Unit 30: Taxation Assignment Sample-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Taxation is the process of designing and administering rules for a country’s financial system including interest, dividends, capital gains, and investment. It also includes the administration of taxes on goods and services. Taxation systems include national economic growth areas such as trade policy; market-based or value-based tax systems; and climate change policy.

This unit provides an understanding of the basic principles and issues surrounding taxation with a focus on how this works into our overall tax system. The organization’s tax responsibilities and liabilities are one of the most important aspects that we need to consider when running an organization. 

Assignment Solution Of Taxation-BTEC-HND-Level 5

Taxation is a way to provide essential services and make sure that everyone pays their fair share. A failure to pay or evasion of taxes will result in consequences prescribed by law.

Learning Outcomes

By the end of this unit a student will be able to:

Analyze taxation systems and the legislation which governs them

“Taxation systems” are regulated by governments to achieve a particular goal, e.g., providing funding for the government and public services or influencing behavior such as consumption and retirement savings patterns. Tax legislation is often complex in its provisions and contains many clauses with delimiting conditions, caveats, exceptions, and corrective measures.

The complexity of both the legislation governing taxation systems as well as the fields which tax law can cover makes it difficult for those not specialized in tax law to analyze taxation systems or tax laws on their own. To get an idea of how complicated these discussions can become see this blog post that analyzes a rather simple-looking EU regulation when applied to VAT legislation across Europe.

Determine taxation liabilities for unincorporated organizations and individuals

The tax liability for unincorporated organizations is levied as a pass-through of taxes from the individual members on their personal tax income. This would be calculated as part CIS (Corporation Income Sufficiency) and part IVA (Individual Value Added).

For example, if there were five members in the organization and they each reported $40,000 of income or above, then they could potentially have that much additional CIT added via end consideration by way of CIS. The amount to this effect could be calculated by multiplying their share of ownership times the threshold amount ($70,000) divided by five. Additionally, those who had any earnings above their allocated working hours could thus have that amount assessed against their IVA at an equivalent amount to their total CIS.

Determine taxation liabilities for incorporated organizations

As an incorporated company, you must pay taxes on your earnings and file a tax return. If you are required to work for the company as well, then you should also report those earnings to the appropriate agencies. It may be possible that some of your income is not taxable because it comes from items like investments or charity donations; figuring this out requires consulting with a tax professional who can advise you on this issue.

On top of these requirements, if collected within the United States, state and local governments will want licenses in order for businesses that serve customers in their areas–these translate into more paperwork and compliance costs but they also ensure accountability.

Evaluate the impact on organizations of the legal and ethical constraints associated with taxation responsibilities

Any organization that is either not in compliance with a legal requirement or an ethical principle has an impact on the organization that could be considered as negative.

I would recommend exploring finding information about taxation, especially if it centers around how to file taxes. Not being in compliance with tax requirements can lead to fines, penalties, and possible criminal prosecution–not something you want happening for your business.

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