Tax Tips
We have 3 tip(s) under the heading YourJob.
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 fixed 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.
An additional allowance can be claimed of 5p per mile for each passenger making the same trip.
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