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Module

Tax Knowledge: Volume 2

Tax Knowledge: Volume 2

Educational material, not professional, tax or legal advice. Figures reflect Irish law as understood when written — check Revenue.ie or a qualified adviser before acting. Not affiliated with or endorsed by any professional body.

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  • 01Identify what taxes a company is subject to
  • 02Outline the main sources of law for each of these taxes
  • 032026 current-law control: Introduction to Business Taxes
  • 04Contrast income tax with corporation tax
  • 05Explain terms used when calculating corporation tax
  • 06Apply income tax principles to allocate the income of corporates to the appropriate Schedule or Case
  • 07Apply capital gains tax principles to the taxation of corporate capital gains
  • 08Explain the application of the appropriate corporation tax rate to income from each source
  • 092026 current-law control: Introduction to Corporation Tax
  • 10Compare the rules that apply to deductions allowable in arriving at taxable income for corporation tax and those allowable for income tax purposes
  • 11Identify the disclosure notes and other sources that are relevant to the preparation of the corporation tax computation
  • 12Identify the disclosure notes that are relevant to other taxes
  • 13Calculate the taxable profits of an Irish corporate taxpayer
  • 142026 current-law control: Application of Income Tax Principles to the Taxation of Companies
  • 15Outline the three ways in which interest paid by a company can be deductible for corporation tax, including interest as a charge
  • 16Outline when interest is treated as a distribution and the elections available
  • 172026 current-law control: Interest
  • 18Explain what is meant by "a charge on income" and identify when it arises
  • 19Conclude what is meant by an annual payment and when it arises
  • 20Conclude what relief is available for charges on income
  • 212026 current-law control: Other Charges on Income
  • 22Interpret the rules for trading loss relief and explain how they apply to a set of facts
  • 23Conclude on the use of trade charges to create or augment a trading loss
  • 24Compare the loss relief available to an Irish company for its Irish trade to that available for foreign trades
  • 25Conclude on the relief available for rental losses
  • 26Calculate the taxable profits for Irish and foreign properties after claiming loss relief
  • 27Assess the special loss relief rules relating to other sources of income
  • 28Apply all loss reliefs and restrictions in the correct order and identify any relief to be carried forward
  • 292026 current-law control: Relief for Losses
  • 30Define a group/consortium for corporation tax purposes
  • 31Identify and apply any group reliefs available for corporation tax purposes
  • 32Explain the interaction of group relief with other reliefs
  • 33Describe and apply the reliefs in various situations
  • 34Identify Capital Gains Groups and apply group relief
  • 352026 current-law control: Corporation Tax Groups
  • 36Apply the rules of CGT to gains of a company when disposing of a business asset or investment
  • 372026 current-law control: Disposals of Business Assets and Investments
  • 38Define a "distribution" for tax purposes
  • 39Outline how dividend withholding tax applies to a distribution
  • 40List the exemptions from dividend withholding tax and associated administrative requirements and apply these in practical situations
  • 41Assess the income tax or CGT implications of distributions in specie
  • 42Outline the tax implications of scrip dividends
  • 432026 current-law control: Distributions
  • 44Explain the reason behind close company rules
  • 45Outline the meaning of terms specifically related to the close company rules
  • 46Outline which companies are specifically excluded from being close companies
  • 47Judge whether a company is a close company or not
  • 48Detail the issues surrounding the provision of benefits to participators and associates
  • 49Detail the issues surrounding interest paid to directors and directors' associates
  • 50Detail the issues surrounding the transfer of assets at an undervalue
  • 51Detail the issues surrounding loans to participators
  • 52Calculate the surcharge on undistributed investment and estate income
  • 53Calculate the surcharge on service companies
  • 542026 current-law control: Close Companies
  • 55Explain and apply the taxation implications of a company buying its own shares
  • 56Describe and apply any relief available on share buy-backs
  • 572026 current-law control: Share Buy-Backs
  • 58Outline the requirements for accounting for current tax in the Statement of Comprehensive Income and Statement of Financial Position
  • 59Explain the purpose of a tax account and the main differences between the account balance and the tax payment
  • 60Calculate the current tax expense (or income) for the Statement of Comprehensive Income
  • 61Calculate the impact on the tax account of payments of corporation tax and of tax withheld on income and expenses
  • 62Calculate the accounting adjustments required for adjustment of prior year tax liabilities on submission of tax returns and on settlement of Revenue audits
  • 63Calculate the current tax provision for the Statement of Financial Position
  • 64Outline the requirements for accounting for deferred tax in the Statement of Comprehensive Income and Statement of Financial Position
  • 652026 current-law control: Accounting for Tax Charges and Provisions
  • 66Set out the requirements of the accounting standards (under FRS 102 and IFRS) relevant to the reporting of deferred tax
