Benefit In kind Flashcards

1
Q

How are in house employee benefits assessed?

A

The cash equivalent of the additional cost incurred by the employer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Which four in house employee benefits are not taxed?

A

(1) Goods sold at a discount if employee pays at least the wholesale price.
(2) Teachers paying 15% or more of normal fees.
(3) Services that do not require additional staff.
(4) Public transport that does not disrupt fare paying passengers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How are you taxed when using an employer’s asset?

A

20% of the market value at the time it was given, plus maintenance costs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How is employee fuel for private use taxed?

A

See tax tables.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

How is employee green transport taxed?

A

Methods of travelling to work other than by car are not taxed.
*Include work buses and subsidies,electric charging points.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How are employee loans taxed?

A

(1) Difference between 2.5% and rate paid.

(2) loans under £10,000 not taxable, although loans above this figure whole amount is taxed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How is accommodation provided by an employer taxed

A

(1) Rentable value plus if it cost the employer more than £75k , 2.5% is charged on the excess.
(3) Exempt if needed to perform duties, for example a caretaker.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Employee vouchers and credit cards, provided by an employer are generally taxable with one exception, which is?

A

Child care vouchers up to £55 per week.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Are employee liabilities paid by employer i.e. subscriptions, bills, fees, fines taxable?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Are medical examinations / screening carried out at employers request taxable?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Is employee group IPP taxed?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Are subsidised employee canteen and Xmas meals taxed?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Are employee mobile phones taxed?

A

1 per employee not taxed, excludes tablets.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Are employee rewards from formal suggestion schemes taxed?

A

No, up to £5,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Is employee work related training taxed

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the maximum untaxed employee relocation costs?

A

£8,000

17
Q

Additional household costs incurred by an employee working from home are not taxed up to what amount, unless additional evidence is provided?

A

£4 per week.

18
Q

Are employee workplace nurseries taxed?

A

No but must not be used for Education.

19
Q

Which employee long service awards are not taxed?

A

If for at least 20 years service @ £50 per year of service, if no other award in previous ten years.
*Cash awards are subject to PAYE

20
Q

Is employee pension’s advice taxed?

A

No, for first £500 p.a.

21
Q

Are employee trivial benefits taxed?

A

No, if under £50.

22
Q

Are indemnity / liability insurance and work related legal Costs taxed?

A

No and if employee pays they get tax relief.

23
Q

Are employees taxed on readily convertible assets easily turned into cash such as shares taxed?

A

Yes

24
Q

Are employee pool cars taxed?

A

No, if used for business only.

25
Q

Are scholarships taxed?

A

No, with some exceptions.