TAXS H3302 - Corporation Tax

Module Title:Corporation Tax for the Accounting Degree
Language of Instruction:English
Credits: 5
NFQ Level:8
Module Delivered In No Programmes
Teaching & Learning Strategies: Lectures - The Lecturer will communicate knowledge and techniques to the student. Problem Solving Exercises - The students will work as part of a team to resolve various tax scenarios. Class Discussion/Debate - Students will be encouraged to actively participate in the class sessions which will develop their analytical and communication skills. Self-Direct Independent Learning - the emphasis on independent learning will develop a strong autonomous work and learning practice.
Module Aim: The aim of this module is to cover Corporation Tax from basic issues up to advanced standard. Students will learn to calculate the corporation tax liability for companies, and Group structures with different incomes and scenarios. Students will be able to advise on compliance issues, compare and evaluate the tax effects of different courses of action, and be able to report the findings to clients.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Calculate the Corporation tax liability for an Irish resident company with various incomes and be able to advise clients of their obligations for filing returns and payment of Taxes.
LO2 Calculate the Corporation Tax liability after claiming loss/ group relief for Trade, Rental ,Capital losses, Excess Case V Capital allowances and Trade charges within a company and a group structure.
LO3 Apply the restrictions that apply to Close companies, and for Directors in close companies and calculate the close company surcharge.
Pre-requisite learning
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.

No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
No requirements listed
 

Module Content & Assessment

Indicative Content
Corporation Tax Administration & Computation
Principles and Scope. Self -Assessment system. Dates for filing and payment. Preliminary Tax. Dividends Withholding Tax. Obligation to deduct Income Tax from Payments. Calculate the corporation tax liability for a company with the following types of income, trading profits, professional income, interest, dividends and rental income. The Layout of a Corporation Tax Computation. Adjusted Gains. Development Gains. Treatment of Trading Charges and Non Trading Charges. Meaning and significance of Accounting Periods. Allocation of profits between Accounting periods. Calculation of Adjusted Profits. Capital Allowances.
Corporation Tax Exemption
Corporation Tax Exemption for Start Up companies. Marginal Relief. Carry forward and use of PRSI.
Loss Relief
Trade losses. Value based claim. Trade charges. Case V losses. Excess capital allowances. Capital losses. Restrictions on loss relief due to late filing. Priority of use and claim of losses. Interaction of various losses. Use of carry forward losses. Change of ownership. Recognize the factors that will influence the choice of loss relief claim
Group relief
Meaning of groups for losses and for capital gains. Group Relief for losses. Restriction of loss relief. Co-terminus periods. Late filing of returns Intra group payments. Intra group transfer of assets
Close Companies
Definition of a Close Company. Sections 436 Expense payments to shareholders and Associates. Section 437 Excessive Interest. Section 438 Loans to Directors. Close Company Surcharge Calculation. Preferential Interest for Shareholders who may be employed by the Company -BIK’s, Gifts. Overvalue of assets sold to company or purchase of Assets at undervalue
Tax Residence of Companies
Company tax residence. Central management & control. Tax implications re residence status of the company. The tax implications for an Irish company trading abroad through a branch or subsidiary. The tax implications of a non-resident Irish company trading in Ireland. The concept of a permanent establishment. Double Taxation Relief. Credit relief. Exemption. Deduction. UK Irish Treaty.
Assessment Breakdown%
End of Module Formal Examination100.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Examination Formative assessments including MCQ's, short numerical and theory questions, BB tests, Tax calculations, Tax rules and reports using Excel, and Filing forms on ROS 1,2,3 0.00 Ongoing
No Project
No Practical
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3 100.00 End-of-Semester

ITCarlow reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 3.00
Independent Learning Time Every Week 6.00
Total Hours 9.00
Workload: Part Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 1.50
Independent Learning Time Every Week 4.50
Total Hours 6.00