FTX Foundations in Taxation

The syllabus introduces candidates to the subject of taxation and provides the core knowledge of the underlying principles and the major technical areas of taxation, as they affect the activities of individuals and businesses, at a level appropriate for someone working at technician level.

Main topic areas

• 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

Examination structure

• The examination comprises of two sections. Section A is made up of 10 compulsory multiple choice questions (of 1, 2, and 3 marks) and Section B of 9 compulsory questions (of 6, 10, and 15 marks).
• It is assessed by 2 hour paper based examination.
• The pass mark is 50%