Introduction to Tax Accounting Certification
Are you a small business owner or someone looking to improve employee knowledge of the tax system? The Introduction to Tax Accounting Certification offers UK-specific course material, which is designed to provide employees with a foundational knowledge base of the current tax system.
Across 10 modules, this programme discusses a wide range of topics, all intended to equip employees with the required skills, in order to work in a tax setting. It is meant specifically for small and medium-sized businesses.
Update your own skills, or that of your staff, with this easy-to-follow course, or take the first step in training new employees in this exciting field.
What’s Covered in the Course?
Throughout the 10 modules, the course will cover numerous topics, including:
- The UK taxation system, including the history of taxation and UK regulations and standards;
- UK-specific benefits and how they work, such as Working Tax Credit, Jobseeker’s Allowance, Income Support, Universal Credit and Bereavement Allowance, to name just a few;
- National Insurance contributions and how they impact income tax, as well as specific tax codes and rates and how to submit a self-assessment;
- An overview of various taxation systems, such as business taxes, Value Added Tax (VAT), payroll and wages;
- Information on taxes related to importing and exporting goods and services, including duty relief and how to classify goods;
- Accounts and financial management, which will focus on areas such as double entry accounting, preparation of profit/loss statements and balance sheets and calculating and managing cash flow.
What are the Benefits of the Course?
Here are the benefits of taking the course:
- Employees will understand the basics of the UK tax system, which can benefit your business;
- The material covered in this course can be immediately applied to your workplace, while engaging your staff in personal development, which leads to increased job satisfaction;
- Course evaluations ensure that staff are acquiring the desired knowledge base and outcomes;
- It ensures that your business is following the most current standards and best practices related to taxation in the UK;
- It focuses specifically on the UK tax system, so you won’t have to guess if it applies to your business;
- The course can be completed from anywhere in the world and is designed to be easy to follow, meaning it will benefit a beginner or be a good refresher for more experience employees, no matter where they are, including the comfort of their own home!
- The origins of taxation and various types of tax
- What is HMRC and what is its function
- What taxes are applicable to individuals in the United Kingdom
- Your rights and obligations as an employee and as a self-employed individual
- Overview of benefits and allowances and how these work in the United Kingdom
- What are Working Tax Credit, Employment and Support Allowance
- What are Income Support, Universal Credit and Housing Benefit
- What are Jobseeker’s Allowance, Reduced Earnings Allowance and Bereavement Allowance and what conditions must be met when submitting a claim
- What type of classes, rates and categories apply with regards to National Insurance
- How much National Insurance contributions you pay when employed/self-employed
- Tax codes, rates and allowances and how they affect Income tax
- How to submit a Self-Assessment Tax Return
- How business taxation works in the UK
- The Business Tax Road Map and HMRC’s views of the future
- Company Tax Return and how to submit one
- Capital Tax Gains and Rates
- What is PAYE, when is it used, as well as the basics of running a payroll
- Your responsibilities while running a payroll
- Payslips and reporting to HMRC
- What is the PAYE Settlement Agreement
- What Value Added Tax is, and the three rates of VAT that exist in the UK
- Registering for a VAT number and how to submit a VAT return
- How VAT Annual Accounting Scheme can help companies with a large taxable turnover
- What the VAT Flat Rate scheme is and how it helps to simplify your VAT charge
- What is classification of goods
- What is an EORI number
- Importing from EU and Non-EU countries
- Duty relief for imports and exports
- The fundamental accounting equation and its role in accounting
- What are transactions, accounts and ledgers and how they relate to each other
- What the terms debit and credit mean in the accounting context
- The definition of double entry accounting
- How to prepare a Profit and Loss statement
- How to prepare a Balance sheet statement
- Indirect and direct method for calculating cash flow and preparing a cash flow statement
- Reporting assets in the Shareholder’s equity statement
- How international standards are proposed, agreed and set forth in action
- Which are the international organisations that are responsible for tax and accounting regulations
- What is the Common Reporting Standard is and why it matters for individuals
- Which are the UK regulatory organisations and how they came into being
Who can take the Introduction to Tax Accounting Certification course?There are no entry requirements to take the course.
What is the structure of the course?The course is broken down into 10 individual modules. Each module takes between 20 and 90 minutes on average to study. Although students are free to spend as much or as little time as they feel necessary on each module.
Where / when can the course be studied?The course can be studied study at any time and from any internet connected device
Is there a test at the end of the course?Once you have completed all 10 modules there is a multiple choice test. The questions will be on a range of topics found within the 10 modules. The test, like the course, is online and can be taken a time and location of your choosing.
What is the pass mark for the final test?The pass mark for the test is 70%.
What happens if a user fails the test?If the user doesn’t pass the test first time they will get further opportunities to take the test again after extra study. There are no limits to the number of times a test can be taken.
How long does it take to complete the Introduction to Tax Accounting Certification course?We estimate that the course will take about 16 hours to complete in total, plus an additional 30 minutes for the end of course test.