Business and Management

 

Taxation is an inescapable fact of life. Knowledge of taxation can deliver lifelong benefits, saving thousands of euro annually. The Irish tax code, running to several thousand pages, is complex and a minefield to the unwary. Students of the Diploma in Taxation will be expertly guided through the various taxes and shown the various tips that can save money, and traps that can cost money.

 

 

 

Programme Aims and Objectives

 

On completion of the programme students should have acquired the skills to:

 

• Calculate tax liabilities for individuals and companies
• Appraise multiple tax related scenarios
• Identify tax saving opportunities

 

 

Programme Structure

 

The Diploma in Taxation is based around Tax Magic, the best-selling book by Alan Moore who is widely known for his regular articles in The Sunday Business Post. Alan delivers this programme and brings with it his 28 years’ experience in taxation, 13 of these with Revenue, in the areas of VAT, Capital Acquisitions Tax, Income Tax, Corporation Tax and Capital Gains Tax. A former inspector of taxes and Council Member of the Irish Taxation Institute, he was private sector consultant to the Revenue Commissioners on the drafting of the Taxes Consolidation Act 1997. He specialises in advising private clients in relation to: profit extraction, residence and domicile tax planning, structuring of property investments both in Ireland and abroad, pension and retirement planning, and purchase and sale of businesses, passing assets to family members, and estate planning. The programme is delivered through lectures, case studies and assignments.

 

 

Programme Content

 

Tax basics
The Irish tax system, the UK tax system, comparison.

Income tax I
Persons liable (individuals, trustees, personal representatives), residence, domicile, ordinary residence, non-residents, income tax computation.

Income tax II
Single, married, assessment; employment income, benefit in kind, trading income, capital allowances, losses, rental income, rental losses, deductions against total income (Health expenses, BES, film relief), personal tax credits, other tax credits, dealing in residential land, self-assessment, surcharge.

PRSI
What is PRSI? Employed contributors, reckonable earnings, PRSI classes, self-employed contributors, reckonable income PRSI classes, health levy.

Capital Gains Tax (CGT)
Persons liable (individuals, trustees, personal representatives), residence, domicile, ordinary residence, non-residents, CGT computation, deductible expenses (acquisition, disposal), annual exemption, allowable losses, retirement relief, principal private residence relief, transfer of business to a company, self-assessment, surcharge.

Corporation Tax I
Persons liable (companies), company residence, foreign companies trading in Ireland, transferring a business to a company, putting property in a company, extracting profits from a company.

Corporation Tax II
Corporation tax computation, capital allowances, charges, film investment, renewable energy relief, dealing in residential land, tax credits, self-assessment, surcharge.

Value-added Tax (VAT)
Persons who must register, VAT rates, exemptions, VAT on property transactions, VAT computation.

Capital Acquisitions Tax (CAT)
Persons liable, CAT computation, exemptions, valuation date, market value, deductible costs, incumbrance-free value, taxable value, agricultural relief, business relief, small gift exemption, self-assessment.

Stamp Duties
Documents and transactions liable, computing your stamp duty, intergroup transfers, reconstructions and amalgamations, young trained farmers, residential sites, transfers between relatives, Stampable amount, rates of duty, relief for blood relatives, subsales.

Farmers
Income tax, corporation tax, CGT, VAT, CAT, stamp duties.

Charities
Regulation of charities, charitable purposes, acquiring exemption.

Marital breakdown
General issues, tax consequences.

Revenue Audits
Proper records, Revenue powers, Revenue audit.

 

 

Assessment

 

To be awarded the Diploma in Taxation, students will be required to complete a written case-study based assignment (25%) and an in-class assessment (75%) at the end of the course.

 

 

Career Progression Opportunities

 

The programme will be beneficial to those participants and business owners wishing to acquire knowledge of the fundamentals of taxation. Accountants and lawyers can also benefit from obtaining knowledge of basic planning techniques.

 

Student Profile

 

Typically, students who have participated on the programme have included business owners, investors, solicitors, accountants, and other professionals. It is also beneficial to those employed in a financial advisory role.

 

 

Further Study Options

 

For students interested in further study to degree level, they may wish to progress to any of the Evening Business Degree programmes at DBS. DBS also offers a Diploma in Stockbroking Investment and a Diploma in Property Investment.

 

 

“I initially considered the course as a ‘knowledge add on’ to supplement my own understanding of taxation. The course particularly developed my knowledge in the commercial aspects of acting as a Tax Adviser. The approach which the lectures took was detailed and at times was akin to a master class. I also found the study material is easy to understand and instantly accessible.”

Donald P. McKenna
Diploma in Taxation