FIA | FTX Foundations in Taxation | Syllabus areas

Major syllabus areas for fia , ftx paper and detailed contents are given below:

The UK tax system

- Sources of tax rules and practice

- Types of taxes 

Adjusted trading profit / loss computation  

- Adjustment of trading profit / loss for tax purposes

- Capital allowances 

- Basis of assessments

- Relief for trading losses 

- Partnerships 

- NIC,s for self employed  

- Tax returns preparation and due dates 

Income tax liabilities  

- Introduction to personal taxation 

- Income from employment and Class 1 national insurance contributions ( NIC,s)

- Income from property , savings and investments

- Taxable income and income tax liability computation

- Pension contributions implications on tax liabilities 

- Income tax administration 

 Capital gain tax - CGT 

- The scope of capital gains tax for individuals 

- Basic gains and losses computation 

- Gains and losses on disposal of shares and securities

- Gains and losses on moveable and immovable properties
- Computation of taxable gains and capital gains tax (CGT) payable
- Implications of exemptions and reliefs on CGT payable

Corporation tax liabilities 

- The scope of corporation tax - CT

- Calculation of taxable total profits

- Calculation of corporation tax liability 

- Relief for losses

- Chargeable gains for companies

- Implications of exemptions and reliefs on corporation tax payable 

- Corporation tax return 

- Corporation tax administration  

Value added tax - VAT

- Scope of VAT

- VAT registration and requirements 

- Basics of value added tax

- VAT invoices and records 

- VAT administration 

- VAT schemes and their effects on VAT

- VAT returns preparation and completion 

- VAT information communication to HMRC