Tax on benefits in kind.

[tracy6697]

I work for a building society and get a special interest rate on my mortgage. Since having my son, I only work on Saturdays so over the month I do not earn enough to pay tax. What happens about the tax that I have always been charged on my staff mortage rate? I have just received this month's pay slip and over half has taken away as prepayment. Is this the tax on my benefit in kind over the whole year?

[kags]

You are only liable to pay tax on a benefit in kind if your pay plus the value of the benefit, exceed �8500 in a tax year. If your pay has now fallen to a level that would mean your total annual pay plus the benefit would be below the �8500 mark, then you need to contact your tax office straight away and tell them.