FIA – FTX
Foundations in
Taxation FA 2011
For exams in 2012
Chapter 1
Introduction to the UK
tax system
Taxes in the UK
Administration
Classification of income
Different types of taxes
Taxes in the UK
Slide 3
Administration
Slide 4
Classification of income
Slide 5
Different types of taxes
Slide 6
Chapter 2
Adjustments of trading
profits/losses for trading
purposes
Basis of assessment
Deductible/non-deductible expenditure
Pre-trading expenditure
Further adjustments
Basis of assessment
Slide 8
Deductible/non-deductible expenditure
Slide 9
Deductible/non-deductible expenditure 2
Slide 10
Pre-trading expenditure
Slide 11
Further adjustments
Slide 12
Chapter 3
Capital allowances
Qualifying expenditure
Computing allowances
Special assets
Interaction with VAT
Commencement/causation
Qualifying expenditure
Slide 14
Computing allowances
Slide 15
Computing allowances 2
Slide 16
Computing allowances 2 (cont’d)
Slide 17
Special assets
Slide 18
Interaction with VAT
Slide 19
Commencement/cessation
Slide 20
Chapter 4
Basis of assessment, NICs
for self employed
Continuing businesses
Commencement and cessation
Overlap profits
NICs for self employed
Continuing businesses
Slide 22
Commencement and cessation
Slide 23
Commencement and cessation 2
Slide 24
Overlap profits
Slide 25
NICs for self employed
Slide 26
Chapter 5
Relief for trading losses
Trading losses
Carry forward trade loss relief
Trade loss relief v. general income
Choice of loss relief
Trading losses
Slide 28
Carry forward trade loss relief
Slide 29
Trade loss relief v. general income
Slide 30
Choice of loss relief
Slide 31
Chapter 6
Partnerships
Trading income for partnerships
Changes in partnerships
Loss relief for partners
Trading income for partnerships
Slide 33
Changes in partnerships
Slide 34
Loss relief for partners
Slide 35
Chapter 7
Preparing tax returns for
self-employed and
partnerships
Self employed pages
Partnership pages
Self employed pages
Slide 37
Partnership pages
Slide 38
Chapter 8
Introduction to personal
taxation
Fiscal year, scope, sources
Income and capital
The personal tax computation
Investment income
Eligible interest
Personal allowance
Fiscal year, scope, sources
Slide 40
Income and capital
Slide 41
The personal tax computation
Slide 42
Investment income
Slide 43
Eligible interest
Slide 44
Personal allowance
Slide 45
Chapter 9
Employment income (1)
Employment income
Basis of assessment
Allowable deductions
Employment income
Slide 47
Basis of assessment
Slide 48
Allowable deductions
Slide 49
Chapter 10
Employment income (2)
Taxable benefits
Exempt benefits
NICs for employees