BUU33720 Taxation I Assignment Example TCD Ireland
In the age of technology, what was once considered a matter for the Senate is now before you, my colleagues, and me. You and I are in the minority community. We’re the ones who feel the heat from the political system. We’re the ones who feel that way because we’re the ones who are paid to leave.
The way we vote, cast our votes, and attend our elections is because we want to see our government work. Not be watched by Google and other search engines. We want to see our taxes paid and our government has seen. We want to see something back of us and a place to call home. We want to see our taxes paid so we can get out of this problem exists.
Get Solved Assignment Sample for BUU33720 Taxation I Module
In this course, there are many types of assignments given to students like individual assignments, group assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us. We can help you with the final examination also.
In this section, we are describing some tasks. These are:
Assignment Task 1: Demonstrate a critical awareness of different taxation laws in Ireland and the impact of European legislation on the Irish tax system
The Irish tax system is complicated, and the impact of European legislation on it has been significant. Broadly speaking, there are three types of taxes in Ireland: income tax, corporation tax, and VAT (value-added tax).
Income tax is charged on income from employment, self-employment, pensions, rent, interest, and other sources. Corporation tax is charged on profits made by companies and other businesses. VAT is a form of sales tax that is charged on most goods and services.
European Union (EU) legislation has had a big impact on Irish taxation in recent years. For example, the EU directive on cross-border VAT fraud meant that Ireland had to introduce new rules for the collection of VAT.
Another big change was the introduction of the European Union Services Directive. This directive required Ireland to introduce a new regime for taxing companies that use Irish services providers, which are located in tax havens. When this happened, it became clear that there were significant problems with modern systems of taxation.
Assignment Task 2: Understand the role of tax in society and the aims of the tax system
The role of tax in society is to provide revenue for the government to fund public services, and to redistribute wealth from wealthier members of society to those who are less well off.
The aims of the tax system are to collect revenue in a fair and efficient way and to reduce inequality between rich and poor. The tax also plays a role in reducing environmental damage, by discouraging activities that harm the environment.
Assignment Task 3: Understand the formulation of tax policy and the ability to analyze and critique tax policies and their implementation
Tax policy is a critical tool that governments use to influence economic outcomes. It can be used to achieve a wide variety of objectives, from promoting growth and jobs to reducing inequality or even simply raising revenue. A well-designed tax policy can play an important role in improving economic performance, while a poorly designed policy can have serious negative consequences.
To be effective, tax policies need to be carefully formulated and thoughtfully implemented. They must take into account the underlying economic conditions, as well as the specific goals that the government is trying to achieve. And they must be properly targeted so that they impact the desired groups and activities.
It is also important to critically evaluate tax policies. This includes assessing how well they are designed, how well targeted they are, whether they are likely to achieve the desired objectives, and what impact they may have on other aspects of the economy.
Assignment Task 4: Understand the income tax system, including rules for determining residence and domicile and their impact on the charge to income tax, the various categories of income and tax credits, and reliefs available to individuals
There are a few concepts that are important to understand in order to understand the UK’s income tax system. The first is residence – this is the place where you are ordinarily resident. You are ordinarily resident if you live in the UK for more than 183 days in a tax year, or if your home is in the UK and you intend to stay there for the foreseeable future.
The second concept is domicile. Your domicile is your permanent home, and it’s what determines your status for income tax purposes. You can be resident in one country and have a different domicile elsewhere. If you’re not sure whether you’re a resident or not, your domicile is the key factor that will determine this for you.
Income is taxed as either capital or income depending upon the source. Income from employment is treated as income, as are self-employment profits, pensions, and trading income from rent, dividends, and interest. Capital gains are also treated as income for tax purposes. Where an individual’s only source of income is a salary or pension from a foreign employer, and their total income for the year is under a certain amount (currently £100,000), it’s possible to be taxed as a non-resident despite having been resident in the UK for more than 183 days.
For tax credits and other tax allowances such as age allowance, disability allowance, and blind person’s allowance, an individual must have been resident in the UK for at least one complete tax year to qualify, or they must have been born before 6 April 1948.
Assignment Task 5: Understand the Irish system of Pay Related Social Insurance (PRSI) and Universal Social Charge (USC)
There are a few different types of social insurance in Ireland. Pay Related Social Insurance (PRSI) is one of them. It’s based on your income and how much you pay into the system.
Universal Social Charge (USC) is a separate type of social insurance that everyone pays, regardless of their income. It’s used to fund basic social welfare benefits like pensions and child benefits.
The main difference between PRSI and USC is that PRSI is based on your income, while USC is not. PRSI also pays out different benefits than USC does.
Assignment Task 6: Understand the treatment of married persons for income tax purposes
Married persons are often taxed differently than single persons, and there are a few factors that determine how married persons are treated for income tax purposes. Generally, married couples are taxed jointly on their combined income, and they receive certain benefits, such as the ability to file a joint tax return. Additionally, some married couples may be able to file separately if one spouse earns all or most of the income.
