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Benefit - A. Asset transferred - View

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.

This screen displays the details of the asset that you have transferred to your employee.

Path

Home > Assign Benefits > Asset transferred > View / Edit

OR

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

Fields Available

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

The following details are displayed in the Assets Benefits Details area.

• Date of Transfer of Asset: This field displays the date on which the asset was transferred to the employee.
• Assets: The asset category will be displayed here.
• Memo: If you have provided any description regarding this benefit, it will be displayed here.

Below the following particulars are displayed.

• (A 1) Market value of asset when first provided as benefit: This field displays 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: This field displays 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 amounts.  
• (A 4) Market value of asset as at the date of transfer: This field displays the market value of the asset when it was transferred to the employee.
• (A 5) Greater of A 3 and A4: This field displays the higher value between the fields A3 and A4. 
• (A 6) Amount paid by employee for the asset: This field displays the amount that was paid by the employee for the asset.
• (A) Total Cash Equivalent Amount: The cash equivalent amount is displayed here.

Associated Tasks

• Done: If you have finished viewing the details and wish to leave this screen, click on this button. You will be taken back to the Asset transferred - List screen.
• Edit: To edit the details of the asset, click on this button. It opens the Asset transferred Edit screen.

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