taxable benefits

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:27AM in AAT student discussion
Hi, can anyone confirm if you time apportion the taxable benefit of loans if they have been taken out part way through the year? In the Osborne personal tax book it tells you to time apportion all the other taxable benefits but nothing is mentioned about loans. An answer to a question in the book doesn't time apportion a loan but we have been taught to do so at college.

Thanks
Katie

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:taxable benefits

    I'd say yes. You can't be taxed on a benefit you haven't had. I'd say time apportion them all. That's what I intend to do. :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:taxable benefits

    Hi

    If dates are given then I would time apportion, but if say Insurance has been paid and no date given for when it runs from/to then I would assess this for the whole amount.

    Hope that right.....

    Yas

Categories

Privacy Policy