please translate into laymen's terms.....

Starryeyes
Starryeyes Registered Posts: 24 Dedicated contributor 🦉
in AAT Level 4 (Level 8 in Scotland)
Hi all,

Please can you help me get my head around the term assessable benefit!!!

I took my personal tax exam in Nov last year and unfortunatly I did not pass....I think this is to do with the fact that I cannot get my head around what an assessable benefit really is.
I think I know then I over think it and get all confused.
Does anyone have a simple explanation to guide me through my revision and my exam????

Heres hoping..

Comments

  • nonmugglesue
    nonmugglesue Registered Posts: 39 Regular contributor ⭐
    An assessable benefit is a taxable benefit which is often something that you may use solely e.g a company may let you drive a company car and use it for private use but HMRC say that it is a benefit as it's only you who uses it (unlike a pool car which is used by any employee) therefore you will be taxed accordingly.

    I hope this helps x
  • Starryeyes
    Starryeyes Registered Posts: 24 Dedicated contributor 🦉
    hi

    Yes that helps, I have my re-sit on the 8th Feb!!!

    Thanks very much xx
  • nonmugglesue
    nonmugglesue Registered Posts: 39 Regular contributor ⭐
    How did the exam go Starryeyes?
  • Starryeyes
    Starryeyes Registered Posts: 24 Dedicated contributor 🦉
    Hi
    The exam was definately harder than the first one I sat, Im not sure if this was due to moving onto
    Financial statements and only picking up personal tax again about a week ago, but I did struggle with it....not looking forward to receiving my results in a few weeks time.
    The last one I felt ok with, I didn't think it had gone too wrong, but this one....not feeling so confident.

    Thanks for asking

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