AAT Level 4 Personal Tax CBT 2 Task 3
I cannot for the life of me understand why the £4,000 loan is a benefit. I thought all loans under £10,000 were exempt?
I have seen this task posted twice in this forum and no-one asks about the loan so I'm thinking my understanding must be wrong. I have gone back over the Kaplan and Osbourne textbooks and still can't understand. Can someone tell me what I am doing wrong please.
PS, my exam is tomorrow morning