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  • Written by Muhammad Ejaz
  • 29 Sep

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3 Basis of assessment
Assessable earnings
• All directors and employees are assessed on the amount of earnings  received in the tax year (the receipts basis).
• The term ‘earnings’ includes not only cash wages or salary, but also bonuses, commission, round sum allowances and benefits made available to the employee by the employer.FREE LSBF ACCA VIDEO LECTURES DOWNLOAD
The date earnings are received The date of receipt is the earlier of the following:
• Actual payment of, or on account of, earnings.
• Becoming entitled to such a payment.acca books 2017-2018
In the case of directors, who are in a position to manipulate the timing of payments, there are extra rules.
They are deemed to receive earnings on the earliest of four dates; the two general rules set out above, and the following two rules:
• when sums on account of earnings are credited in the accounts
• where earnings are determined:
– before the end of a period of account = the end of that period exam preparation & tutoring
– after the end of a period of account = date the earnings are determined.
4 Deductibility of expenses from employment free download for pdf income • In the performance of the duties This aspect of the test means that there is no deduction for expenditure incurred beforehand, to gain the requisite knowledge or experience to do the work. So, for example, the cost of attending evening classes by a schoolteacher has been disallowed.
• Necessarily
For expenditure to comply with this test, it must be an inherent  acca study materails requirement of the job, not something imposed by the employee’s circumstances. Thus an employee who joins a golf club to meet clients could not deduct the cost of the membership. In other words, to be necessary expenditure, each and every person undertaking the  duties would have to incur it.
• Wholly and exclusively
To be deemed wholly and exclusively incurred, such expenditure must free accounting books be made with the sole objective of performing the duties of the employment.
Two examples show this distinction:
– If an employee is required to wear clothes of a high standard for his employment and so purchases them, the expenditure is not deductible. The employee’s clothes satisfy both professional and personal needs.
– Expenditure on a home telephone can be partly deductible. Business calls are made ‘wholly and exclusively’ and so are deductible. But, for the same reason applied to the clothes, no  part of the line rental for a home phone may be deducted.
General rule

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