FTX Foundations in Taxation

APPROACH TO EXAMINING THE FTX SYLLABUS

The syllabus is assessed by a two hour paper-based examination.

Questions will assess all parts of the syllabus.

The Aim of FOUNDATIONS IN TAXATION (FIA FTX) exam is to develop the ability to prepare computations of tax liability for both individuals and businesses resident in the UK for the purposes of income tax, corporation tax, capital gains tax and value added tax. In addition, to develop knowledge and understanding of the manner in which dealings must be conducted with HM Revenue and Customs, including knowledge of the statutory timescales for the submission of claims and returns and the due dates for the payment of tax liabilities

When you complete FOUNDATIONS IN TAXATION (FTX) paper you should be able to explain and understand the following:

• Explain the basic operation and scope of the UK tax system
• Prepare adjusted profit / loss computations for trades and professions
• Compute the income tax liability of individuals, and prepare the income tax return
• Explain and compute the chargeable gains and capital gains tax liability arising on individuals
• Compute the corporation tax liability of a company, including any chargeable gains, and prepare the corporation tax return
• Explain and compute the effects of value added tax on incorporated and unincorporated businesses and prepare returns.

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