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Unit 30 Taxation

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Aim of Unit 30 Taxation

The main aim of this unit is to understand the effectiveness of taxation policies. It aims to consider the issues that comply with the ethical principles of business, obligations of taxpayers, planning in taxation and systems of taxation. Organizations should ensure that the organizations are able to comply with the taxation policies of the country in which they operate.  This study will enable the students to comply with the policies of taxation and how such liabilities are applicable to the business organizations. Such policies and planning procedures have a considerable impact on the growth of organizations.

Learning outcomes

By the end of this unit a student will be able to:

Analyse taxation systems and the legislation which governs them.

Determine taxation liabilities for unincorporated organisations and individuals.

Determine taxation liabilities for incorporated organisations.

Evaluate the impact on organisations of the legal and ethical constraints associated with taxation responsibilities.

LO1 Analyse taxation systems and the legislation which governs them

The Taxation systems are present in different countries that bind the running of the organizations. The taxation systems of one country differ from the taxation policies of other countries. The interrelationship in relation to trade and economy of the countries should be considered. Proper consideration should be given to the countries that are members of trade blocs like EU, NAFTA and APEC. The interrelationship of one countries taxation system with another country’s system should be well identified.

LO2 Determine taxation liabilities for unincorporated organisations and individuals

Unincorporated organizations will take into account the characteristics and background of the organizations giving proper consideration for the upcoming benefits and non adversities of the organization. It is important to feature each type of taxation and the impact of trading as a sole trader or partnership firm. The key implications would include calculations based on inheritance tax , corporation tax and tax from capital gains. Proper models should be taken into account for identifying the gains from tax year at one year with the tax year at another year. Changes in legislation can be identified.

 LO3 Determine taxation liabilities for incorporated organizations

Incorporated organizations have separate identities. There are benefits as well as adversities of such organizations. There is a basic distinction made between private and public limited companies. Specific taxation benefits are available for each. It is necessary to make use of models for making a distinction between taxation policies at one year with the taxation system at another year.

LO4 Evaluate the impact on organisations of the legal and ethical constraints associated with taxation responsibilities

There are legal constraints that are applicable at regional national and international levels. They apply to different business organizations in setting up of strategies and framing policies. Ethics is the code of conduct that has to be followed by a particular nation. The ethical constraints can be applied at different cultures based on the traditions and customs of the society of every country. All kinds of transactions and recordings for taxation are carried out by organizations such as VAT, income tax and National Insurance.

 

Learning outcomes and assessment criteria

Pass Merit Distinction
LO1 Analyse taxation systems and the legislation  
which governs them  
P1 Analyse taxation M1 Critically analyse and D1 Provide supported
systems and consider compare taxation and justified
taxation legislation that systems in different recommendations for
will have given countries. developing effective tax
implications on national   systems and legislation
taxation.   that meet key principles
    in a global context
LO2 Determine taxation liabilities for unincorporated organisations and individuals  
P2 Explore and explain the implications of taxation liabilities for unincorporated organisations. M2 Apply recognised models and formulae to interpret data appropriately to calculate and determine taxation liabilities for unincorporated organisations. LO2 and LO3 D2 Investigate taxation liabilities and use appropriate application models and formulae to interpret and analyse data correctly.
LO3 Determine taxation liabilities for incorporated organisations  
P3 Explore and explain taxation liabilities for both private and public companies. M3 Apply recognised models and formulae to interpret data and determine taxation liabilities, including late payment interest penalties, for incorporated organisations.  
Pass Merit Distinction
LO4 Evaluate the impact on organisations of the legal  
and ethical constraints associated with taxation  
responsibilities  
P4 Evaluate the impact of M4 Critically evaluate the D3 Provide supporting
key legal and ethical impacts of key legal and and justified
constraints on different ethical constraints on recommendations for
organisations. application to different responding to and
  organisations, providing minimising the impact of
  supporting conclusions legal and ethical
  and recommendations. constraints for a range of
    international examples.

Links

This unit links to the following related units:

Unit 1: Business and the Business Environment

Unit 7: Business Law

Unit 18: Global Business Environment