  • 67Reconcile the current expected tax charge with the current tax expense or income
  • 68Set out the main differences between Financial Statements prepared under FRS 102 and under IFRS, and identify what entities are most likely to report under FRS 102 and which under IFRS
  • 69Outline the tax issues that arise when Financial Statements are subsequently amended (IFRS and FRS 102)
  • 702026 current-law control: Supporting the Financial Accounting and Audit Teams in Reporting Tax Charges and Provisions in the Reporting Cycle
  • 71An awareness of the other services provided by auditors
  • 72Outline and apply how tax balances are audited for purposes of the audit report in Irish financial statements and how the audit work is evidenced
  • 73Outline and apply when audit adjustments are required in tax balances for financial statements
  • 74An awareness of how uncertain tax positions arise in Irish financial statements and the appropriate provisioning
  • 75An awareness of the main requirements for disclosing uncertainties in income tax provisions (FIN 48)
  • 762026 current-law control: Financial Audit
  • 77Describe the self- assessment system as it applies to companies
  • 78Outline a company's obligations under the pay and file system
  • 79Outline what reliefs can be denied to companies who fail to meet their pay and file obligations
  • 80Describe when an error or mistake claim may be made and the reasons for so doing
  • 81Describe when an expression of doubt may be made and the benefits of so doing
  • 82Explain company secretaries' liability to pay certain penalties
  • 83Assess the pay and file obligations of a company and prepare a corporate tax return
  • 84Understand the mandatory requirement to file accounts and computations in iXBRL format
  • 852026 current-law control: Administration of Corporation Tax
  • 86Explain the differences between direct and indirect taxes
  • 87Set out the different rates of VAT
  • 88Set out general transactions
  • 892026 current-law control: Introduction to Indirect Taxes
  • 90Describe how VAT is a tax on transactions rather than a tax on people - or income
  • 91Outline how the collection of tax is effected by a chain of transactions
  • 92Outline some basic rules and concepts of VAT
  • 932026 current-law control: VAT in Ireland
  • 94Outline the European dimension to Irish VAT
  • 95Explain the mission of the CJEU
  • 96Describe the ways in which a case can come before the CJEU
  • 97Identify the key sources of VAT law applicable to Irish VAT
  • 982026 current-law control: Irish VAT in the EU Context
  • 99Identify the different rates of VAT in Ireland and the scope of VAT
  • 100Outline the four requirements for a supply to be chargeable to Irish VAT
  • 101Define the term "business" for VAT purposes, including any necessary sub- definitions
  • 102Outline the specific exclusions from being "in business" for VAT purposes
  • 103Define the term "accountable person" and outline the legislative list of accountable persons
  • 104Outline when the receipt (not the supply) of goods/services can make a person an accountable person
  • 105Outline the implications of being an accountable person
  • 106Outline who is required to register for VAT and set out when a trader may wish to elect to register for VAT or cancel an election
  • 107Describe the anti-fragmentation rule
  • 108Explain what is meant by a VAT exempt activity
  • 109Identify whether an activity is an exempt activity
  • 110Distinguish between "VAT exempt" and "zero-rated" and explain why the concept of VAT exempt activities exists
  • 111Explain how a person can engage in both VATable and VAT exempt activities and assess the taxable status of a person making different supplies
  • 1122026 current-law control: Charge to VAT
  • 113Define what is meant by a "good"
  • 114Define what is meant by the "supply of goods"
  • 115Outline the VAT registration thresholds for the supply of goods
  • 116Describe what is meant by a self-supply
  • 117Explain the effect of a self-supply
  • 118Outline transactions that are deemed not to be a supply of goods
  • 119Describe the implication of a transaction being deemed a non-supply
  • 120Define a gift for VAT purposes and outline the VAT treatment of gifts
  • 121Explain any relief available for small business gifts
  • 122Explain any relief available for other gifts, such as advertising goods
  • 123Explain the VAT treatment of gifts to oneself
  • 124Analyse a set of circumstances and identify what supplies have taken place and the VAT applicable
  • 1252026 current-law control: Supply of Goods
  • 126Cross Border Supplies (Goods)
  • 127Outline the distance selling rules in relation to goods
  • 128Outline the treatment of goods dispatched to persons in other EU Member States
  • 129Differentiate between intra-Community dispatches to persons registered for VAT in other EU Member States and those not registered for VAT
  • 130Outline the treatment of goods acquired from persons in other EU Member States
  • 131Explain how the acquisition of a new means of transport is treated differently to other intra-Community acquisitions
  • 132Outline how intra-Community acquisitions of goods can affect unregistered businesses
  • 133Outline what is meant by triangulation and explain why the relief is necessary
  • 134Describe when triangulation relief is available and outline how the relief is claimed
  • 135Analyse a set of circumstances and identify what supplies have taken place and the VAT applicable
  • 136What is the difference between imports/exports and intra-Community acquisitions/dispatches?
