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Finance Year 2022/23

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 the preparation of financial statements for Micro Entities and Small Business 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, preparing financial statements in line with FRS105 and FRS102 (Section 1A)

Ideal Schools Will Provide:
  • Interest free payment option – NO credit checks or 3rd party finance
  • Our Price Promise
  • All Study Materials provided in HARD COPY
  • Online access to ALL training materials – study on the go!
  • 1 year tutorial support via phone, email & 24/7 support via private Facebook groups
  • Additional support via our award winning social media groups
  • Continuous workbook activities
  • 6 x tutor marked assignments
  • 2 x official ICB Mock exams (value = £36)
  • Ongoing career support
  • Live online tax submission demonstration
Entry Requirements: Full Membership of ICB + ICB Level 4 Certificate in Financial Statements

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: Associated Exams: L4DS
Exam Structure: 1 X Home Based Examination
Study Time: Approx 70-80 Hours
CPD Status: 30+ Hours Structured & Unstructured, Meeting ICB Annual Suggested Target
Exam Pass Gaurantee
Enrol with confidence for guaranteed success!
If you DO NOT pass an exam we'll share responsibility and will pay 50% of one re-sit cost per exam. (T's & C's Apply)
Exam Pass Gaurantee
We Leave nothing to chance!
We will provide you with EVERY available mock exam to ensure you are EXAM READY. If purchased seperately these would cost £36 for this course option.
Our career support groups and our one-to-one mentoring services ensures you are supported well after your study is completed, helping you to be successful in your new career.

Add Exam Fees To Your Enrolment

Total exam fees for this course option are £110.

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During online registration, select to switch to the option that incorporates the exam fees.
With this option, your exam fees are either added to your full payment or spread evenly throughout your interest free payment term. Selecting this option protects you against potential fee increases for the duration of your course enrolment period.

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Monthly Payment Notice: We do not charge interest for monthly payments. To cover costs of additional security measures recently implemented in the banking system, there is a £1.50 charge added to each monthly payments to cover the cost of applying these measures in our systems.

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

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.
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Ready to start ICB Level 4 Certificate - Corporation Tax Returns (FRS105 + FRS102 (Section 1A)?

Course Code: ICB1015
Course Fee: £260.00
You can pay the full price or pay a deposit of £110.00 (0% APR), followed by 4 monthly payments of £39.00
Exam Pass Gaurantee
Enrol with confidence for guaranteed success!
If you DO NOT pass an exam we'll share responsibility and will pay 50% of one re-sit cost per exam. (T's & C's Apply)
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Ask one of our advisors or call us FREEPHONE on 0800 028 1404