What is F6 Taxation (TX)?
Taxation - The United Kingdom (TX-UK) introduces tax candidates to the underlying principles and key technical areas of taxation as they affect the activities of individuals and businesses.
Syllabus of F6 Taxation (TX-UK)
The syllabus's goal is to improve individuals', individual companies', and groups of companies' knowledge and skills related to the tax system.
Candidates are introduced to the rationale and functions of the tax system. The syllabus then covers the various taxes that an accountant must be familiar with, such as self-employment, employment and investment income tax, corporation tax liability of individual companies and groups of companies, national insurance contribution liabilities of both employed and self-employed individuals, corporation value added tax liability, and taxable gains.
After covering the core areas of the basic taxes, candidates should be able to calculate tax liabilities, explain the basis of their calculations, apply tax planning techniques to individuals and businesses, and identify compliance issues for each major tax through a variety of business and personal scenarios and situations.
Section G of the syllabus includes outcomes relating to the demonstration of relevant digital and employability skills when planning for and taking the examination. This includes being able to communicate with different types of questions, managing information presented in digital format, and planning and presenting response options in a professional manner using the appropriate functionality and technology.
These skills are primarily developed through practice and preparation for the exam, utilizing the computer-based exam learning support material available through the practice platform and the ACCA website, and must be demonstrated during the live exam.
Main capabilities
- Explain the operation and scope of the tax system, as well as tax payers' and/or their agents' obligations and the consequences of noncompliance.
- Explain and calculate individual income tax liabilities, as well as the impact of national insurance contributions (NICs) on employees, employers, and self-employed individuals.
- Individual taxable gains should be explained and calculated.
- Explain and calculate the inheritance tax liabilities of individuals.
- Explain and calculate the corporate tax liabilities of individual companies and groups of companies.
- Explain and calculate the effects of value added tax on incorporated and unincorporated businesses.
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