The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
The entry in box 13 on the Employment supplementary page to the Main Tax Return is the total cash equivalent of:
Note that the benefit does not need to be reported on a form P11D if it has been payrolled, although the employer is required to provide to the employee a summary of all taxable benefits payrolled by 1 June following the end of the tax year. The amount should still be included on the Employment supplementary page to the Tax Return. See the Employment income guidance note.
These are benefits in kind provided by the employer. To be taxable on the employee or director, they must have been provided ‘by reason of employment’. A benefit provided to a member of the employee’s family is taxable on the employee (unless the family member is also an employee). The same applies to directors. See the Employment income guidance note.
If the asset is transferred to a lower-paid minister of religion (earnings of less than £8,500 per year including cash equivalent of benefits), the benefit is not chargeable to tax. See the Employment income guidance note. For tax years prior to 2016/17, this exemption applied more widely to all lower paid employees who were not directors. See EIM20100.
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