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Class 1A NIC

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Class 1A NIC

  • This topic has 2 replies, 2 voices, and was last updated 9 years ago by AvatarRakeshkumar`.
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  • August 21, 2016 at 7:23 am #334308
    AvatarRakeshkumar`
    Member
    • Topics: 4
    • Replies: 4
    • ☆

    Greetings sir,
    A beneficial loan of 2600 is it not exempt from class 1A nic?

    as beneficial loan of below 10000 is exempt from taxable benefits

    August 21, 2016 at 10:02 am #334320
    AvatarTax Tutor
    Member
    • Topics: 2
    • Replies: 3960
    • ☆☆☆☆☆

    There is only a Class1A NIC liability for the employer if there is an assessable benefit! If the benefit is exempt then there is indeed no Class 1A charge.

    August 29, 2016 at 8:35 pm #336100
    AvatarRakeshkumar`
    Member
    • Topics: 4
    • Replies: 4
    • ☆

    thank you sir

    so thats an exempt benefit under employment income, and is not a taxable benefit under NIC 1A?

    thank you so much for your help

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