Welcome to our comprehensive Taxation Training course designed to equip you with the knowledge and skills necessary to navigate the intricate world of taxation with confidence.
Course Overview
Whether you're a seasoned professional looking to refine your expertise or a novice eager to delve into the realm of taxation, our course offers a comprehensive overview tailored to the requirements of the U.K. market. Our Traning includes software like Sage, Xero, Quickbooks and advanced excel to better handle MTD requirements by the HMRC.
Upon completion of the course, you'll be prepared for a range of job roles including Tax Advisory, VAT Manager, Financial Accountant, and more, equipped with the knowledge and skills to excel in the dynamic field of taxation. Join us on this transformative journey and unlock your potential in the world of taxation.
Suitable For
This course is suitable for
Individuals starting their career in Accounting with Taxation as their field.
Business Owner’s who want to complete and automate their day to day accounting activities.
Individuals coming from Accounting background from outside of the U.K.
Course Modules
- Chart of accounts and changes to reflect the client structure
- Tax codes and intra company transfers
- Sales day book including the COA Structure
- Purchase day book with supplier reconciliations, with debtor days
- Credit notes and effect on VAT Reconciliations
- Petty cash reconciliations and dealing with the commercial cards and director’s accounts reconciliation.
- Director Loan Account with dividends and employ loan schemes.
- Mileage claims and fuel scale charges
- Reverse Charge and implication on VAT returns
- Bank reconciliation with complete banking transaction data analysis, reconciliation reports and end to end automated bank feed integration
- Nominal coding structure with difference in different industries.
- Bank Statement (Bank payments, Bank receipts, supplier payments, customer receipts, supplier refund, Customer refund, Transfer from one bank account to another)
- Different VAT Schemes (Standard VAT Scheme, Cash VAT Scheme, Flat VAT Scheme, Retail VAT Scheme)
- Dealing with different Bank account including Foreign Currency translations
- The annual payroll cycle...Why does 6th April start the tax year?
- What sources of official employer guidance is there?
- How do you check the employer’s PAYE account online?
- How do you arrive at an employee’s gross pay and what is taxable and NI’able?
- Understanding National Insurance: key definitions, classes and table letters
- What are the important considerations regarding Directors’ National Insurance?
- How to calculate Standard ‘A’ rate NI
- The difference between cumulative tax and non-cumulative NI
- Understanding personal tax allowances
- The importance of tax weeks
- Dealing with pension schemes and submission.
- How is a tax code calculated?
- How to allocate tax codes to new starters
- Using adjustment tables and tax tables in tax calculations
- An introduction to SSP and SMP including tips and traps
- The workshop includes an introduction to all the HMRC forms, technical aspects, important dates, tax codes and year-end adjustments. It also includes a reference to HMRC website for more up to date knowledge.
- Setting up employee records, managing the pay elements, deductions, overtime and statutory payment rules.
- An overview of the apprenticeship levy, student loan processing and court order handling
- Foreign Currency reconciliations, Dollar, euro and Sterling reconciliations exchange
- Import and Export
- CIS Schemes, with complex contractor and subcontractor structure.
- Accruals, adjustments, identification, calculation and impact on the double entry bookkeeping via Advanced excel templates and on computerised accounting software.
- Prepayments, adjustments, identification, calculation and impact on the double entry bookkeeping via Advanced excel templates and on computerised accounting software.
- Trail Balance, extended trial balance.
- Dealing with double entry concepts.
- Balance Sheet reconciliations, including IAS 16 implications on fixed Asset registers, calculation of Depreciation journals and concept of double entry for Depreciation journals.
- Month ends on excel to thoroughly understand the concept of reversals and other important journals. Carrying on month ends.
- Loan Interest Schedules with effect on cash flow forecast. Dealing with issues of company cash flow and working capital issues.
- Opening balance Adjustment for the new month, quarter and annual basis to understand the effect on the financial statements.
- Yearend journals with complete understating of the final trail balance
- In-house profit and loss accounts, balance sheet
- Introduction
- Enter data
- Sets of accounts
- Create a set of accounts
- Manage sets of accounts
- Enter a trial balance
- Standard trial balance
- Enter a comparative trial balance
- Extended trial balance
- Populate trial balance from accounting
- Import from CSV file
- Chart of accounts
- Create nominal accounts
- Nominal groups list
- Nominal groups
- Create journals
- The journal's list
- Prior period adjustments
- The Data page
- Enter officers and professional advisers
- The Accounts Preview tab
- Manage accounts preview content
- Introduction to Corporation Tax Online
- Tax Calculation
- Computation Data
- Company Information
- Information for the Return
- Payments and Repayments
- Tax Avoidance
- Loss Relief Deductions Allowance
- Adjustments to Trade Profit
- Losses
- Capital Allowances
- Qualifying Charitable Donations
- Non-trade Loan Relationships
- Non-trade Deficits
- Loans to Participators
- UK Property Business – Adjustments
- UK Property Business – Capital Allowances
- UK Property Business – Losses
- Attachments
- Online filing errors
- Producing computation
- Submitting tax return
- Identify the different type(s) of returns that may be completed based on individual taxpayer requirement
- Completely able to fulfil the duties and responsibilities of a bookkeeper / tax agent when computing the self-assessment tax returns; focusing on the deadline and rules from HMRC
- Computing the tax liability for sole traders or individuals like cab drivers or owner of corner shops, nurses, dentist or agency staff working on locum with NHS, having varying sources of income.
- Understanding the directors’ responsibilities and liabilities whilst making drawings or using same bank account for personal and business purposes; dealing with allowable and disallowable expenses for tax computation purposes
- Introduction to UTR and NI Classes; classifications and payments attached to each. Timeline, tax year rules and much more.
- Understanding Tax Return submission procedures to HMRC (using real individual Scenarios)
- Analysing Class 2 & Class 4 NIC
- Analysing Personal Allowance and CIS deductions
- Analysing Income from Self Employments and working out the trading reliefs
- Employment benefits Analysis and learning to fill in P11Ds
- Analysis of Car & Fuel benefits, mileage claims and real income computation for tax purposes
- Analysis on savings, investment income, and tax implications on them.
- Introduction to Capital Gains Tax analysis and implications of PPE relief
- Introduction to Inheritance Tax Analysis and implications of Taper relief
- Understanding the procedure for payment, administration of both tax, and National Insurance Contributions
Career Path
Tax Advisory
Tax Consultant
VAT Manager
Payroll Administrator / PAYE Manager
Accounts Assistant / Junior Accountant
Financial Accountant
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This course includes:
- Corporate reporting, IFRS and CT 600 Calculations
- Trial Balance Adjustments until FTB
- Manual calculation of SSP, SMP, SAP and more
- Complete Bookkeeping, VAT and Payroll
- VAT Schemes, Claims and Adjustments including Penalties and Surcharges
- IFA Endorsed Certificate of completion
- Control Account, P&L and Balance Sheet Reconciliation
- CV and Recruitment support
- Offices available in Finchley, Harrow, Hounslow, Mile End, Corydon, Birmingham and Manchester
- Free AAT Level 2 Included (AEB funded, Eligibility criteria applies)
- Fully flexible structure – On Demand Training
- Sage, Xero , QuickBooks and Adv. Excel for Bookkeeping