PAYE (7) Flashcards
1
Q
What must be sent to HMRC by 6 July?
A
P11D
P9D
2
Q
What is P11D?
A
Benefits for directors and employees earning in excess of £8500 for the year
3
Q
What is P9D?
A
Benefits of other employees
4
Q
WHat must given to the employee by 31 May
A
P60
5
Q
What must be given to the employee by 6 July?
A
P11D
P9D
6
Q
What is a P60?
A
Permanent record of pay and tax deducted as well as NICs made in the tax year
7
Q
Income and employment tax when calculating tax code?
A
Are grossed up
8
Q
Interest-free loan of £100000 which was repaid £20000. What is the amount of taxable benefit?
A
£100000 - £20000 = £80000
9
Q
Interest payable on the loan at 1% per annum (interest free loan)
A
Deducted from the average/accurate working
