Benefits In Kind

Benefits in kind are taxable benefits. They can be entered as an annual total on the Employment screen, in the Benefits in Kind field. 

These benefits will figure into the annual tax calculation as taxable income. The annual tax calculation can be viewed on the Taxes tab of the Let's See chart details panel. 

      

 

 

Escalating future benefits in kind

Benefits in kind are inflated using the same growth rate assumption that is used for income. This growth rate is set on the Employment screen under Advanced Settings > Growth. 

  

 

Stepping - Increasing or decreasing future benefits in kind

Like incomes, dividends, and bonuses, future benefits in kind can be increased or decreased at future events using the Step Up / Step Down feature. 

  

 

5. Timeline:  Select the event at which the increase or decrease in benefits will occur - e.g. "Increase benefits". 

6. Benefits in Kind:  Enter the full stepped amount. When entering a future steps in incomes or benefits, be sure to enter the full, edited amount and not merely the difference between the old income and new.

Leave any entries that will not be changed (e.g. bonuses and commission, dividends) unticked. 

An additional set of fields will display. Anytime you add a step, an additional set of fields will be added to the panel to use should you need to add more steps. If you were only scheduling one step, simply ignore the subsequent set of fields.