Tax
The tax portion of this course presents an overview of the UK taxation system. It looks at the basic principles of the main direct taxes such as Income Tax, National Insurance Contributions, Capital Gains Tax, and Corporation Tax. It shows how an individual’s income is brought together in a total income computation and how Income Tax is charged on this income.
This course covers the rules for employment income and for trading income received by an individual carrying on a business as a sole trader. It explains what constitutes trading and how taxable trading income is computed.
The course discusses investment income from land, tax efficient investments, and pension provisions. It explains differences between the taxation of an individual carrying on a business and a company in relation to the computation of taxable profits and how those profits are charged to tax. It also explains the special rules relating to service companies.
The final module presents the UK taxation system in an international context, focusing on UK taxation for non-UK residents.
Law
The law portion of this course provides an overview of principal areas of English law, its various sources, and the court system in which legal disputes are determined. It distinguishes between civil and criminal law and explains the significance of the UK’s membership in the European Union.
The course covers contract law, perhaps the most important part of civil law. It explains what makes a valid contract and what happens when one party fails to carry out their promise. The course also examines the law of tort. Negligence is, of course, of great concern to accountants, like other professionals, and it is given separate consideration, followed by discussion of remedies and defences applicable to an action for negligence.
This course gives a broad overview of key areas of law. Its purpose is to give a basic understanding and awareness of issues such as employment law, different types of business (sole traders, agents, companies, and partnerships), and what happens when a business runs into financial difficulties.