ICAEW Principles of Taxation (ICAEW) study plan

Map the ICAEW Principles of Taxation syllabus into a one-page topic register covering income tax, national insurance, capital gains tax, inheritance tax, corporation tax and VAT

Explain the difference between tax evasion, tax avoidance and tax planning, giving one original example of each

Identify the main UK tax statutes and the role of HMRC, the tribunals and the courts in interpreting tax law

Define taxable person, chargeable person, accounting period and tax year, and state which tax each concept belongs to

Compute an individual's income tax liability from a set of income sources, applying the personal allowance and the correct rate bands

Apply the personal allowance taper for income above the £100,000 threshold and show the effective marginal rate

Distinguish employment income from trading income and identify which expenses are deductible for each

Calculate Class 1, Class 2 and Class 4 national insurance contributions for a given fact pattern

Compute chargeable gains on the disposal of shares and property, applying allowable costs and the annual exempt amount

Apply the correct reliefs to a simple scenario, including principal private residence relief and business asset disposal relief

Explain how capital losses are set against gains and carried forward

Reconcile the interaction between capital gains tax and income tax on the same transaction

Compute inheritance tax on a death estate, applying the nil rate band, the residence nil rate band and the transferable nil rate band

Distinguish potentially exempt transfers from chargeable lifetime transfers and identify when taper relief applies

Explain the seven-year rule and the taxation of failed PETs

Calculate the tax on a lifetime gift into a trust and state who bears the burden of the tax

Compute corporation tax on trading profits, starting from accounting profit and adjusting for disallowable expenditure and capital allowances

Apply the correct treatment for trading losses, including carry-back and carry-forward options

Explain how the corporation tax marginal relief rules apply to profits between the lower and upper limits

Distinguish the treatment of a company's chargeable gains from its trading profits

Classify supplies as standard-rated, reduced-rated, zero-rated or exempt and state the consequence for input tax recovery

Compute VAT payable or repayable for a quarter from output tax, input tax and any partial exemption adjustment

Explain registration and deregistration thresholds and the consequences of late registration

Distinguish the invoice, cash and flat-rate schemes and state when each is available

Complete two full mixed-topic case studies under timed conditions, allocating marks before writing

Identify the three topics where accuracy is weakest and re-derive the underlying rule from first principles

State the ethical and professional obligations that apply when advising a client on a tax planning arrangement

Explain the administration cycle: self assessment deadlines, payment on account and penalties for late filing

Recall the key rates, thresholds and deadlines for every tax from memory in a single reference sheet

Complete one full mock under exam conditions and score it against the mark scheme

Review every incorrect answer and write the correct rule beside it

Rank the syllabus topics by expected mark yield and allocate final revision time accordingly