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Professional Level Business Planning: Taxation

The Business Planning: Taxation module covers the following topics:

• ethics and law
• taxation of corporate entities
• taxation of owner-managed businesses
• personal taxation

Ensure you order the correct edition of the materials. The 2023 edition is aligned with the syllabus and exams for 2023 only. The 2024 edition is aligned with the syllabus and exams for 2024 only. You risk losing exam marks if you use a different edition.

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FAR - Full Series

Learn how to ace the aca certificate level exams, financial accounting and reporting (far) , classroom tuition, online tuition, business planning: tax (bpt).

Our BPT tuition is extremely exam focused and once a topic has been taught, we will develop your exam technique by teaching you the most effective way to answer exam questions on that topic. The learning strategies and exam techniques you will be taught resulted in your tutor winning an ICAEW prize and several of our students scoring over 90%. Notably, our two highest BPT scores (95% and 96%) were both achieved by resit students, proving that our guidance and tutoring skills create a vast level of improvement in student exam performance. This tuition approach has resulted in several of our students also winning prizes.

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Each class focuses on a frequently examined topic and explains the key technical concepts in a simplified way, before demonstrating the optimal exam technique by working through recent pas t exam questions in full. Your tutor will teach you the most efficient way to read, interpret and analyse the exam paper and most importantly, the specific technique you should use when typing your answer. This includes practical advice on how to make effective use of your open book when answering questions.

Having understood the technical content and exactly how you should be approaching a particular type of BPT exam question, you can then go and attempt similar past exam questions to put these prize-winning exam technique skills to the test and watch your marks drastically improve - hopefully you will join our growing list of prize winners!

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The 12 month access period should give you plenty of time to sit and pass the BPT  exam. However, if you need longer, we will gladly extend your access at no extra cost to you. This includes access to any additional c ontent we upload to the course as a result of syllabus changes. 

COURSE STRUCTURE ​

The course is structured so that it covers each examinable area and each type of BPT exam question. You can find a list of the classes on the course structure structure document below. The course also includes 14 TC revision classes to refresh you on brought forward content. 

WHAT STUDENTS SAY

Having failed BPT with 54%, Kieran helped me increase my mark to 96%! He explained everything so clearly and the exam technique sessions were particularly valuable. He went through past paper questions, advising how to approach them, where to pick up easy marks and how to lay out the answers. I would definitely recommend ACA Masters!

(BPT resit student who passed first time with us with a score of 96%)

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ACA Professional Structure and Syllabus

You will need to pass 6 exams to complete this level, which can be taken in any order and are all computer-based. Each Professional Level exam is assessed by a 2.5-hour exam, except for Financial Accounting and Reporting, which is 3 hours.

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The material provided by BPP is of a high standard and volume. Teachers will guide you through a comprehensive set of notes and provide a highly detailed textbook and summary cards should you require further guidance outside the class. BPP provides an online learning environment containing the course material, practice questions and lectures allowing you to recap and test yourself at your own pace. Without this, I do not think I could pass the course!

Jack Murphy, Accountancy student, BDO

Tax Update May 2024

The latest tax update and vat round up for the month., 1. private client, 1.1 transfer of interest in rights was a disposal for cgt, 1.2 appeal allowed on cgt, 1.3 late claim for enterprise investment scheme income tax relief not allowed, 1.4 ut dismisses hmrc’s appeal against closure notices., 1.5 new service for voluntary national insurance contributions., 1.6 appeal allowed on principal private residence relief, 1.7 imprisonment was not a reasonable excuse, 1.8 erroneous class 2 nic refunds for 2022/23, 2. paye and employment, 2.1 appeal dismissed on employment income, 2.2 hmrc warning about employment agencies, 3. business tax, 3.1 provisions for payments for some retirement benefit schemes not deductible, 3.2 loan relationship debit denied as it did not fairly represent the true position, 3.3 r&d claim denied as not seeking an advance in science or technology, 3.4 ca upholds decision on deduction of withholding tax, 4. vat and indirect taxes, 4.1 ut overturns decision that de-minimis errors invalidated customs relief claim, 4.2 ut finds errors in ftt decision on customs duty classification of pet products, 4.3 taxpayer appeal allowed as invoices did meet the legislative requirements, 4.4 italian government delays introduction of plastic packaging tax, 4.5 property found to be wholly residential, 5. tax publications and webinars, 5.1 tax publications, 6. and finally, 6.1 why didn’t they ask the cat, ipt part 1 - the little known, big cost: insurance premium tax (ipt) and insurance intermediaries, should charities invest in artificial intelligence (ai), labour wants bidenomics for britain, uk opens 2024 customs duty suspension application window, request a call back, book an appointment.

