Personal Tax question

Darryl1993

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

MarieNoelle

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

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

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

Morpheus1980

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

Thanks Morpheus. Did it yesterday and it went well.

Wish you the best Darryl.

Jo Clark

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?

Morpheus1980

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

Ohhh I enjoyed Business Tax

Good luck with ACA.


JC

billdoor

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

Thanks billdoor, my exam went good (I think) Just the tedious 6 week wait now! How did you find it?

billdoor

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!