Calculate the taxable total profits for the year

Program: BTEC Higher National Diploma in Business

Unit Name: Unit 30 Revenue and Customs Taxation

Level: Level 5

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Task 2
Part A- Income from Self - employment

Question: Write a memorandum report advising Paul of the latest dates by which his self - assessment tax return for the tax year 2015 -16 should have been filed in order to avoid a penalty.

Part B - Income from Employment
Question: Calculate the income tax due by Beth for the period 2015 - 16.

Task 3
Required

Question 1. Calculate the taxable total profits for the year.
Question 2. Calculate tax liabilities and due payment dates
Question 3. Explain how income tax deductions are dealt with

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Task 4
Part A
Required:

Question 1. Calculate Grant's capital gains tax liability for the tax year 2015-16.
Question 2. Explain why it would have been beneficial for capital gains tax purposes if Delroy had instead sold the 25,000 shares in Dub Ltd himself for £240,000 on 10 June 2015, and then gifted the cash proceeds to Grant.

Part B
Required:

Question 1. Calculate Marlon's chargeable gain for the tax year 2015-16.
Question 2. Calculate the amount of capital gains tax which could have been saved if Marlon had transferred 50% ownership of the house to Alvita prior to its disposal.

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Unit 30: Revenue and Customs Taxation, Level 5 BTEC HND in Business

Unit 30 of the Level 5 BTEC HND in Business dives into the complexities of the UK tax system, equipping you with a comprehensive understanding of its impact on businesses. This unit goes beyond basic tax calculations, delving into the strategic implications of taxation for business decision-making.

Key areas of focus may include:

Understanding the UK tax system: You'll explore different types of taxes like income tax, corporation tax, VAT, and customs duties, analyzing their impact on businesses of various sizes and structures.
Tax legislation and compliance: You'll gain insight into key tax legislation and regulations, learning how to accurately calculate and submit tax returns while ensuring compliance with HMRC requirements.
Tax planning strategies: You'll develop essential skills for tax planning, analyzing available legal methods to minimize tax liabilities while adhering to ethical and legal guidelines.
Impact of taxation on business decisions: You'll critically evaluate how different tax considerations influence business decisions, including investment, financing, operational strategies, and international trade.
Recent tax developments and their implications: You'll stay updated on the latest tax reforms and changes, analyzing their potential impact on businesses and adapting strategies accordingly.

Learning outcomes could include:

• Calculating and preparing various tax returns for different business types.
• Advising businesses on legal and ethical tax planning strategies.
• Critically evaluating the impact of taxation on business decisions.
• Maintaining compliance with HMRC regulations and legislation.
• Demonstrating a comprehensive understanding of the UK tax system and its application to businesses.

By mastering the intricacies of Unit 30, you'll gain valuable expertise in business taxation, preparing you for a career in accounting, finance, or other business-related fields where tax knowledge is crucial.

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