Module Aims: The key aims of this module is to provide learners with:- an understanding of the theory and underlying concepts of income tax in Ireland; an ability to apply the basic principles and concepts of taxation to prepare personal income taxation computations; an understanding of value added tax;
Administration
• Self Assessment System – Definition of chargeable person, pay and files procedures, preliminary tax obligations, consequences of failing to adhere to preliminary tax procedures, due dates for returns, penalties for late submission; • Role of the Revenue Commissioners, Inspector of Taxes and Collector General• Completion of income tax return
Income Tax Schedules
• Schedule D Case I and II• Basis of assessment for Case I and Case II including commencement rules, cessation rules and relief for short-lived businesses• Calculation of income assessable under Case I and Case II• Schedule D Case III – treatment of interest income• Schedule D Case IV – treatment of interest subject to deposit interest retention tax• Schedule D Case V – Rental income• Schedule E – Taxation of Employment income• Definition of “office” and “employment”, basis of assessment, Employed v Self Employed, Benefit-in-kind, treatment of termination payments.• Schedule F – treatment of dividends received from Irish companies
Income Tax Computations
• Personal income tax computations• Taxation of married couples• Reliefs • Refundable and non-refundable tax credits• Pension contributions
Pay As You Earn - Income tax, PRSI and USC
• Administration of PAYE, PRSI and USC
Value Added Tax
• General principles and administration procedures• Taxable persons, taxable periods and accounting for VAT
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |