Foundations in Taxation (FTX)

• Educational Background: No prior taxation or finance experience is required. However, a basic understanding of mathematics and analytical reasoning will assist learners in navigating the course content effectively. 

• Language Proficiency: Learners should have a good command of English, as all course materials, assessments, and discussions are conducted in English. 

• Interest in Taxation and Finance: This course is ideal for those keen to understand tax systems and compliance, as well as for learners aiming to pursue further ACCA qualifications in taxation or related fields. 

• Understand Taxation Principles: Gain a solid foundation in tax laws, including income tax, corporate tax, and VAT, and how they apply to individuals and businesses. 

• Develop Tax Calculation Skills: Learn to calculate tax liabilities accurately for both individuals and businesses, ensuring compliance with tax regulations. 

• Ensure Tax Compliance: Master the principles of tax compliance and understand how to interpret and apply tax legislation effectively. 

• Apply Taxation Strategies: Develop the ability to identify opportunities for tax savings and efficient tax planning within business contexts. 

The Foundations in Taxation (FTX) Course is ideal for individuals seeking to develop a strong understanding of taxation principles or begin their journey towards a professional qualification in finance. Below are the roles and individuals who can benefit from this course: 

• Aspiring Tax Advisors 

• Junior Tax Accountants 

• Finance Assistants 

• Accounts Clerks 

• Accounting Trainees 

• Payroll Managers 

• Business Consultants 

Module 1: Introduction to the UK Tax System

• Principal sources of revenue law and practice

• Different types of taxes
   

Module 2: Adjusted Profit/Loss Computations for Trades and Professions

• Adjustment of trading profits/losses for tax purposes

• Capital allowances

• Basis of assessments

• Relief for trading losses

• Partnerships

• National Insurance contributions for the self-employed

• Preparing relevant pages of a tax return
   

Module 3: Income Tax Liabilities

• Introduction to personal taxation

• Income from employment and Class 1 National Insurance Contributions

• Income from property, savings, and investments

• Comprehensive computation of taxable income and income tax liability

• Use of pension contributions in deferring and minimising income tax liabilities

• Income tax administration
   

Module 4: Capital Gains Tax

• Scope of the taxation of capital gains for individuals

• Basic principles of computing gains and losses

• Gains and losses on the disposal of shares and securities

• Gains and losses on the disposal of movable and immovable property

• Computation of capital gains tax payable by individuals and completion of the self-assessment tax return

• Use of exemptions and reliefs in deferring and minimising tax liabilities arising on the disposal of capital assets
   

Module 5: Corporation Tax Liabilities

• Scope of corporation tax

• Taxable total profits

• Comprehensive computation of corporation tax liability

• Chargeable gains for companies

• Relief for losses

• Use of exemptions and reliefs in deferring and minimising corporation tax liabilities

• Completing the corporation tax return

• Corporation tax administration
   

Module 6: Value Added Tax (VAT)

• Scope of value added tax (VAT)

• VAT registration requirements

• Basic principles of VAT

• VAT invoices and records

• Administration of VAT

• Effect of special schemes

• Preparing and completing VAT returns

• Communicating VAT information
   

Module 7: Employability and Technology Skills

• Using computer technology to efficiently access and manipulate relevant information

• Working on relevant response options using available functions and technology

• Navigating windows and computer screens to create and amend responses to exam requirements using appropriate tools

• Presenting data and information effectively using the appropriate tools