Employment income quiz - Statistics

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General Stats

This quiz has been taken 13 times
The average score is 6 of 87

Answer Stats

Hint	Answer	% Correct
can net taxable earnings be less than zero?	no	100%
mileage rate allowance for motorcycle	24p	50%
passenger payment rate	5p	50%
if the loan balances changes during the year there are two methods to calculate the benefit. which is the default method?	average	50%
which method is by election?	strict	50%
what is the official rate of interest (ORI)	2.25%	25%
to a max of	£5,000	25%
when is any monthly contribution from employee deducted?	after above calculation	25%
in all cases employee contributions are	deductible	25%
travel between home and work is an allowable expense if:	employee has no normal place of work	25%
if accommodation is job-related then accom is an	exempt benefit	25%
car benefit is calculated as	manufacturer's list price x co2 emissions %	25%
where an employee is reimbursed expenses by the employer, the amount received is either	taxable income	25%
if an employer purchases an asset and gives it to an employee immediately, employee is taxed on	the cost to the employer	25%
remember to	time apportion for part availability	25%
entertaining expenses 3 scenarios:	x	25%
benefit for all living expenses is limited to:	10% employee's net earnings	0%
i.e.,	20% of the market value p.a. for as long as the asset has been lent to the employee	0%
what is the annual cap of such benefits when provided to certain directors?	£300	0%
mileage rate allowance for car/van	45p first 10,000 miles 25p thereafter	0%
less	allowable deductions	0%
	annual social events paid for by the employer up to £150 per head per year	0%
deduct from list price:	any capital contribution made by employee	0%
gives	assessable benefit	0%
if all or part of a loan to an employee is written off, the amount written off is treated as	a taxable benefit for both income tax and class 1 NICs in full at the time of the write-off	0%
add	benefits (excluding living expenses)	0%
	canteen if available to all staff	0%
	childcare	0%
the taxable amount is treated as a benefit and subject to	class 1A NICs	0%
how to calculate extra charge	(cost -75k) x ORI at the start of the tax year	0%
trivial benefits are exempt if they meet the following conditions:	cost does not exceed £50	0%
	employee has a temporary workplace (for no more than 24 months)	0%
expenses incurred by employee are allowable deductions if:	employee is obliged to incur and pay the expense	0%
	employee's cash contributions into an occupational pension scheme	0%
	employee's home is the normal place of work	0%
	employer provided pension advice	0%
if mileage payments received from employer exceed the statutory rate:	excess is a taxable benefit	0%
if passenger payments received from employer exceed statutory rate:	excess is a taxable benefit	0%
reimbursed directly	exempt income for employee, disallowed expense for the employer	0%
	expense is wholly, exclusively and necessarily in the performance of duties of the employment	0%
	for absences of 60 days or more, travelling expenses for a spouse and minor children	0%
when employer rents the asset	higher of: 20% x MV and rent paid by employer	0%
taxable benefit for living accommodation when employer rents property	higher of rateable value and rent paid by employer	0%
general/round sum allowance	income for employee, deduct allowable expenses (NOT entertaining) from employee's income, full allowance is a deductible expense for employer	0%
specific entertaining allowance	income for employee, deduct entertaining expenses incurred from employee's income, full allowance is disallowed expense for employer	0%
	insignificant private use of computer equipment	0%
less:	interest actually paid in the year	0%
	job related living accommodation	0%
the taxable benefit is given by:	loan amount (under strict/average method) x ORI	0%
examples of exempt benefits:	loans less than 10,000 pa	0%
or	market value when first provided less benefit already taxed under private use	0%
where an employee has use of an asset and is then given the asset, the benefit is the higher of:	market value when gifted	0%
when furniture is provided, how is benefit calculated when employer owns the asset?	MV when first provided to employee x 20%	0%
	necessary tools, uniforms etc	0%
=	net earnings	0%
	not cash or a cash voucher	0%
	not provided in recognition of services (e.g. exempt for a birthday)	0%
less	occupational pension contributions	0%
	one medical check (not including treatment) and one health screen	0%
	one mobile phone	0%
	or exempt (as listed above)	0%
	overseas medical treatment and insurance	0%
	parking space	0%
and	payments made by the employee are deducted	0%
	pension advice up to £500 per tax year	0%
the optional renumeration rules must be applied even if the benefits would normally be exempt except these are treated as normal exempt	pension savings	0%
examples of deductible expenses:	professional subscription fees	0%
	proportion of expenses if required to work from home	0%
taxable benefit for living accommodation when employer owns property	rateable value (given) and potential extra charge	0%
employees net earnings calculated by:	salary, bonus etc	0%
what is an optional renumeration arrangement?	salary sacrifice in return for a benefit	0%
if mileage payments received from employer are less than the statutory rate:	shortfall is an allowable deduction	0%
if passenger payments received from employer are less than the statutory rate:	shortfall is NOT an allowable deduction	0%
less	statutory mileage rate scheme	0%
taxable benefits general rules	taxable amount is the cost to the employer	0%
the taxable value of the benefit is the higher of:	the amount of cash pay given up	0%
the following are exempt benefits if provided to an employee who is employed abroad:	the cost of board and lodging abroad	0%
when the asset is a car, van or bike the benefit is always	the current market value	0%
what is the taxable benefit on loans made to an employee below the ORI?	the difference between the interest due at the ORI and the interest actually paid.	0%
there is no taxable benefit where:	the loan is made on normal commercial terms by a money lending business	0%
or	the taxable value under the normal benefit rules	0%
there is no taxable benefit where:	total loans to an employee less than or equal to £10,000 in the tax year	0%
	travel home (any number of return visits)	0%
treated as normal, taxable	ultra-low emission cars - any benefit is calculated using the company car benefit rules	0%
limited to how many spouse and child visits per tax year	up to two	0%
what happens if the employer owned the property for more than 6 years before the employee moved in?	use the MV at the date the employee moved in plus any capital improvements since that date but before the start of the tax year.	0%
	workplace childcare	0%

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