Personal Tax question

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Darryl1993
Darryl1993 Registered Posts: 12 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
hi

i've been revising personal tax as I have my exam on wednesday, and the phrase benefit in kind has been cropping up, just wondering if anyone can define and explain it?

thanks
Level 3 - Passed June 2012
Level 4 - Passed March 2015
MAAT - March 2015 :D

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  • MarieNoelle
    MarieNoelle Registered, Moderator Posts: 1,368
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    Hi Darryl,
    Benefits in kind are goods or services provided to an employee for free or at a reduced cost (definition HMRC)
    Examples include a company car, a loan, accommodation provided with the job, child vouchers, etc...
    Some benefits have to be reported to HMRC as further Income tax or National Insurance tax may arise from them.
  • Dahir Ahmed
    Dahir Ahmed Registered Posts: 63 Epic contributor 🐘
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    Hi Darryl
    It comes across like it's alien to you and you're about to sit for the paper in 3 days?. Better you than me.

    Shouldn't there be an entire chapter dedicated to benefits in kind in whichever book you're using?.
  • Darryl1993
    Darryl1993 Registered Posts: 12 Regular contributor ⭐
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    I spoke to my tutor and she used a different phrase, so I do know what I'm doing :P I understand I must of seemed completely unprepared when my exams on wednesday haha, but thanks for the help anyway :)
    Level 3 - Passed June 2012
    Level 4 - Passed March 2015
    MAAT - March 2015 :D
  • Morpheus1980
    Morpheus1980 Registered Posts: 120 Beyond epic contributor 🧙‍♂️
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    Good luck for your exam tomorrow Darryl, and I hope your exam went well today Dahir.

    Personal Tax was my favourite module - I actually miss all that studying for it!
  • Dahir Ahmed
    Dahir Ahmed Registered Posts: 63 Epic contributor 🐘
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    Thanks Morpheus. Did it yesterday and it went well.

    Wish you the best Darryl.
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Morpheus1980 wrote: »
    Good luck for your exam tomorrow Darryl, and I hope your exam went well today Dahir.

    Personal Tax was my favourite module - I actually miss all that studying for it!

    Have you considered studying ATT?
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Morpheus1980
    Morpheus1980 Registered Posts: 120 Beyond epic contributor 🧙‍♂️
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    I would love to do ATT, Jo, but work commitments have driven me to study ACA instead. Currently studying the AAT Business Tax module at the moment though to get the exemption from the ACA, but it's not the same as Personal Tax, which is a really enjoyable module, especially after all that FNST and FNPF stuff!

    Glad to hear that your exam went OK, Dahir :001_smile: Hope you pass!
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Ohhh I enjoyed Business Tax :)

    Good luck with ACA.


    JC :o
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • billdoor
    billdoor Registered Posts: 129 Beyond epic contributor 🧙‍♂️
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    I have Personal Tax tomorrow and the phrase 'benefit in kind' hasn't cropped up at all for me either.

    Good luck with the exam today.:thumbup1:
  • Darryl1993
    Darryl1993 Registered Posts: 12 Regular contributor ⭐
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    Thanks billdoor, my exam went good (I think) Just the tedious 6 week wait now! How did you find it?
    Level 3 - Passed June 2012
    Level 4 - Passed March 2015
    MAAT - March 2015 :D
  • billdoor
    billdoor Registered Posts: 129 Beyond epic contributor 🧙‍♂️
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    Glad to hear it, I think mine went okay too. Happy with most of the questions, the written question was fine too.

    Only annoying thing is that I was having trouble getting all of the different penalties to stick in my head, spent time writing notes and re-reading them all week - don't think I got a single question regarding penalties!

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