benefits in kind


benefits in kind
Benefits other than cash arising from employment. The UK tax legislation seeks to assess all earnings to tax, whether they be in the form of cash or in kind. The treatment of benefits depends on the level of total earnings, including the value of any benefits, and whether the employee is a director of a company. The general rule is to value benefits at their cash equivalent although some specific benefits (e. g. company cars) are subject to specific valuation rules. For employees earning less than £8500, the benefits are only assessable if they are living accommodation or if they are capable of being turned into cash, such as credit tokens. For all directors or higher-paid employees (i. e. employees with total earnings, including benefits, in excess of £8500) the benefits must be reported on form P11D by the employer at the end of the fiscal year This form will include details of company cars and associated fuel provided by the employer, beneficial loans, mobile telephones or laptop computers, medical insurance provided by the employer, subscriptions paid, and any costs paid on the employee's behalf. These benefits will be assessed to tax. This often takes the form of a restriction to the income tax code See also fringe benefits

Big dictionary of business and management. 2014.

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  • benefits in kind — income from employment is taxed under Schedule E and includes not only wages and salaries but also perquisites , that is, benefits in kind as opposed to payment in money. At the time of writing, relevant employees are charged on the basis of the… …   Law dictionary

  • benefits in kind — Benefits other than cash arising from employment. The UK tax legislation seeks to assess all earnings to tax, whether they be in the form of cash or in kind. The treatment of benefits depends on the level of total earnings, including the value of …   Accounting dictionary

  • kind — I [[t]ka͟ɪnd[/t]] NOUN USES AND PHRASES ♦ kinds 1) N COUNT: usu N of n If you talk about a particular kind of thing, you are talking about one of the types or sorts of that thing. The party needs a different kind of leadership... Had Jamie ever… …   English dictionary

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  • benefit in kind — ˌbenefit in ˈkind noun benefits in kind PLURALFORM [countable] HUMAN RESOURCES something other than money, for example free meals or a company car, that an employer gives to a worker in addition to their normal pay: • All benefits in kind are now …   Financial and business terms

  • benefit in kind — UK US noun [countable] [singular benefit in kind plural benefits in kind] business british something that an employee receives from the company they work for, other than their usual pay, for example a car or health insurance …   Useful english dictionary

  • fringe benefits — 1) Non monetary benefits offered to the employees of a company in addition to their wages or salaries. They include company cars, expense accounts, the opportunity to buy company products at reduced prices, private health plans, canteens with… …   Accounting dictionary

  • fringe benefits — 1) Non monetary benefits offered to the employees of a company in addition to their wages or salaries. They include company cars, expense accounts, the opportunity to buy company products at reduced prices, private health plans, canteens with… …   Big dictionary of business and management

  • benefit in kind — UK / US noun [countable] Word forms benefit in kind : singular benefit in kind plural benefits in kind business British something that an employee receives from the company they work for, other than their usual pay, for example a car or health… …   English dictionary