Mr. Albert lives in a company flat accommodation which is not job related. The cost of the accommodation for the employer was £75,000. The annual value of the flat is £4,000. He also received cash bonus of 2,000 on 6th June 2020. Assuming that the official rate interest was 2.5%. The taxable accommodation benefit to be included in his employment income for the tax year 2019-20 was £ a. 4,000 b. 1,875 c. 4,250 d. 7,875
Mr. Albert lives in a company flat accommodation which is not job related. The cost of the accommodation for the employer was £75,000. The annual value of the flat is £4,000. He also received cash bonus of 2,000 on 6th June 2020. Assuming that the official rate interest was 2.5%. The taxable accommodation benefit to be included in his employment income for the tax year 2019-20 was £ a. 4,000 b. 1,875 c. 4,250 d. 7,875
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. Albert lives in a company flat accommodation which is not job related. The cost of the accommodation for the employer was £75,000. The annual value of the flat is £4,000. He also received cash bonus of 2,000 on 6th June 2020. Assuming that the official rate interest was 2.5%. The taxable accommodation benefit to be included in his employment income for the tax year 2019-20 was £
a.
4,000
b.
1,875
c.
4,250
d.
7,875
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