usan received £ 15,000 salaries and £ 10,000 bonuses during the tax year 2020-21. Her employer provided following benefits during the year Accommodation in a building costing £ 78,000. The building has an annual rental value of £ 3,400 and Susan’s employer pays £ 3,500 rent Per year. Mileage allowance of 48p per mile was paid by the employer. Susan drove her own car for 12,647 miles in discharging her employment duties during the year. Outstanding amount of beneficial loan received from the employer @ 1.2% per annum as on 6th April 2020 was £ 12,800. She repaid 7,000 on 6th December 2020. Calculate Susan’s taxable benefits and taxable employment income for the tax year 2020-21
usan received £ 15,000 salaries and £ 10,000 bonuses during the tax year 2020-21. Her employer provided following benefits during the year Accommodation in a building costing £ 78,000. The building has an annual rental value of £ 3,400 and Susan’s employer pays £ 3,500 rent Per year. Mileage allowance of 48p per mile was paid by the employer. Susan drove her own car for 12,647 miles in discharging her employment duties during the year. Outstanding amount of beneficial loan received from the employer @ 1.2% per annum as on 6th April 2020 was £ 12,800. She repaid 7,000 on 6th December 2020. Calculate Susan’s taxable benefits and taxable employment income for the tax year 2020-21
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Susan received £ 15,000 salaries and £ 10,000 bonuses during the tax year 2020-21. Her employer provided following benefits during the year
Accommodation in a building costing £ 78,000. The building has an annual rental value of £ 3,400 and Susan’s employer pays £ 3,500 rent Per year.
Mileage allowance of 48p per mile was paid by the employer. Susan drove her own car for 12,647 miles in discharging her employment duties during the year.
Outstanding amount of beneficial loan received from the employer @ 1.2% per annum as on 6th April 2020 was £ 12,800. She repaid 7,000 on 6th December 2020.
Calculate Susan’s taxable benefits and taxable employment income for the tax year 2020-21
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