  • 137Outline the general place of supply rules relating to the export of goods
  • 138Outline the treatment of transportation services in respect of the export of goods outside the EU
  • 139Outline any documentation requirements associated with the export of goods
  • 140Outline the general place of supply rules relating to the import of goods
  • 141Outline the treatment of transportation services in respect of the import of goods
  • 142Outline any documentation requirements associated with the import of goods
  • 1432026 current-law control: Cross Border Supplies (Goods)
  • 144Define what is meant by the supply of services
  • 145Outline the VAT registration thresholds for the supply of services
  • 146Apply the self-supply rules in relation to services
  • 147Compare the self-supply rules that apply to goods and services
  • 148Analyse a set of circumstances and identify what supplies have taken place and the VAT applicable
  • 1492026 current-law control: Supply of Services
  • 150Outline the general place of supply rules for the supply of services
  • 151Outline the main exceptions to the general place of supply rule
  • 152Describe the VAT treatment of services connected with immovable goods located in Ireland
  • 153Describe the VAT treatment of services connected with immovable goods located outside Ireland
  • 154Explain how the VAT treatment of cross border supplies is affected when an agent is involved
  • 155Explain what is meant by "use and enjoyment" provisions and explain why these provisions were introduced
  • 156Outline the current "use and enjoy" provisions
  • 157Analyse a set of circumstances and identify what supplies have taken place and the VAT applicable
  • 1582026 current-law control: Cross Border Supplies (Services)
  • 159Outline what is meant by an "agent"
  • 160Compare the treatment of supplies made by a disclosed agent and an undisclosed agent
  • 161Compare the treatment of supplies of goods and supplies of services made to agents
  • 1622026 current-law control: Agents
  • 163State the general rule for the amount chargeable to VAT
  • 164Explain how expenses incurred and re-charged on invoices are treated for VAT purposes
  • 165Explain the VAT treatment and calculate the amount chargeable to VAT
  • 166Analyse a set of circumstances and identify what supplies have taken place and the VAT applicable
  • 167Explain the interaction of excises and VAT in determining the amount chargeable to VAT
  • 1682026 current-law control: Amount Chargeable to VAT
  • 169Explain the VAT treatment of non-monetary consideration
  • 170Explain when the open market value is imposed instead of the actual consideration
  • 171Explain the VAT treatment of excess consideration received by a supplier
  • 172Analyse a set of circumstances and identify what supplies have taken place and the VAT treatment applicable
  • 1732026 current-law control: Consideration
  • 174Describe how the Revenue Commissioners may issue a "determination" in relation to VAT rates
  • 175Define "composite" supplies
  • 176Define "multiple" supplies
  • 177Outline what is meant by the "two-thirds rule"
  • 178State how the VAT due on these supplies is calculated, incorporating any simplification measures
  • 179"Goods made up"
  • 180Describe the VAT treatment of certain supplies of goods
  • 1812026 current-law control: Rates of VAT
  • 182INTRASTAT returns
  • 183VIES statements
  • 184Describe how Irish VAT may be recovered by foreign traders and how foreign EU VAT may be recovered by Irish traders
  • 185Outline any reliefs that are available to Irish persons principally involved in cross-border supplies (Section 56 Authorisation)
  • 186Outline any reliefs that are available to non-Irish traders (VAT 60A Procedure)
  • 187Compare the Section 56 VATCA10 relief and the VAT 60A relief
  • 1882026 current-law control: Administration Arising from Cross-Border Supplies
  • 189Outline the general rule on the deductibility of VAT
  • 190List the categories of costs on which an input VAT credit generally is available
  • 191List the categories of costs on which an input VAT credit generally is not available
  • 192Define "qualifying activities" within the EU for VAT purposes and explain their relevance to the recovery of VAT paid
  • 193Define "qualifying activities" including non-EU supplies for VAT purposes and explain their relevance to the recovery of VAT paid