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Don't call them DINKs. Many childfree adults are ALICEs.

• DINKs are known for having disposable income, but some childfree adults are also struggling.
• In fact, many childfree adults are ALICEs — asset-limited, income-constrained, and employed.
• Without dependents, many low-income workers have a harder time accessing tax credits and government assistance.

America's DINKs — dual-income couples with no children — are known for having disposable income and spending their paychecks on major investments, luxury vacations , and early retirement .

These households have previously told Business Insider that they can spend extra money on their lifestyle because they don't have any child-related costs. By definition, DINKs aren't necessarily rich , but they do have a reputation for living a life of freedom and excess cash.

A growing number of child - free adults , however, are falling through the cracks of the US economy. Many low-income childfree adults fall into the ALICE category — people who are asset-limited, income-constrained, and employed. Twenty-nine percent of US households make too much to qualify for government assistance but not enough to comfortably afford daily life . And ALICEs who aren't parents face unique challenges: it is especially difficult to qualify for financial help or tax credits without young children, even if you need the help.

According to a report published in April by the Brookings Institution, the US doesn't have a strong financial safety net to support childfree ALICEs. This is partly because having financially dependent children is a prerequisite of some government assistance programs .

Poor, non-elderly adults who are not raising children and don't qualify for disability benefits made up nearly 106 million people in 2017, according to a Census analysis . What's more, they have a higher risk of experiencing homelessness and long-term poverty, per the Brookings report.

Low-income adults without children face barriers to government assistance

Low-income, childfree adults have a higher likelihood of falling into poverty, and often stay in poverty long-term because they can't access assistance, wrote Robert Greenstein, the author of the Brookings report.

Related stories

"The safety net for these non-elderly childless adults is so limited, those non-elderly adults who are poor tend to be poorer than others living in poverty," wrote Greenstein, who is also a visiting fellow of economic studies for the Brookings Institution, which is affiliated with The Hamilton Project, an economic policy initiative.

The report found that half of the Americans living in "deep poverty" — those with incomes that are at or below 50% of the poverty line, which is $7,290 annually for one person — are childfree adults not receiving disability benefits.

Greenstein wrote that this population is at a disadvantage when applying for government support, especially as it comes to tax credits and housing assistance, even if their household income is low.

For example, they don't qualify for the child tax credit , which allows families with dependents to receive thousands of dollars in tax breaks each year. The Earned Income Tax Credit — which offers refundable tax credits for low- and moderate-income workers — is also very limited for childfree employees, who receive fewer than 4% of the EITC's overall benefits, according to the Brookings report.

Greenstein also wrote that over 7 million low-income adults who are between the ages of 18 to 61 and don't live with minors pay more than 50% of their income on rent — making them severely rent-burdened. The majority of these adults don't receive any state or federal rental assistance.

Additionally, parents can more easily access SNAP food benefits than childfree adults because they are exempt from having to work a required amount of hours each week to receive assistance.

Many Social Security and Medicare programs also primarily offer assistance to older adults, excluding adults under 62.

Although strengthening the US financial safety net for this population is complex, Greenstein offered a few solutions. He suggested expanding the Earned Income Tax Credit to benefit more adults without children, along with removing the extra qualifications childfree adults must meet to access SNAP benefits.

An expansion of Medicaid through the Affordable Care Act would also allow more adults to get the healthcare they need — even if they don't qualify for disability benefits or Social Security, Greenstein said.

Are you making an income above the poverty line but still struggling to afford daily life? Have you faced challenges qualifying for government assistance because you don't have children? Reach out to this reporter at [email protected] .

Watch: Supreme Court strikes down Biden's student-debt relief plan

• Main content

Deloitte 401(k) Fee Suit Arguments Suggest Division Among Judges

By Jacklyn Wille

Arguments over Deloitte LLP’s handling of its retirement plan fees prompted different reactions from a panel of Second Circuit judges, whose questions to counsel Friday suggested disagreement over how to view the case before them.

Judge William J. Nardini pointed out an apparent contradiction in the Deloitte workers’ case, saying they claimed to lack information about the administrative services received by various retirement plans while simultaneously maintaining that these services are essentially the same across the board and can be easily compared among plans.

The workers’ attorney, Mark K. Gyandoh of Capozzi Adler PC, responded that major national retirement plan recordkeepers provide services that can be considered fungible.

Nardini, who appeared unimpressed with this answer, said retirement recordkeepers provide a host of different services that can’t be considered fungible, including maintaining participant call centers and tax form services.

“How can you tell us they’re basically the same if you don’t know what they are?” he asked Gyandoh.

