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ICB Level 4 Certificate - Corporation Tax Returns (FRS105 + FRS102 (Section 1A)


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Finance Year 2020/21

Corporation Tax Returns for Micro and Small Businesses under FRS105 and FRS102 (Section 1a)


This course covers one of the four Level 4 Certificate units that make up the Level 4 Diploma in Advanced Bookkeeping and Accounting.  Covering taxation computations and submissions for Micro Entities and Small Businesses under Financial Reporting Standards FRS105 and FRS102 (Section 1A). Upon completion of this qualification you will be enabled to work in an employed or self-employed situation, submitting limited company tax returns in line with FRS105 and FRS102 (Section 1A)

Your Ideal Schools course will consist of the following:

    • Interest free payment option - NO credit checks or 3rd party finance
    • All Study Materials provided in a presentation folder
    • Online access to ALL training materials - study on the go!
    • 1 year tutorial support via phone & email
    • Additional support via our award winning social media groups
    • Continuous workbook activities
    • 6 x tutor marked assignments
    • 2 x official ICB Mock exams (value = £30)
    • EXAM PASS GUARANTEE
    • Ongoing career support 
    • Live online tax submission demonstration


Entry Requirements: Full Membership of ICB + Drafting Financial Statements (2019)

This is one of the four  Level 4  Certificate units, designed to provide you with a fuller appreciation of the creation and submission of financial statements for limited companies. Other  Level 4 units to consider are:
Drafting Financial Statements
Self-Assessment Tax Returns
 Business Insights - coming soon
The full Level 4 course package

Associated Exams: L4CTAX

Exam Structure:  1 x home or centre based examination (to be confirmed)
Study Time:  Approx 70-80 hours

CPD Status: 30+ hours structured & unstructured, meeting ICB annual suggested target

ADD EXAM FEES TO YOUR  ENROLMENT AND SAVE 5% ON ALL COURSE COSTS:
Total exam fees for this course option are £85.00 (1 @ £85)When it comes to paying for your exams you have two options:

  1. Save 5% - During online registration, select to switch to the option that incorporates the exam fees and you will save an extra 5% on ALL feesWith this option, your exam fees are either added to your full payment or spread evenly throughout your interest free payment term.
  2. Pay as you go: As you complete each section of study you'll be instructed to book your exams. If you have not pre-paid these you'd simply contact our admin team to pay and we'll then place your exam order. 

 The choice is yours!!



Underpinning Knowledge
Identify the duties and responsibilities of a tax agent: Understand that ICB expects its members to maintain a high ethical standard; Understand the requirements needed to act as a tax agent online with HMRC
Identify the elements of a Corporation Tax Computation: Explain the principle of a chargeable accounting period

Calculate Adjusted Trading Profits
Outline the purpose of adjusted trading profits and identify disallowable expenditure: Explain how profits are adjusted; Identify expenditure considered disallowable; Explain the treatment of dividends; Identify bad debts as an allowable deduction; Explain the treatment of interest payable on trading loans; Explain treatment of hire and lease charges; Identify income in the accounts but not taxable as trading profit.
Compute adjusted trading profit for the period: Correctly compute adjusted trading profit for accounting periods of longer or shorter than twelve months.

Capital Allowances – Plant and Machinery
Explain the nature and purpose of capital allowances: Distinguish between depreciation and capital allowances; Identify qualifying expenditure; Identify the main types of capital expenditure and the capital allowances available.
Prepare a computation for capital allowances: Prepare a computation for the following capital allowances (Expenditure not pooled, General or main pool, FYA - First Year Allowance, AIA - Annual Investment Allowance, WDA - Writing Down Allowances, Balancing Charges, Motor Vehicles v Motor Cars, Expensive Cars, Short Life Assets); Apply cessation rules for capital allowances in the closing years of business.

Calculation of Profits Chargeable to Corporation Tax
Determine profits chargeable to corporation tax: Identify adjusted profit and capital allowances; Explain the treatment of dividends paid; Explain the treatment of interest received and interest paid; Explain the treatment of (Royalties, Dividend Income, Property Income).
Determine the Corporation Tax Liability: Calculate profits chargeable to corporation tax; Apply relevant tax rates.
Complete a CT return: Complete elements of a CT return.

Gains, losses and reliefs
Explain the procedure for determining gains and losses: Apply Indexation allowance; Explain the following special rules (Enhancement expenditure, Part- disposals,Non-wasting chattels).
Distinguish between Trading and Non-Trading Losses: Determine adjusted trading losses; Apply types of loss relief (Current year relief, Carry back relief, Carry forward relief, Terminal Loss Relief), Calculate Non-Trading and Capital Losses.
Apply reliefs, deferrals and exemptions: Explain the principle of Entrepreneurs’ relief; Identify qualifying business disposals qualifying; Ownership period; and apply the relief; Apply the principle of Rollover relief (Conditions for relief, Partial reinvestment); Identify the principles of, and conditions for, gift relief.

Payment and Administration
Explain the process of payment and administration: Explain the process of Corporation Tax Self-Assessment; Understand how to (File the return, Amend the return, Deal with errors, Identify interest on late payment, Identify interest on tax overpaid); Explain the penalty process; Explain HMRC powers of enquiry, Identify the payment date and when payment by instalments is appropriate; Explain the records which companies must keep and the timescales for keeping them.


 

Course Fee Details


Course Code: ICB1015 Save 15%

Course Fee: £355.00 NOW ONLY £301.75

You can pay the full price or pay a deposit of £101.75 (0% APR), followed by 4 monthly payments of £50.00

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Course Fee Details
Course Code: ICB1015     Save 15%
Course Fee: £355.00 NOW ONLY £301.75
You can pay the full price or pay a deposit of £101.75 (0% APR), followed by 4 monthly payments of £50.00