  • 194Analyse a set of circumstances and calculate the VAT deduction available
  • 195Explain why input VAT recovery is prohibited in relation to exempt and non- taxable activities
  • 196Explain when the apportionment of VAT is necessary
  • 197Explain how this apportionment is made
  • 198Calculate the input VAT credit when apportionment is necessary
  • 1992026 current-law control: Deductible and Non-Deductible VAT
  • 200Define a 'taxable period' for VAT purposes
  • 201Describe the different VAT returns and when each is applicable
  • 202Outline when the different VAT returns must be filed
  • 203Outline how to complete a VAT3 return
  • 204Outline the penalties that apply in the case of non-compliance with filing requirements
  • 205Outline the options available to Revenue when a person under-declares their VAT or over-claims a refund
  • 206Outline the options available to Revenue when a person fails to register for VAT or fails to file a return
  • 207Outline the requirements of a valid VAT invoice
  • 208Explain how the requirements are met by Electronic invoicing
  • 209Outline the time limits for issuing invoices
  • 210Outline the requirements of a valid credit note
  • 211Outline the requirements of a valid debit note
  • 212Outline the penalties that apply in the case of non-compliance in relation to invoices
  • 213Describe the taxpayer's obligation to keep records
  • 214Outline Revenue's obligations in relation to VAT registrations
  • 215Outline the taxpayer's obligations and choices in relation to VAT registration
  • 216Outline how a taxpayer registers for VAT
  • 217Schemes for Accounting for VAT
  • 2182026 current-law control: Administrative Aspects of VAT
  • 219Outline the different rights a person can hold over or in property
  • 220Judge whether a contract is a license or a lease and explain the VAT and legal implications of the judgement
  • 221Describe how property transactions were treated under the old system (pre 1 July 2008)
  • 222Describe how property transactions are treated (post 1 July 2008)
  • 223Explain the VAT treatment where a property developer leases a residential property prior to its supply
  • 224Outline how the transfer of business relief can apply to the transfer of property
  • 225Outline how the transfer of business relief can apply to the transfer of Property
  • 2262026 current-law control: VAT on Property
  • 227Outline when a taxpayer is entitled to a repayment of VAT
  • 228State the time limits for VAT repayments
  • 229Define "Mistaken assumption"
  • 230State when a taxpayer is entitled to statutory interest on the repayment of VAT
  • 2312026 current-law control: Overpaid VAT
  • 232Understand how withholding tax applies on payments to subcontractors, apply withholding tax, calculate the credit available and explain the e-RCT compliance system
  • 2332026 current-law control: Relevant Contracts Tax
  • 234Identify gifts and inheritances which are taxable under CAT
  • 235Outline the key aspects of a CAT computation
  • 236Explain and identify the different types of ownership interests which exist
  • 237Outline the tax rates applicable to CAT
  • 238Compare and contrast CAT with CGT and income tax
  • 2392026 current-law control: Introduction to Capital Acquisitions Tax
  • 240Outline the impact that residence and domicile have on a person's liability to CAT
  • 2412026 current-law control: Residence, Ordinary Residence and Domicile
  • 242Summarise how to calculate the taxable value of a gift or inheritance
  • 243Determine the incumbrance free value of a benefit for CAT purposes
  • 244Judge whether a deduction is allowable or non-allowable for CAT purposes
  • 245Compute the taxable value of a gift or inheritance
  • 2462026 current-law control: Arriving at the Taxable Value
  • 247Outline how aggregation applies, using illustrative examples
  • 248Outline how to determine the rate of CAT applicable
  • 249Explain how a credit for CGT paid on the same event is granted
  • 250Explain the taxation of same day benefits
  • 251Describe how the benefit of freedom from tax is subject to CAT
  • 252Ascertain the valuation date for gifts or inheritances
  • 253Contrast the valuation date of gifts and inheritances with the date a gift or inheritance is deemed to be taken and explain the significance of each
