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Bik vhi and tax

  • 22-01-2011 11:29am
    #1
    Jaferg
    Closed Accounts Posts: 1 ✭


    Hi
    My payslip shows that my bik vhi is part of my monthly total income (as well as salary) and so I am taxed on the total - paye and USC. Understand and accept that.
    However my final net salary is calculated as: gross amount - total tax - bik vhi amount ( same amount as shown as part of monthly gross income).
    Therefore I get taxed on bik vhi and then have the bik sum deducted from gross.
    Seems I am being hit twice for bik vhi?
    Is this correct?
    Thanks for help.


Comments

  • #2
    BarMcc
    Closed Accounts Posts: 20 ✭BarMcc


    Payslip is correct. You are being taxed on the BIK. It is then being deducted from your net pay and paid to VHI.


  • #3
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    BIKs will never appear in your net.

    The "in kind" part implies it is not a direct payment unlike salary, bonus, etc.
    Their value is received differently.


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