he employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000 and the official rate of interest of 2.5% during the tax year 2019/20. Accommodation is not job related. Which one of the following is taxable benefit from accommodation as per the UK tax laws? O a. None of the options b. £125 O C. £1,125 O d. £1,000
he employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000 and the official rate of interest of 2.5% during the tax year 2019/20. Accommodation is not job related. Which one of the following is taxable benefit from accommodation as per the UK tax laws? O a. None of the options b. £125 O C. £1,125 O d. £1,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
1-The employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000 and the official rate of interest of 2.5% during the tax year 2019/20. Accommodation is not job related. Which one of the following is taxable benefit from accommodation as per the UK tax laws?
O a. None of the options
b. £125
O C. £1,125
O d. £1,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education