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The Tax and Legal Aspects of Business (J03)

The Tax and Legal Aspects of Business (J03) develops knowledge and understanding of corporate taxation and legal aspects of business.

Please note - J03 has now been withdrawn. For further information please see our FAQs - hereIn addition, a resit only assessment opportunity is being arranged for the second half of 2021. Further details will be provided to students who have previously failed the assessment (during the Q2 2021 exam session or a previous exam session).

The Tax and Legal Aspects of Business (J03) starts by looking at the main legal forms of business in the UK. It includes the main principles of business accounting and the interpretation of accounts for each of the main legal forms of business. The main internal and external options for financing a business are also covered.

It then considers the principles and application of taxes and allowances in the business context, including Income Tax, National Insurance contributions, Corporation Tax, Capital allowances, VAT, Capital Gains Tax and Inheritance Tax.

The study text looks at the impact of employment law on business and the main principles of business protection. Finally, it looks at the role of pensions in a business environment.

Building a successful career in personal finance

The Tax and Legal Aspects of Business (J03) is suitable for anyone seeking to build their knowledge and understanding of corporate taxation and legal aspects of business. This unit counts towards the Diploma in Financial Planning, suitable for paraplanners, technical consultants and those supporting financial planning processes, in particular those who already hold CII credits that count towards completion (otherwise, the Diploma in Regulated Financial Planning is more suitable).

Purpose

At the end of this unit, candidates should be able to demonstrate an understanding of:

  • the main legal forms of business and how they are set up and managed;
  • the consequences of bankruptcy or insolvency;
  • business accounts and financial controls;
  • the taxation of each type of business entity, its owners and employees;
  • the main legal responsibilities businesses have to employees;
  • the use of insurance and associated trust and legal arrangements in business protection;
  • the main uses of pensions for business planning.

Assessment

  • 2 hour exam
  • Written short answer questions
  • The nominal pass mark is 55%
  • The 2020 pass rate for this unit was 50%