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The auditor should also consider the appropriateness of personal taxation services being billed to the company. Indeed, the preparation of Mr Blackers’ personal tax return may be a taxable benefit which should be included in his tax return and the fee for this service may need to be reflected in his director’s loan account with the company.
ma’am I didnt quite get this! the taxable benefit(attributable to the company) will reduce the tax service fees for the director? and that will be legal?
Assumed knowledge of TX – if a company provides a director/employee with a car/accommodation or pays some personal expense, the benefit is taxable on the individual (hence “HIS tax return”) – otherwise a company could pay all remuneration “in kind” and the individual would pay no tax (!!!)
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