Faculty of Business and Law Business Tax Assignment

Assignment Task

Appendix

Tips for writing a tax guide

• Lay your tax guide out professionally with clear sub-headings for both narrative sections and example calculations.
• Always consider who the tax guide is aimed at – you will need to tailor your guidance to your audience i.e., a newly self-employed individual with little or no tax knowledge. You should explain points clearly and simply here – perhaps get someone who has not studied any tax before to review a draft for you to check they can understand your guide.
• Use brief paragraphs – think of the reader (or the marker here!) – white space on the page is important to allow clear reading. Use the list of elements required in the assignment brief to help with layout and sub-headings:
• Explanation of how HMRC determine if a taxpayer is trading (no calculations required).
• Calculation & explanation of how a self-employed taxpayer calculates their taxable trading profit including a brief overview of rule relating to tax deductible expenses and Capital Allowances – use self-employed scenario in Appendix 2 for example calculations for year ended 30 September 2023.
• Explanation of trading loss relief options for sole traders (no calculations required).
• Calculation & explanation of basis of assessment - use self-employed scenario in Appendix 2 for example calculations for 2022/23 tax year.
• Calculation & explanation of National Insurance Contributions for self-employed taxpayers – use self-employed scenario in Appendix 2 for example calculations for 2022/23 tax year.
• Reporting requirements for new self-employed taxpayers and notification of chargeability/deadlines for submission of 2022/23 tax return (no calculations of payments on account required).
• A critical discussion of the basis period reform rules applicable from 2023/24 transition year onwards as an Appendix to the tax guide.
• Ensure you have covered all points requested in the assignment brief.
• Finally, review your tax guide for professional layout, presentation, spelling and grammar as these are all very important in your tax writing. Remember that there are 10 marks available for your overall communication and presentation which will include the structure and format of your tax guide.

This Law has been solved by our PHD Experts at My Uni Paper.