PTC Dec 08
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jewels.p
Registered Posts: 1,758 Beyond epic contributor ๐งโโ๏ธ
Task 1.1 (Yes thats right the very first question I am stuck)
When calculating the Car Benefit I used the List Price of ยฃ27,995 and multiplied it by 35% but in the answer it says Cost โ restricted to the ยฃ25,000 paid for by the company. I thought it was the list price you always used?
When calculating the Car Benefit I used the List Price of ยฃ27,995 and multiplied it by 35% but in the answer it says Cost โ restricted to the ยฃ25,000 paid for by the company. I thought it was the list price you always used?
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Task 1.1 (Yes thats right the very first question I am stuck)
When calculating the Car Benefit I used the List Price of ยฃ27,995 and multiplied it by 35% but in the answer it says Cost โ restricted to the ยฃ25,000 paid for by the company. I thought it was the list price you always used?
the company said he can choose a car upto ยฃ25,000. so the company will only do the benefits upto that amount (i think)
i always look in the assesors report too as that sometimes explains the pitfalls lol
Tracy0 -
this is a bit mean because it is list price you use, (that is the value of the benefit to the employee) did the company get a discount on the car, even in those circumstances I thought you would use 'list price' - bit off to me
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/WorkingAndPayingTax/DG_100217160 -
Jewels, the guy made a contribution to the car (capital) so that is taken off the list price before you calculate the benefit.0
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The question states that 'the difference in price was met by Mahmood'. If a capital contribuition is made, as it has been in this case, it is always deducted from the list price.0
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Hi,
I've just been doing that one!
Don't forget there is a bit that says the difference in price was met by Mahmood.
If an employee makes a CAPITAL contribution then it is deducted from the list price.
If an employee makes a REVENUE contribution (eg each year towards running costs) then it is deducted from the assessable amount.
Hope that helps - it seems to be one of the only things that has sunk into my head - lol!
Ampsie
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Thanks guys. So much ifs and buts to decide what you need to do with PTC.
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