Tax
The tax portion of this course presents an overview of the Irish taxation system. It looks at the basic principles of the main direct taxes such as income tax, Pay Related Social Insurance contributions, capital gains tax, and corporation tax.
The course opens with a module giving a broad view of the Irish tax system. The next module illustrates how an individual’s income is brought together in a total income computation and how income tax is charged on this income.
Module 3 covers the rules for employment income. These include cash earnings, taxable benefits and allowable deductions. You will also deal with Pay Related Social Insurance contributions payable by employers and employees on employment income.
Module 4 looks at the rules for trading income received by an individual carrying on a business as a sole trader. What constitutes trading and how taxable trading income is computed are considered. Then how trading income for a period of account is linked to a tax year s presented.
Module 5 discusses how capital gains and losses for individuals are calculated, how gains are taxed and how losses are relieved. It also outlines the main reliefs for capital gains.
The main exemptions and reliefs that can help reduce a taxpayer’s overall tax liability are covered in Module 6. Module 7 discusses the tax treatment, under the Irish tax code, of various forms of investment income.
Certain payments are classified as charges on income. The treatment of charges on income differs in a number of respects from other deductions. Module 8 covers the main charges on income.
Module 9 speaks of the specific rules for taxing married persons. These rules only apply where the husband and wife are living together.
Module 10 covers certain losses incurred by individuals, and how these losses can be utilised to reduce income tax.
Module 11 presents the implications of residence, ordinary residence, and domicile, and their fundamental importance in determining an individual’s charge to Irish tax.
Module 12 examines the principles of capital gains tax relating to individuals and companies while Module 13 introduces the main methods available to the Irish taxpayer for reducing capital gains tax.
Module 14 outlines the main rules of corporation tax, including computation of profits, tax rates, dividend withholding tax, and other reliefs. Module 15 examines how losses incurred by companies can be used to reduce corporation tax.
The final module presents the Irish taxation system in an international context.
This course can only provide a brief introduction to Irish taxation and the course material should not be relied on as a substitute for specialised professional advice in connection with any particular matter. The law is stated in accordance with legislation up to and including Finance Act 2008.
Law
The law portion of this course comprises five modules and is designed to give you an overview of the principal areas of Irish law that are likely to concern you in your work as an accountant.
The first module gives a broad explanation of Irish law, including its various sources and the court system in which legal disputes are determined. It distinguishes between civil and criminal law and discusses the significance of Ireland’s membership in the European Union.
The second module covers contract law, perhaps the most important part of civil law. It illustrates what makes a valid contract and what happens when one party fails to carry out their promise.
Continuing with civil law, the third module examines the law of tort — and negligence in particular. Negligence in the professional arena is, of course, of great concern to accountants, as it is for other professionals, and it is given separate consideration before going on to discuss remedies and defences applicable to an action for negligence.
The course then goes on to look at the different types of business: sole traders, agents, companies, and partnerships. Module 4 describes the principal legal considerations applicable to each, including statutory regulation, and explains the basis for understanding the authority and liability of an agent, partner or director as each acts for the business.
The final module considers what happens when a business runs into financial difficulties. In respect of companies, this module covers company voluntary arrangements, administration, and receivership as well as liquidation and striking off. In respect of individuals, including partners, it looks at individual voluntary arrangements and bankruptcy.
This course gives a broad overview of key areas of law. Its purpose is to give a basic understanding and awareness of issues where you would be advised to seek professional legal advice. It is written on the basis of the law as at December 2008.