Personal Tax - What is the difference between benefits in kind & allowable Deductions
geek84
Registered Posts: 568 Epic contributor 🐘
Hi Folks
I am studying the Personal Tax unit at the moment and can't get my head round the difference between allowable deductions and benefits in kind.
Would somebody be kind enough to explain the difference?
Or, can someone provide me with a link to a resource(s) where I could get more info on these two topics?
Thanks in advance for your responses.
I am studying the Personal Tax unit at the moment and can't get my head round the difference between allowable deductions and benefits in kind.
Would somebody be kind enough to explain the difference?
Or, can someone provide me with a link to a resource(s) where I could get more info on these two topics?
Thanks in advance for your responses.
0
Comments
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Hi Folks
I am studying the Personal Tax unit at the moment and can't get my head round the difference between allowable deductions and benefits in kind.
Would somebody be kind enough to explain the difference?
Or, can someone provide me with a link to a resource(s) where I could get more info on these two topics?
Thanks in advance for your responses.
Hello Geek
What text book are you using to study PTX?
You could try looking at the HMRC website or even type the two into Google and see what the definitions are that they provide... see if they are clearer than those in your text book.
JC~ An investment in knowledge always pays the best interest ~Benjamin Franklin0 -
Benefits in kind are like things you get when you are working that are taxable such as car benefit and car fuel charge.
Allowable deductions are for similar things but which are an allowable deduction, these could be paying for a professional organisation related to your job and also mileage allowance.
With mileage is a good one to use as your employer might pay you over the odds for mileage but you have an allowable deduction the other way.0
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