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  • Written by Muhammad Ejaz
  • 29 Sep

P4 Advanced Financial ManagementFREE LSBF ACCA P4 FREE LSBF ACCA VIDEO LECTURES DOWNLOAD

P4 Advanced Financial ManagementFREE LSBF ACCA P4 FREE LSBF ACCA VIDEO LECTURES DOWNLOADThe definition of earnings for class 1 NIC purposes
‘Earnings’ for the purpose of class 1 NICs consists of:
• any remuneration derived from the employment, and
• paid in cash or assets which are readily convertible into cash.


The calculation of class 1 NICs is based on:  gross earnings with no allowable deductions
(i.e. earnings before deductions that are allowable for income tax purposes, such as employee occupational pension scheme contributions and
subscriptions to professional bodies).
Gross earnings include:
• wages, salary, overtime pay, commission or bonus
• sick pay, including statutory sick pay
• tips and gratuities paid or allocated by the employer
• reimbursement of the cost of travel between home and work
• vouchers (exchangeable for cash or non-cash items, such as goods). Gross earnings do not include:
• exempt employment benefits (e.g. employer contributions into a pension scheme, a mobile phone, etc.) (see Chapter 4)
• most taxable non-cash benefits except remuneration received in the form of financial instruments, readily convertible assets and non-cash  vouchers (see above)
• tips directly received from customers

• mileage allowance received from the employer provided it does not exceed the HMRC approved allowance mileage rate of 45p per mile (the excess above 45p per mile is subject to class 1 NICs)
• expenses paid for or reimbursed by the employer for which an income tax deduction would be available e.g. employment related travel and subsistence costs.
Note that dividends are not subject to NICs, even if they are drawn by a  director/shareholder in place of a monthly salary.

 

F1 Accountant in BusinessFREE LSBF ACCA F1 FREE LSBF ACCA VIDEO LECTURES DOWNLOAD

 

F1 Accountant in BusinessFREE LSBF ACCA F1 FREE LSBF ACCA VIDEO LECTURES DOWNLOAD

 

F1 Accountant in BusinessFREE LSBF ACCA F1 FREE LSBF ACCA VIDEO LECTURES DOWNLOAD

 

F1 Accountant in BusinessFREE LSBF ACCA F1 FREE LSBF ACCA VIDEO LECTURES DOWNLOAD

 

F1 Accountant in BusinessFREE LSBF ACCA F1 FREE LSBF ACCA VIDEO LECTURES DOWNLOAD