▪ 2. Assessable income
Employment income includes income arising from an employment under a contract of service, for both employees and directors.
Calculation
① wages or salaries - accrual basis
② bonuses / commission (entitled date/received date)
③ benefits (taxed when provided)
④ pension income (taxed on accrual basis)
Tax year: 6 April 2022 ---- 5 April 2023
Bonus - Special rules for directors
Earnings are deemed to be received on the earliest of:
① The earlier of the two alternatives given in the general rule
② The time when the amount is credited in the company’s accounting records
③ The end of the company’s period of account (if the amount was determined by them)
④ The time the amount is determined (if after the end of the company’s period of account)
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