Course Aims and Opportunities
- This course aims to give participants the knowledge and skills to make self-employed or small business tax returns and is therefore of interest to business owners, self-employed or office staff.
- The Irish Taxation System, Income Tax and VAT and latest Finance Act regulations are covered.
- It provides a sound foundation for those who want to progress to higher level accounting, business or taxation courses.
- The qualification is a good addition to the CV of anyone wishing to improve career prospects in office administration, bookkeeping and accounting.
- Successful candidates can go on to study other business modules and progress to further qualifications in business or accounting.
Unit 1: Administration
- Complete all forms in relation to the collection of Income Tax and VAT.
- Explain the PAYE System, Self-Assessment and Appeals System.
Unit 2: Income Tax
- Calculate tax for employees and pensioners, self-employed, investment income, interest, Irish rents and dividends
- Tax credits, reliefs, deductions, charges, cut-off points and benefits-in-kind.
- Taxation of married couples
- Calculate tax due for a self-employed individual, adjusting profits,capital allowances, tax due and payment dates.
- PRSI for employees and self-employed.
Unit 3: VAT in the Irish Context
- Administration, when it is chargeable, registration, cash receipts basis, invoice basis, bad debts.
- VAT 3 and Annual Return
- Monitor and implement the latest Finance Act
Course Work
- Assignment 1 – VAT (15%): Candidates are given a scenario of sales and purchases of a small business and are asked to complete the VAT 3 Return from a series of documents and information.
- Assignment 2 – PAYE (15%): Candidates are given the scenario of a small business where they have to calculate and administer the payroll for staff and directors.
- Assignment 3 – Income Tax (20%): Candidates are given the scenario of a small business and are to prepare a first set of accounts and a second set of accounts. They are to calculate Schedule D Case 1 Tax Adjusted Profits and Income Tax, USC payable on all sources of income.
- Examination (50%).
Entry Requirements
QQI Level 4, Leaving Certificate or equivalent qualifications and/or life or work experience. Basic Payroll and Bookkeeping an advantage.