During 2023/24, Coleen has income from employment of £86,000 gross, from which £34,400 PAYE has been deducted. She also received bank deposit interest of £14,000, and dividends from UK companies of £60,000. Required: Calculate the IT liability and IT payable by Coleen.

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.