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2010/1 Module Catalogue
 Module Code: MAN2065 Module Title: BUSINESS TAXATION
Module Provider: School of Management Short Name: MAN2065
Level: HE2 Module Co-ordinator: MCCARTNEY J Mrs (SoM)
Number of credits: 20 Number of ECTS credits: 10
Module Availability
Semester 2
Assessment Pattern

Unit(s) of Assessment 


Weighting Towards Module Mark (%) 

Final examination 2 Hours




Class test  45 minutes 


Qualifying Condition(s) 
Good numerical skills (GCSE Mathematics grade B) 

Module Overview

Financial statements must give a true and fair presentation of the business. It is the role of the Auditor to ascertain that the financial statements are properly prepared in accordance with company law and auditing standards. 
This module is about preparing tax computations for incorporated businesses and completing the relevant tax returns. The module also covers the preparation of tax computations and the completing of relevant forms for self-employed individuals.


Financial Accounting 

Module Aims

The student will gain an understanding of: 
·              The scope of the role of external Auditors 
·              The scope of the role of internal Auditors
·             The responsibilities of management concerning the audit 
·              Materiality and the Auditor – How the Auditor forms his/her opinion 
To provide an introduction to all the taxes that have an impact on businesses. The specific taxes that affect any business in the will depend primarily on the legal structure of the business. Businesses have three main legal structures: limited companies, sole traders and partnerships. 

Learning Outcomes

On successful completion of this module students will be able to: 
·              Identify the requirements for external audit and the basic processes undertaken 
·              Explain the purpose and basic procedures of internal audit 
·              Explain the meaning of fair presentation and the need for financial controls 
·              Explain the purpose of audit checks and audit trails 
·              Explain the nature of errors and fraud and basic methods of fraud prevention 
·               Prepare capital allowances computations. 
·              Prepare assessable business income computations for partnerships and self employed individuals. 
·              Prepare capital gains computations for companies and unincorporated businesses. 
·              Prepare corporation tax computations for resident companies. 
·              Show an understanding of current tax law and Inland Revenue practice and make submissions within statutory timescales.

Module Content

·              Auditing – The legal framework 
·              Audit testing, Compliance testing and Substantive testing 
·              Auditing accounting systems 
·              Verification of assets and liabilities
·              Audit completion and audit reporting 
·               Capital Allowances: Classification of expenditure on capital assets in accordance with the statutory distinction between capital and revenue expenditure. 
·               Computing Assessable Business Income: Adjustment of trading profits and losses for tax purposes. Division of profits and losses of partnerships among partners. Application of the basis of assessment for unincorporated businesses in the opening and closing years.
·               Preparing Capital Gains Computations: Valuation of any chargeable assets disposed of including shares. Calculation of chargeable gains and allowable losses. 
·               Corporation Tax Computations: Entering adjusted trading profits and losses, capital allowances, investment income, capital gains, loss reliefs and charges. Calculating corporation tax due.

Methods of Teaching/Learning

·              Weekly lectures to illustrate the principles
·              Weekly tutorials for students to practice applying the principles
·              Support of lecture material by directed reading and exercises in selected textbooks
·              ULearn will be used as an information portal and will contain lecture notes, practical exercises, solutions to practical exercises, past exam papers & model answers and relevant reading 
·              Individual feedback will be given in tutorials on coursework, general feedback will be posted on ULearn 

Assessment Strategy

Selected Texts/Journals

Essential Reading
Recommended Reading 
Background Reading 
Taylor, J. and Osborne, J. Implementing Auditing Procedures.  Osborne Books.  ISBN: 978 1872962 986.
Penning, A. and Thomas, B. Business Taxation.  Osborne Books.  ISBN: 1 872962 47 5. 

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