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Benefit - L. Assets placed at the employee's disposal - Add

Use

This screen is used to enter the details of assets placed at the employee's disposal. The taxable benefit includes the use of any asset provided by the employer / contractor or another person acting on the Employer's / Contractor's behalf. For example the use of a motorcycle, or an aircraft or a yacht, or furniture or a TV set.

Some employer / contractor provided assets (whether on premises occupied by the employer / contractor or elsewhere) are exempt from any charge where the private use of the asset is insignificant in the context of its use by the employee in performing his or her duties. Certain types of benefits, such as the use of vehicles (including boats and aeroplanes), are excluded from the exemption.

Path

Home > Assign Benefits > Assets placed at the employee's disposal > Add New Asset

OR

Process P11D > Assign P11D Benefit > Assign Benefits > Assets placed at the employee's disposal > Add New Asset

Fields Available

The top row displays the details such as name, department, E-Mail address etc. of the selected employee.

Fields marked with an asterisk (*) are mandatory.

Asset Benefits Details

• Date of Purchase of the Asset: Enter here the date when the asset was purchased
• Date the asset was first provided as a Benefit: Enter here the date on which the asset was first provided as a benefit.
• Asset Type: From the drop down list, select the asset category. If the asset is computer equipment, or software, and it is lent to an employee, the first £500 of the value is exempt, provided it is not loaned under arrangements restricted to directors, or on terms that favour them.
• Memo: Enter here any additional information regarding the asset.

Enter the following details further.

• (L 1) Market Value of Asset when first provided as benefit: Enter here the market value of the asset when it was first provided as a benefit.
• (L 2) Applicable percentage based on Cut off date [ 06/04/1980 ]: This field displays the percentage applicable to the cost of the asset. Where an asset was first used to provide a benefit before 6 April 1980, the annual value is taken as 10% of its market value when first applied as a benefit. In other cases it is taken as 20%.
• (L 3) Annual Value of use of asset: The annual value of the use of the asset will be displayed here. The annual value is taken as 20% of the market value of the asset when it was first used to provide a benefit. Where an asset was first used to provide a benefit before 6 April 1980 the annual value is taken at 10% (not 20%) of its market value when first applied as a benefit.
• (L 4) Proportionate Annual Value of use of asset for actual number of benefit days: This field displays the proportionate annual value for using the asset during the actual benefit days.
• (L 5) Rent / Hire charges paid for the asset: If the employer does not own the asset, then enter here the rent or any hire charges paid for the asset by the employer / contractor to the third party.
• (L 6) Greater of L4 and L5: This field displays the higher value between the fields L4 and L5.
• (L 7) Any other expenditure met by employer or person making the asset available: Enter here the amount of any other expenditure made (for example, maintenance, insurance etc.) by the employer / contractor or the provider of the benefit towards the asset.
• (L 8) Amount made good: Enter here the amount that the employee has paid towards the benefit.
• (L 9) Exemption Dependent on Asset: This field displays the tax exemption (if any) on any of the asset category.
• (L) Total Cash Equivalent: The cash equivalent amount will be displayed here.

Associated Tasks

• Cancel: If you wish to exit this screen without saving the details, click on this button. You will be taken back to the Assets placed at the employee's disposal List screen.
• Save: To save the details, click on this button. The Assets placed at the employee's disposal - List screen will appear displaying the newly added details.

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