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Post Info TOPIC: Benefit In Kind
Brent


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Benefit In Kind
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Guys, can someone offer me some advice.

When it comes to working out benefit in kind on an employee, where an emloyer pays slightly less than the cost it would be to the employee. Is there some set principle to working out the value of the benefit in kind ?

I appreciate any advice.

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Brent


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For example, using the above terms with insurance. Would it be a straight 20% of when it was first provided ?

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moxby


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The Benefit is what the employer paid, regardless of whether it's less than what the employee would have paid themselves.

The taxable benefit is the full amount and 20% being the tax on it.

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Martin Oxby ACA
Nene Business Services Limited
Peterborough Bookkeepers|VAT Consultancy
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