Each situation is unique, so it’s important to speak with an accountant or tax specialist to determine how you should be taxed as a married person. However, in general terms, married couples enjoy certain benefits that single taxpayers do not.
Assignment Task 7: Prepare basic income tax computations including an understanding of the differences between accounting revenues and costs and taxable income and deductible expenses
The basic income tax is the tax on the amount you make that is leftover from your total income. The tax is paid by Addendum
A) who has $30,000 in taxable income and Deductible expenses of $10,000. B) who has $50,000 in taxable income and Deductible expenses of $40,000. C) who has $70,000 in taxable income and Deductible expenses of $60,000. D) who has $80,000 in taxable income and Deductible expenses of $60,000. E) who has $100,000 in taxable income and Deductible costs of $70000.
If D) owns 50% of the business while E) doesn’t own 50% of the business, he will have to pay nothing while E) owns 50% of the business while D doesn’t have it, he will have to pay nothing.
Assignment Task 8: Understand the commencement and cessation income tax rules for businesses and calculate the impact of such on the overall tax liability
The commencement and cessation rules are important to understand when calculating a business’s overall tax liability. The commencement rules state that a business is generally taxable from the time it starts carrying on business, while the cessation rules state that a business is generally not taxable from the time it stops carrying on a business. This can have a significant impact on the overall tax liability of a business, and it’s important to calculate this accurately in order to ensure compliance with Inland Revenue regulations.
Assignment Task 9: Explain the application of the high earners’ restriction and calculate the impact of the restriction on the income tax liability
The high earners’ restriction is a limitation on the amount of income tax relief that can be claimed by an individual taxpayer. The restriction applies to individuals who have an annual income exceeding €100,000. The impact of the restriction on the income tax liability depends on the amount of income that exceeds €100,000.
If the annual income exceeds €100,000 but is less than €125,000, then 50% of the excess over €100,000 can be claimed as a reduction in the income tax liability. If the annual income exceeds €125,000 but is less than €150,000, then 25% of the excess over €125,000 can be claimed as a reduction in the income tax liability. If the annual income exceeds €150,000, then no income tax relief can be claimed.
Assignment Task 10: Understand the principles of loss relief for income tax purposes and be able to apply for loss relief in the correct manner to minimize the income tax liability for the tax year
There are a few basic principles to understand with respect to loss relief for income tax purposes:
- Only business losses incurred in the current tax year can be used to offset current year income. However, any unused business losses from prior years can be carried forward and used in future years.
- Losses from one business can be set off against income from another business, but only if both businesses are part of the same group of companies.
- If a taxpayer has no other income against which to offset their losses, they can claim what is called a “personal loss allowance” which reduces their taxable income by £10,000 per year.
- Finally, when calculating the amount of loss relief available, it is important to note that the principles of double taxation relief apply. This means that any losses incurred in a foreign country can be offset by the income earned from the same source, with no duplication of loss relief (provided there is sufficient taxable income against which such loss can be offset).
Assignment Task 11: Understand the income tax implications for individuals receiving payments on termination of employment and the tax reliefs available in respect of such
When an individual leaves their job, they may be entitled to receive certain payments from their employer. These payments might include a redundancy payment, a payment in lieu of notice, or a pension lump sum.
There are various income tax implications for individuals receiving such payments, depending on the type of payment received. In some cases, the individual may be able to claim tax relief in respect of the payment. For example, if the individual is receiving a redundancy payment, they may be able to claim tax relief on the amount of the payment under the Employment Tax Incentives Scheme.
It is important to seek specific advice in relation to your own circumstances as each case will differ.
Assignment Task 12: Possess a systematic understanding of the various regulations relating to VAT
There are a few key pieces of VAT regulation that businesses need to be aware of. The most important is that VAT is charged on the value of goods and services, including any incidental charges. This means that businesses need to be mindful of the tax implications of any discounts they offer, and also need to ensure that they are accounting for VAT correctly when pricing their items.
Another thing to bear in mind is that there are different rates of VAT depending on the product or service in question. Businesses need to make sure they are charging the correct rate, and also need to be aware of any exemptions that may apply. For example, there is a reduced rate of VAT for food and drink, as well as certain other items like children’s car seats.
Finally, it is important that businesses are aware of the VAT registration deadlines. If they fail to register for VAT by the deadline, then they may incur penalties.
Assignment Task 13: Understand the system of Local Property Tax (LPT)
The Local Property Tax (LPT) is a self-assessed tax that is paid by homeowners on the market value of their property. It was introduced in 2013 as part of the government’s austerity measures, and it is collected by the Revenue Commissioners on behalf of local councils.
The LPT is charged at a rate of 0.18% on the market value of a property up to €1 million and at a rate of 0.25% on the market value of a property over €1 million. Homeowners can pay the tax in one lump sum, or in 12 monthly installments.
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