  • 254Explain how dispositions to and by a company are treated for CAT
  • 2552026 current-law control: Calculating the Tax
  • 256Outline any reliefs available on the transfer of assets between spouses and civil partners
  • 257Compare how transfers between separated and divorced couples and transfers following the dissolution of a civil partnership are treated for CAT purposes
  • 258Outline how transfers to a surviving spouse/civil partner on death are treated
  • 2592026 current-law control: The Taxation of Married Couples and Civil Partners
  • 260Identify if a gift or inheritance is exempt from CAT
  • 261Identify if a donee/successor is exempt from CAT
  • 2622026 current-law control: Exemptions
  • 263Outline the main terms of the Succession Act 1965
  • 2642026 current-law control: The Succession Act 1965
  • 265Describe how double taxation relief is granted in Ireland for tax suffered on a gift or an inheritance in other jurisdictions
  • 2662026 current-law control: Double Taxation Relief
  • 267Identify if any relief is available on a disposition involving land
  • 268Outline any clawback provisions applicable to agricultural relief
  • 269Identify if any relief is available on a disposition involving a business
  • 270Outline any clawback provisions applicable to business relief
  • 271Compare agricultural and business relief
  • 272Describe the relief available for "favourite nephews"
  • 273Outline the conditions which must be met in order to qualify for "Favourite Nephew" relief
  • 2742026 current-law control: Family Businesses, Including Farms
  • 275Identify who the accountable persons are for CAT
  • 276Outline the self assessment system for the collection of tax and complete the returns for individuals to manage their filing obligation and manage their compliance calendar
  • 277Describe and compute the consequences of failing to file a return or pay a tax liability in full and on time
  • 2782026 current-law control: Administration of CAT
  • 279Identify the events that can give rise to stamp duty
  • 280Identify the heads of charge for stamp duty
  • 281Outline the territorial scope of stamp duty
  • 282Explain the meaning of terms used in the context of stamp duty
  • 283Outline the rates of stamp duty
  • 2842026 current-law control: Introduction to Stamp Duty
  • 285Assess whether a transaction is a sale and judge whether there is a stampable document for the sale
  • 286Identify whether the document is within the charge to stamp duty
  • 2872026 current-law control: The Charge to Stamp Duty - Sale
  • 288Identify the correct rate of stamp duty that applies to a sale of non-residential property
  • 289Identify the correct rate of stamp duty that applies to a lease and to a sale of shares
  • 290Understand the interaction of stamp duty and VAT
  • 291Understand the extent of double taxation relief for stamp duty
  • 2922026 current-law control: The Rate of Stamp Duty
  • 293Assess where market value is imposed for stamp duty
  • 294Identify the amount on which stamp duty is chargeable
  • 2952026 current-law control: Valuation
  • 296Calculate stamp duty on a transfer of residential property
  • 297Describe the stamp duty treatment when a mix of residential and non- residential property is purchased
  • 2982026 current-law control: Real Property
  • 299Assess how much stamp duty is payable on a distribution in specie
  • 300Describe the exemptions from stamp duty on business assets and investments
  • 3012026 current-law control: Business Assets and Investments
  • 302Explain and assess the stamp duty reliefs available to spouses/civil partners on transfers of assets while living together and relief available on dissolution of marriage/civil partnership
  • 3032026 current-law control: Married Couples and Civil Partners
  • 304Identify the accountable person for stamp duty and payment of the tax due
  • 305Describe the self-assessment system, appeals and refunds for stamp duty purposes
  • 306Describe the e-Stamping system
  • 307Describe penalties, surcharges and Revenue powers included in the SDCA 99
  • 3082026 current-law control: Administration of Stamp Duty
  • 309Explain how associated companies relief operates
  • 3102026 current-law control: Introduction to Stamp Duty Groups
  • 311Congratulations on completing the module