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personal taxation services for the director

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › personal taxation services for the director

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • October 15, 2021 at 2:54 pm #637756
    Noah098
    Member
    • Topics: 935
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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?

    October 19, 2021 at 11:43 am #638461
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6794
    • ☆☆☆☆☆

    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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