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If a furnished property is provided to an employee as non job related accommodation, is it a rule to charge 20% of the cost of furnishing the property as an assessable benefit?
Also, have there been any changes to the standard benefit for P11D employees with use of a company van($3,090 a year) and the additional charge for private fuel for company vans ($581)?
1) The annual assessable benefit is 20% of the market value of the furnishings when FIRST made available for the private use of an employee. If a property was refurnished by the employer at a cost of £10,000 immediately prior to an employee occupying the property, then the annual assessable benefit to be charged on the employee will be £2,000. If that employee was then replaced by another employee 2 years later when the OMV of the property was only £5,000 the same £2,000 annual assessable benefit would still apply to that second employee
2) There are NEW levels for FA 2015 – the material you MUST now be using! You will find this in the OT course notes, page 66 and you should also have read the FA 2015 Technical update written by the F6 examining team and available on the ACCA website!
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