Level 4 Self-Assessment Tax Returns *Self Study*

The ICB Level 4 Self-Assessment Tax Returns course is designed for those wishing to complete returns for Individuals and Businesses but not Limited Companies.

All self-employed people are required by law to complete a Self-Assessment Tax Return every year, so for an ICB self-employed bookkeeper offering this service, this can provide a very good revenue stream. In the past this would be left to a third party accountant but with this knowledge and qualification it means all of the Bookkeeping right through to Year End and submission of the Tax Return can now be handled by the ICB Certified Bookkeeper.

£70.00

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Prerequisites

If you intend on sitting the exam at the end of this unit, then you will need to be a member of the Institute of Certified Bookkeepers (ICB) and hold a current, valid ICB Level 3 qualification.

Basic numerical skills and a good understanding of the English language would also be advantageous.

The course fee Includes:

  •  New Style Printed Workbooks containing lessons, examples, tasks and assignments
  • Activity Answer Book
  • FREE Postage and packaging within the UK

The Level 4 Certificate in Self-Assessment Taxation is made up of six topics:

  1. Underpinning Knowledge
  2. Entering Details of Personal Income onto a Self-Assessment Return
  3. Entering Details of Business Income and Expenditure for Unincorporated Businesses onto the Relevant Returns
  4. Chargeable Gains
  5. Calculate Tax and National Insurance Contributions due and File Returns
  6. Foreign Income and Residence Basis

The learning outcomes for each topic are listed below:

Topic 1 – Underpinning Knowledge

Learning Outcomes:
1.1 Duties and Responsibilities of the Bookkeeper / Tax Agent
1.2 Explain what is meant by the terms: Income Tax, Capital Gains Tax
1.3 Explain the principles of taxation appropriate to individuals, Sole Traders and Partnerships
1.4 Identify the main sources of Income and reliefs for an individual
1.5 Identify the types of returns that may be completed
1.6 Identify sources of assistance

Topic 2 – Entering Details of Personal Income onto a Self-Assessment Return

Learning Outcome:
2.1 Identify the main sources of personal income
2.2 Identify the various types of tax reliefs that can be claimed
2.3 Identify the elements of Employment Income and allowable expenses, and complete the relevant pages
2.4 Explain the types of Income from property and allowable expenditure and complete the relevant pages

Topic 3 – Entering Details of Business Income and Expenditure for Unincorporated Businesses onto the Relevant Returns

Learning Outcome:
3.1 Identify the returns that need to be completed by sole traders and partners
3.2 Explain the principle of basis periods applicable to sole traders and partnerships
3.3 Explain the purpose of, and determine, adjusted trading profits for sole traders and partnerships
3.4 Explain the purpose of Capital Allowances (Equipment, Motor Vehicles and Other)
3.5 Identify trading losses for individuals and partnerships
3.6 Complete the partnership return and the relevant section of the self-assessment return
3.7 Complete the relevant sections of the self-assessment return
3.8 Explain the purpose of Simpler Income Tax for the Simplest Small Business and complete the Self-Assessment Return

Topic 4 – Chargeable Gains

Learning Outcome:
4.1 Explain the elements of capital gains tax
4.2 Apply relief’s deferrals and exemptions
4.3 Explain the treatment of gains and losses

Topic 5 – Calculate Tax and National Insurance Contributions due and File Returns

Learning Outcome:
5.1 Determine taxable income and tax payable
5.2 Identify NI Contributions payable
5.3 Explain the procedure for payment and administration

Topic 6 – Foreign Income and Residence Basis

Learning Outcome:
6.1 Explain how to treat foreign income
6.2 Explain the criteria for residence and remittance

If you choose to sit the exam at the end of this unit, you would be required to be registered with the ICB first. You would also be required to be qualified to Level 3. You would then contact the ICB to book your exam.

This can be taken from home or work, and comprises of one 24 hour exam. You will have 2 weeks to access your exam. Once activated you will have 24 hours to complete it.

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