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Benefit - A. Asset transferred - Edit

Use

If an employer / contractor provides an employee with goods or services, the employee is chargeable according to the goods or services monetary value. This is normally the second hand value of the goods or services, less any amount the employee reimburses the employer / contractor.

In some cases the second hand value may be less than the cost to the employer / contractor, or the employee may not be able legally to turn the goods or services into money (for example wines and spirits). In these cases the general rule would be not to charge all of the cost to the employer / contractor in providing the benefit to the employee.

In this screen you can modify the details of the asset transferred to your employee.

Path

Home > Assign Benefits > Asset transferred > View / Edit > Edit

OR

Process P11D > Assign P11D Benefit > Asset transferred > View / Edit > Edit

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.

Enter the following details in the Assets Benefits Details area.

• Date of Transfer of Asset: Enter here the date on which the asset was transferred to the employee.
• Asset Category: From the drop down list, select the asset category.
• Memo: Enter here a description relating to this benefit.

Enter the requested information below

• (A 1) Market value of asset when first provided as benefit: Enter here the market value of the asset when it was first provided to the employee as a benefit.
• (A 2) Amount already taxed as benefit since first provided: Enter here the amount of money that has already been taxed, since the benefit was provided to the employee.
• (A 3) A1- A2: This field displays the difference between the above given amounts.
• (A 4) Market value of asset as at the date of transfer: Enter here the market value of the asset when it was transferred to the employee.
• (A 5) Higher of A3 and A4: This field displays the higher value between the fields A3 and A4.
• (A 6) Amount paid by employee for the asset: Enter here the amount that was paid by the employee for the asset.
• (A) Total Cash Equivalent Amount: 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 Asset transferred - View screen.
• Save: To save the changes, click on this button. The Asset transferred - List screen appears displaying the modified details.

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