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taxable benefits

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › taxable benefits

  • This topic has 5 replies, 3 voices, and was last updated 9 years ago by jingdong.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • February 29, 2016 at 7:24 pm #302656
    jingdong
    Participant
    • Topics: 89
    • Replies: 115
    • ☆☆☆

    Dear Tutor, i have another question, shown as follows:
    John is employed by Z plc at a salary of £ 35,000 a year. He was provided with a computer for private use on 6 November 2013. The market value of the computer when first provided to an employee for private use was £ 3600 and had a market value of £2,000 when privided to John for private use.Z plc gave the computer to John on 5 ASpril 2015 when it had a market value of £ 1,000.
    what are the total taxable benefits for John in respect of the computer for the tax year 2014/15?
    the answer is 3300. but what i did is that 3600-(3600×20% +3600×20%x5/12)=2580. would you please help me?
    many thanks

    March 1, 2016 at 10:05 am #302771
    samiksha856
    Member
    • Topics: 1
    • Replies: 4
    • ☆

    According to me the solution should be:

    market value when first provided = 3600
    less:benefit assessed
    (3600*20%*5/12) = (300)
    = 3300 answer

    March 1, 2016 at 10:26 am #302780
    jingdong
    Participant
    • Topics: 89
    • Replies: 115
    • ☆☆☆

    thanks samiksha856, but how about between 6 November 2013 and 31 October 2013?
    please help me a further !
    many thanks

    March 1, 2016 at 12:23 pm #302812
    samiksha856
    Member
    • Topics: 1
    • Replies: 4
    • ☆

    Sorry i didn’t get your point

    March 1, 2016 at 5:49 pm #302888
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    You state that the question asks for the “TOTAL taxable benefits in 2014/15. This is made up of 2 things, firstly the annual taxable benefit for 2014/15 for the use of the asset, £720 (3,600 x 20%) as the asset was used through till 5 April 2015 before being transferred to the employee and secondly the taxable benefit on the transfer to the employee which jingdong you have correctly calculated as £2,580.
    The answer is therefore 720 + 2,580 = 3,300

    March 4, 2016 at 10:15 am #303401
    jingdong
    Participant
    • Topics: 89
    • Replies: 115
    • ☆☆☆

    thank you sir

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