Scheme can help companies with a large taxable turnover
- What the VAT Flat Rate scheme is and how it helps to simplify your VAT charge
Module 7 : Exporting and Importing goods and services
- What is classification of goods
- What is an EORI number
- Importing from EU and Non-EU countries
- Duty relief for imports and exports
Module 8: Double Entry Accounting
- The fundamental accounting equation and its role in accounting
- What are transactions, accounts and ledgers and how they relate to each other
- What the terms debit and credit mean in the accounting context
- The definition of double entry accounting
Module 9: Management Accounting and Financial Analysis
- How to prepare a Profit and Loss statement
- How to prepare a Balance sheet statement
- Indirect and direct method for calculating cash flow and preparing a cash flow statement
- Reporting assets in the Shareholder’s equity statement
Module 10: Tax Organisations and Standards
- How international standards are proposed, agreed and set forth in action
- Which are the international organisations that are responsible for tax and accounting regulations
- What is the Common Reporting Standard is and why it matters for individuals
- Which are the UK regulatory organisations and how they came into being
Who is this course for?
There is no experience or previous qualifications required for enrolment on this course. It is available to all students, of all academic backgrounds.
Our Course is fully compatible with PC’s, Mac’s, Laptop, Tablet and Smartphone devices. Now more than ever people are using the internet while on the move so our course has been designed to be fully compatible on tablets and smartphones so you can access your course on wifi, 3G or 4G.
There is no time limit for completing this course, it can be studied in your own time at your own pace.
All tests are online and are taken either during or after the course, these are included in the price.
Questions and answers
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