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Hi again tax tutor. For the above question in the answer related to the bonus we only include the one bonus as it is based on when this was received. I thought that the earlier of when the bonus was received and when they were entitled would have been the end of November for each year. Would the employee not have been entitled to the bonus when the accounts were prepared? On a separate note related to the same question the rate of interest in the question shows as 3.25% and in the answer related to the beneficial loan and additional charge on accommodation it is calculate as 3. Is the 3.25% just a typo? Thank you in advance. Angela
Firstly the rate of interest – yes a typo it should be 3% as per the rates and allowances pages provided – sorry!
Secondly the bonus – the date the taxpayer became entitled to the bonus is not the accounting date at which time the profit would not be known and no decision would have been made about the level of bonuses. If the date the taxpayer became entitled is to be considered it will be given to you don’t worry!
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