The case asks the Second Circuit to decide whether the Deloitte workers have a valid claim under the Employee Retirement Income Security act based on allegations that their retirement plan charged excessive fees. The workers said they presented ample circumstantial evidence showing how Deloitte mismanaged the plan, but a Manhattan federal judge rejected the case as a “bare ‘price tag to price tag’ comparison.”

Judge Debra Ann Livingston suggested it would be hard to maintain a viable challenge to a retirement plan’s administrative fees without offering “something specific” about the relevant administrative services being provided.

But Judge Beth Robinson appeared more amenable to the Deloitte employees’ arguments, saying that a close look at the specific services provided to various plans might be best considered after discovery, and not at the motion-to-dismiss stage at which the court is considering the Deloitte case.

Mixed Results

Hundreds of lawsuits challenging retirement plan fees have been filed over the past few years, and federal appeals court rulings have been mixed.

The Third, Fifth, and Ninth circuits revived lawsuits against Wesco Distribution Inc. , United Surgical Partners , Trader Joe’s Co. and Salesforce.com Inc. , while the Sixth, Eighth, Tenth, and D.C. circuits have issued employer-friendly decisions largely favoring CommonSpirit Health Inc. , TriHealth Inc. , MidAmerican Energy Co. , Barrick Gold , and Georgetown University .

The Seventh Circuit rejected a plan fee challenge against Oshkosh Corp. in 2022, but last year it allowed key claims to proceed against Northwestern University.

Back and Forth

Deloitte attorney Michael E. Kenneally of Morgan, Lewis & Bockius LLP criticized the way the company’s workers challenged their 401(k) plan fees by making comparisons to the government filings of other retirement plans.

These forms include different codes suggesting the plans received different types of services, and the participants used the forms to draw faulty comparisons that overstated Deloitte’s fees while understating the fees of other companies, he said.

Robinson engaged in an active back-and-forth with Kenneally, asking him how retirement plan investors could ever make out a case using publicly available documents when the information they need is controlled by defendants.

Livingston seemed interested in the other retirement plan fee challenges that have survived a motion to dismiss, asking Kenneally what made this case different from those that have been allowed to move forward.

The case is Singh v. Deloitte LLP, 2d Cir., No. 23-1108, argued 5/24/24.

To contact the reporter on this story: Jacklyn Wille in Washington at [email protected]

To contact the editor responsible for this story: Andrew Harris at [email protected]

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Learn about the actions that ICAEW members are taking to ensure that their clients comply with sanctions imposed by different countries and jurisdictions, and read about the support available from ICAEW.

Insights pulls together the best opinion, analysis, interviews, videos and podcasts on the key issues affecting accountancy and business.

• See the latest insights
• Making COP count

This series looks at the role the accountancy profession can play in addressing the climate crisis and building a sustainable economy.

• Read more on COP28

Professional development and skills

With new requirements on ICAEW members for continuing professional development, we bring together resources to support you through the changes and look at the skills accountants need for the future.

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When Chartered Accountants Save The World

Find out how chartered accountants are helping to tackle some of the most urgent social challenges within the UN Sustainable Development Goals, and explore how the profession could do even more.

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Insights specials

A listing of one-off Insights specials that focus on a particular subject, interviewing the key people, identifying developing trends and examining the underlying issues.

Top podcasts

Insights by topic.

ICAEW Regulation

• Regulatory News

View the latest regulatory updates and guidance and subscribe to our monthly newsletter, Regulatory & Conduct News.

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Strengthening trust in the profession

Our role as a world-leading improvement regulator is to strengthen trust and protect the public. We do this by enabling, evaluating and enforcing the highest standards in the profession. 

Regulatory applications

Find out how you can become authorised by ICAEW as a regulated firm. 

ICAEW codes and regulations

Professional conduct and complaints, statutory regulated services overseen by icaew, regulations for icaew practice members and firms, additional guidance and support, popular search results.

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Planning for business

Running your own business can be an immensely rewarding experience. Every year, approximately 400,000 new businesses start up in the UK. Decisions taken in the early years can be the most difficult as well as the most important, particularly for first-time entrepreneurs and those with no previous business knowledge or experience.

Find a chartered accountant participating in the ICAEW Business Advice Service - receive an initial consultation at no charge.

Self-employment or Ltd Co

Preparing your business plan, raising finance.

When you have an idea for a new product or service, the impulse is to start sharing it with the world as soon as possible. However, the fact is that in the UK one in three new businesses ceases to trade within three years and, after ten years, only one in five is still in business.

Preparation is the key. This particularly applies to researching the market and testing your product or service. Getting the pricing right is a significant factor. Research shows that being under-capitalised is the most common cause of business failure. So it pays to get a business plan together with robust cashflow and profit forecasts.

