Personal Tax question
Darryl1993
Registered Posts: 12 Regular contributor โญ
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
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
Level 4 - Passed March 2015
MAAT - March 2015
0
Comments
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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.0 -
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?.0 -
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 anywayLevel 3 - Passed June 2012
Level 4 - Passed March 2015
MAAT - March 20150 -
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!0 -
Thanks Morpheus. Did it yesterday and it went well.
Wish you the best Darryl.0 -
Morpheus1980 wrote: ยปGood 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 Franklin0 -
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!0 -
Ohhh I enjoyed Business Tax
Good luck with ACA.
JC~ An investment in knowledge always pays the best interest ~Benjamin Franklin0 -
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.:thumbup1:0 -
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 20150 -
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!0
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