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The Technical Quiz: 28 February

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions. Answers below.

The Technical Quiz MM 480

QUESTION ONE: Benefits in kind must be reported on form P11D for company directors and employees earning in excess of what amount?

A) £9,440

B) £8,500

C) £7,500

D) £5,540

QUESTION TWO: Which of the following is a taxable benefit in kind?

A) Free canteen meals provided to all employees

B) Contributions paid by an employer into an approved occupational scheme

C) Provision of free car parking near the employees’ workplace

D) An eye test arranged at the expense of the employer for an employee who works as a machinist

QUESTION THREE: In which of the following situations will rent-free accommodation not be classed as a taxable benefit in kind?

A) Where it is necessary for the employee to live in the accommodation to properly perform their duties

B) Where the employee has had to move because of their job

C) Where the accommodation cost the employer less than £75,000

D) The provision of rent-free accommodation is always a taxable benefit in kind

QUESTION FOUR: Which of the following factors is not relevant in calculating the reportable value of a company car?

A) The list price of the car

B) The purchase price of the car

C) The CO2 emissions figure

D) The type of fuel the car uses

QUESTION FIVE: Which of the following benefits is taxable regardless of earnings level?

A) A company car provided for private use

B) Private medical insurance funded by the employer

C) The provision of rent-free accommodation not covered by an exception

D) Beneficial loans not covered by an exception

Questions supplied by Technical Connection

_________

Answers

1 B
2 D
3 A
4 B
5 C

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