Tax Practice Professional – Bennett Tax School

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Tax Practice Professional

The curriculum is designed to provide students with practical, hands-on skills in accounting, taxation, and financial reporting. Emphasis is placed on the use of Excel for efficient data management, as well as specialized areas such as the accounting and tax treatment of Uganda’s oil and gas sector. This ensures that students are equipped for professional roles in various industries.

What You will Learn

Course Format

Duration Course

Course Content

Module 1: Introduction To Accounting (Week 1-2)

Overview of Accounting Principles: Definition of accounting, role of accounting in business
The Accounting Cycle: Journal entries, ledgers, trial balance
Financial Statements: Income statement, balance sheet, cash flow statement
Double Entry System: Debits and credits, accounting equation

Practical Work: Preparation of simple financial statements, exercises on journal entries, and balancing ledgers using Excel

Module 2: Financial Reporting And Analysis (Week 3-4)

Understanding Financial Statements: In-depth analysis of income statements, balance sheets, and cash flows
Ratio Analysis: Profitability ratios, liquidity ratios, efficiency ratios
International Financial Reporting Standards (IFRS): Overview and application of IFRS standards
Corporate Reporting: Corporate governance and reporting requirements

Practical Work: Financial statement preparation using IFRS guidelines, ratio analysis, and creating financial dashboards using Excel

Module 3: Taxation Principles And Practices (Week 5-6)

Introduction to Taxation: Principles of taxation, types of taxes, tax laws in Uganda and East Africa
Income Tax: Personal income tax, corporate tax, taxation of SMEs
Value Added Tax (VAT): VAT computation, filing returns
Tax Planning and Compliance: Tax incentives, penalties for non-compliance

Practical Work: Preparation of actual income tax returns and VAT returns, using both manual and URA’s online system. Practical exercises on VAT calculations and tax filings using Excel.

Module 4: Auditing And Assurance Services (Week 7-8)

Principles of Auditing: Purpose of auditing, internal vs external audits
Audit Process: Planning, evidence collection, risk assessment, final reporting
Internal Control Systems: Components of effective internal controls
Fraud Detection and Prevention: Identifying red flags, prevention mechanisms

Practical Work: Performing internal audit simulations using case companies, audit data tracking and reporting using Excel

Module 5: Business Law And Ethics (Week 9)

Introduction to Business Law: Contracts, employment law, corporate governance
Tax Laws and Regulations: Key regulations affecting businesses in Uganda and East Africa
Business Ethics: Importance of ethics in accounting, case studies on ethical dilemmas

Practical Work: Compliance audits using legal and tax regulations, ethical dilemmas in business case studies

Module 6: Mastering Excel For Accounting And Financial Reporting (Week 10-11)

Introduction to Excel for Accountants: Basic to advanced Excel functions relevant for accounting
Data Entry and Management: Setting up financial templates, using Excel for budgeting and forecasting
Excel Functions for Financial Analysis: Using formulas like VLOOKUP, HLOOKUP, SUMIFS, IFERROR, pivot tables
Automating Financial Reports in Excel: Developing dynamic financial statements
Tax Filing Support in Excel: Using Excel to organize tax data, calculate tax obligations

Practical Work: Creating templates for accounting tasks, managing and processing tax filings in Excel

Module 7: Advanced Taxation And Practical Filing (Week 12)

Corporate Taxation: Taxation of companies, tax planning, and tax audits
International Taxation: Double taxation, treaties, transfer pricing
Taxation of the Digital Economy: New developments in taxing the digital economy
Tax Audits and Investigations: Process, handling audits and tax disputes.

Practical Work: Real-world simulation of corporate tax returns using Excel, URA systems, and preparation of tax returns for case studies

Module 8: Accounting And Tax Treatment For The Oil And Gas Sector (Week 13)

Overview of Oil and Gas Accounting: Key accounting principles unique to the oil and gas industry
Exploration and Development Costs: Accounting for exploration, evaluation, and development costs
Revenue Recognition in Oil and Gas: Timing and methods for revenue recognition
Taxation of Oil and Gas Activities in Uganda: Uganda’s tax framework for the oil and gas sector, including PSAs and corporate tax for oil companies

Practical Work: Case studies on accounting for oil exploration and tax implications for oil and gas companies

Practical Training (Week 14-18)

Students will participate in practical training with partner firms to:

Apply their theoretical knowledge in real-world settings
Assist in tax filings, internal audits, and financial statement preparation
Gain exposure to computerized accounting systems and Excel-based financial reporting

FINAL PROJECT AND ASSESSMENT

Students are required to complete a final project that includes:

Developing a comprehensive financial report for a mock company, including financial statements, tax calculations, and planning using Excel
Conducting an internal audit on a case company and presenting findings using Excel

Tax Practice Professional

Build practical expertise in accounting, tax, and financial reporting, from foundational principles to advanced industry applications. This comprehensive course equips you for real-world financial tasks across various industries.