Taxable benefit Flashcards
is job related accom taxed under the benefit rules
no
3 rules for what is considered job related accom
security reasons
necessary for proper performance of duties
customary and ensures better performance of duties
how is the taxable benefit calculated if accom is not job related
greater of annual value or rent paid by employer
what is the official rate of interest in the tax year
2.5%
what is the cost used in the calculation
cost of purchase + improvements made to the property before the start of the year
what must you do if the employer has purchased the property more than 6 years before the employee has moved in
use MV
how do you calculate the taxable benefit on living expenses if its job related
cost to employer but cannot exceed 10% of net earnings
how do you calculate the taxable benefit on living expenses if its not job related
cost to employer
what is the employee taxed on if using employers assets
higher of:
20% of value when made available to employee
rental paid by employer
what is the employee taxed on if given employers assets
higher of:
market value when given
market value when first used less amounts taxed as benefits
whats the standard benefit for company vans
3430
what are 3 most common exempt benefits
canteen meals
medical treatments are not taxable for up to £500
workplace childcare but needs to be on site
exempt benefit for moving for work
up to 8000
what is the cost per head thats exempt for staff parties
£150 per head
what is the weekly tax free allowance for employees working from home
£4 a week
