Taxation
Qualification dates
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Gain an introduction to key taxation topics and develop your knowledge of tax planning and compliance techniques so you can support businesses in making key financial decisions. As well as covering technical skills required by the professional bodies, this module takes a balanced approach and will introduce you to academic literature and critical thinking, so you'll benefit from a well-rounded experience. In addition to decision-making skills, you’ll develop more general skills such as analytical thinking, information/data preparation, and communication.
What you will study
The module covers UK taxation as it applies in England and Wales.
Unit 1: Income tax – basics
This first unit introduces you to income tax – the tax individuals pay on their personal income. It will explain the various schedules under which taxable income is classified. The focus will be on income tax related to earnings, such as income from employment or investment.
Unit 2: Income tax – self-employment
The exploration of tax on the individual continues by focusing on how income related to self-employment is taxed. This will look at starting and ending such employment as well as any allowances that are available to the self-employed.
Unit 3: Capital gains tax
This unit examines how profits from the disposal of capital assets are taxed. It explores which transactions are affected and how any capital losses may be used to mitigate tax payable.
Unit 4: Ethics
The study of ethics is an important element of studying taxation. You’ll discover what is meant by the evasion of tax as opposed to the avoidance of tax. It will question how aggressive tax avoidance should be and explore potential ethical dilemmas facing tax advisors.
Unit 5: Corporation tax
The module now considers company taxation, including newly formed companies or those winding up. It explains how to calculate how much of the profits are due to be taxed and in which year, and thus which rates apply. This unit explores the use of losses by the loss-making company and within corporate groups.
Unit 6: VAT
This unit introduces you to value-added tax and describes the overall mechanism for charging and accounting for value-added tax. It will also examine a number of schemes established to help small traders and explore the various interest charges and penalties for late payment.
Unit 7: Inheritance tax
The final unit looks at the taxation on the transfer of estates. These are charges that typically arise on the estate owner's death but can also arise on the transfer of assets made during the owner’s lifetime.
Professional recognition
This module forms part of the BSc (Hons) Accounting and Finance (R52), which has been granted exemptions by the Chartered Institute of Management Accountants (CIMA) towards its CGMA qualification.
Entry requirements
You must have successfully completed Intermediate financial accounting (B250) and Business law (B251) before you can begin B353.
What's included
You’ll have access to a module website, which includes:
- access to a set book on taxation
- a week-by-week study planner
- module materials, including datasets to practice your analytical skills
- audio and video content such as animations and screencasts
- assignment details and submission section
- online tutorial access
Computing requirements
- Primary device – A desktop or laptop computer. It’s possible to access some materials on a mobile phone, tablet or Chromebook; however, they will not be suitable as your primary device.
- Peripheral devices – Headphones/earphones with a built-in microphone for online tutorials plus a webcam and microphone for the online invigilated exam.
- Our OU Study app operates on supported versions of Android and iOS.
- Operating systems – Windows 11 or latest supported macOS. Microsoft will no longer support Windows 10 as of 14 October 2025.
- Internet access – Broadband or mobile connection.
- Browser – Google Chrome and Microsoft Edge are recommended. Mozilla Firefox and Safari may be suitable.
- Software – Any additional software, including any required to complete the online invigilated exam, will be provided or is generally freely available.