An ICAEW Chartered Accountant can offer advice that will enable you to confidently select the most appropriate format for your business. There are four main options available to you:

Sole trader

Setting up in business on your own gives you complete control and fewer administrative burdens, but has implications for tax and raising finance. Also, you have unlimited liability and could therefore risk personal loss if something were to go seriously wrong.

Partnership

If two or more people run a business together as partners, they share profits, losses and unlimited legal liability. It is a common – and often very successful – formula, but it is essential to define the rights and responsibilities of partners and to set them out in a partnership deed. This complex process requires special accountancy and legal skills.

Limited Company

A limited company is a legal entity separate from its owners. Ownership can be changed or extra capital raised through the selling of shares, without necessarily affecting the management of the company. However, the number of statutes and regulations involved can substantially add to the time and money spent on administration, so the costs and benefits of this approach need careful analysis.

Limited Liability Partnership (LLP)

Unlike in a standard partnership, the liability of the partners in a LLP is normally limited to the amount of their partnership commitments. Requirements regarding accounts, audit, returns to Companies House, winding up and insolvency all follow normal company law rules, but taxation follows the rules for partnerships.

To find out more view the following;

• Buying a business
• Directors’ responsibilities 
• Forming a business

An ICAEW Chartered Accountant has the professional experience to examine your business ideas and evaluate profit potential. This will help you to set realistic financial targets, establish budgets, plan ahead and compare forecast figures with actual results. Whether you are planning to secure bank finance, raise equity finance or monitoring performance against your own benchmarks, a business plan is a valuable tool.

Your business plan must be exciting but credible, with clearly identified customer benefits and evidence of growth and future prospects. An executive summary is vital, clearly stating your financial objectives, the business idea and profit forecasts.

For a bank this may be all that is required but if you are seeking outside investment, in addition to the executive summary, you will need the following:

• A history of the company.
• Current and future products and/or services (including patents).
• Sales channels and delivery.
• How products will be produced.
• How the business is operated and why it will be successful.
• A description of the market and sector and details of the marketing strategy and sales and distribution process.
• Full details of the management team.
• Financial information (including debt finance already in place).
• A risk analysis.

Your business plan is a crucial pillar of future success and the professional advice of an ICAEW Chartered Accountant, who is equipped to question, analyse and offer insight, can prove invaluable.

For more information…

• Researching your market
• Writing a business plan  

If you are seeking a bank overdraft or loan or trying to attract new investors, you will need to present a convincing picture of your business’s financial condition and future prospects. An ICAEW Chartered Accountant will know exactly what information is required and how it should be presented. This will give you the best chance of success.

Popular methods of raising finance include:

• Personal funding – savings, money released from the sale of other assets or from remortgaging your home.
• Friends and family – it is always advisable to draw up a written loan agreement making it clear that this is a business investment and not a favour.
• Bank loans and overdrafts – an overdraft may be a good way to finance a temporary or fluctuating cash shortage. A bank loan is a longer-term commitment more suited to a strategy for growth.
• Government assistance – this may take the form of cash grants, tax concessions, funding of training or relocation or subsidised rents. Explore your options and be aware that the financial landscape is constantly changing.
• Other sources of finance – these range from debenture loans to venture capital provided under, for example, the Enterprise Investment Scheme or Regional Venture Capital Funds. Alternatively, it may be possible to arrange finance from a venture capitalist, some other financial institution, or perhaps a research institution.

The advice of an ICAEW Chartered Accountant can help you to assess the possibilities, choose an appropriate source of finance and prepare a convincing proposal.

To explore this subject in more detail...

• Financing your business
• Getting a grant for your business
• Overdrafts and loans

Further useful links

• Department of Business, Energy and Industrial Strategy (GOV.UK)  
• Enterprise Investment Scheme Association (EISA)
• British Venture Capital Association (BVCA)

When looking for business premises, it pays to be practical and flexible. Take advice from an ICAEW Chartered Accountant with sound judgment and relevant experience, and bear these key considerations in mind:

• Location: is it convenient for you and your customers?
• Parking: is there enough space for staff and customers? What are the parking costs?
• Local transport facilities: how will everybody get there?
• Are there shopping facilities nearby for staff?
• Access: does it meet the requirements of the Disability Discrimination Act?
• Terms of lease: how important is stability, or is flexibility more important?
• Availability of services: reception, kitchen, toilets, cabling for computers, etc.
• Size of accommodation: will furniture and equipment fit? Is there room for expansion?
• Crime: does the area have a high crime rate? This could affect your insurance.
• Image: will the premises enhance the business image with existing or new customers?
• Would serviced accommodation be a better solution?
• Buying premises
• Choosing office premises
• Securing your premises

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