ACCA TX: Introduction to UK Taxation

The "ACCA TX: Introduction to UK Taxation" course offers a detailed introduction to the UK tax system, equipping learners with the essential skills to navigate the complex world of taxation. The course starts by exploring the framework of UK taxation, including the roles and responsibilities of taxpayers and agents, key sources of tax law, and the importance of adhering to HMRC practices and deadlines. Students develop a strong understanding of how the tax system operates, ensuring they are well-prepared for practical application and professional compliance.

Income tax for individuals is covered extensively, where learners study the scope of income tax, employment and self-employment income, property and investment income, allowable deductions, and the process of computing income tax liabilities. Practical lessons on deadlines, filing requirements, and payment procedures ensure that learners are ready to manage individual tax obligations effectively. National Insurance Contributions (NICs) are also discussed, covering contributions from employees, employers, and the self-employed, along with planning opportunities to optimize NICs liabilities.

Corporation tax is another major focus, providing learners with a thorough understanding of how companies are taxed on their profits. Students will learn about taxable total profits, adjustments, capital allowances, investment incentives, and the requirements for filing corporation tax returns. VAT is addressed comprehensively, including principles, registration thresholds, VAT rates, special schemes like flat rate and cash accounting, and compliance obligations for businesses of all sizes.

The course continues with an introduction to capital gains tax (CGT), where learners explore how to compute chargeable gains and losses, apply exemptions and reliefs, and understand the differences in CGT treatment for individuals and companies. Inheritance tax (IHT) basics are also included, with lessons on lifetime transfers, potentially exempt transfers (PETs), and basic planning strategies to mitigate IHT liabilities.

A dedicated module on ethics and tax avoidance highlights the importance of ethical behavior in tax practice, the distinction between tax avoidance and evasion, and the professional responsibilities of accountants working in the taxation field. Finally, the course concludes with a practical module that includes mock exams, key exam techniques for ACCA TX success, and strategies to avoid common mistakes, ensuring students are fully prepared for their professional examinations.

By the end of the course, learners will have developed a strong, practical understanding of UK taxation and the ability to apply tax principles accurately in real-world scenarios, setting the stage for further professional development and career success.