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

Use

This screen displays 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 > View/Edit

OR

Process P11D > Assign P11D Benefit > Assign Benefits > Assets placed at the employee's disposal > View/Edit

Fields Available

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

Asset Benefits Details

• Date of Purchase of the Asset: This field displays the date when the asset was purchased
• Date the asset was first provided as a Benefit: This field displays the date on which the asset was first provided as a benefit.
• Asset Type: This field displays the type of asset provided to the employee.
• Memo: This field displays any additional information regarding the asset.

The following details are displayed further.

• (L 1) Market Value of Asset when first provided as a benefit: This field displays 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: This field displays the annual value of the use of the asset.
• (L 4) Proportionate Annual Value of use of asset for Actual 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: This field displays the rent or any hire charges paid for the asset by the employer / contractor to a third party, if the employer / contractor does not own the asset.
• (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: This field displays the amount of any other expenditure made (for example, maintenance, insurance etc.) by the employer or the provider of the benefit towards the asset.
• (L 8) Amount made good: This field displays the amount that the employee has paid towards the benefit.
• (L 9) Exemption Dependent on Asset Category: This field displays the tax exemption (if any) on any of the asset categories.
• (L) Total Cash Equivalent: The cash equivalent amount will be 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 Assets placed at the employee's disposal - List screen.
• Edit: To edit the details of the asset provided, click on this button. It will open the Assets placed at the employee's disposal Edit screen.

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