Tax aspects of property

Article Abstract:

Accounting students studying for examinations should resist the temptation to focus solely on the trading implications of commercial property and ignore its tax consequences. Knowing how to calculate property-related capital gains tax and value added tax (VAT) is as important as knowing how to sort out the income aspects of property. Students typically dislike the topic of capital gains calculation because the various tax treatments for similar situations can be confusing. The trick to avoid confusion is to understand the rationale behind each calculation. As for VAT, its relation to property is very complicated due, in part, to the imposition of Europe law on UK practice. During examinations, it would be sufficient for accounting students to have a good understanding of the basic principles of VAT.

Value-added tax, Property taxes, Property tax

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Practice makes perfect

Article Abstract:

Training chartered accountants in taxation procedures and tax accounting in Great Britain can be facilitated through simulation teaching. The advantages of simulation include: the greater number of topics that can be covered in a short time (as compared to traditional teaching methods), the better overview it affords students, the written correspondence training it promotes, the facility with which it can instruct students at any level, the smaller class sizes it allows, and the real-life aspects of the simulation. These and other benefits of tax simulation training are discussed.

Usage, Services, Institute of Chartered Accountants in England and Wales, Training, Accountants, Educational games, Great Britain, Simulation games in education, Simulation games (Education)

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Advanced reliefs

Article Abstract:

Complex examples of computations involving capital gains tax reliefs are presented for students taking advanced tax examinations.

Public Finance Activities, Capital Gains Taxes

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