Tax Tips

Your Tax Code - This represents the tax allowances you are entitled to such as personal allowances and job expenses, less deductions like pensions, benefits or underpayments. The code spreads your allowances evenly over the year, therefore if there is a change in circumstances it is important to notify the tax office of the changes to ensure the correct amount of tax continues to be deducted from your income

Loans - There is no charge to tax on an interest free loan provided to an employee, providing the loan does not exceed £5000 in the tax year

Employment Expenses - You may be able to make a claim for expenses incurred in the duties of employment. Some examples are travel & subsistence, professional subscriptions and use of home. There are also flat rate expenses for most classes of industry for the upkeep of tools and special clothing that have been agreed with the Revenue and trade unions.

Mileage Rates - If you use your own vehicle, motor cycle or bicycle for business trips your employer can pay you an allowance, based on H M Revenue & Customs approved rates,free of both tax and national insurance. If your employer does not pay any expenses or pays an amount below the approved rates, you can make a claim for the difference. Click here for the Mileage allowance calculator.