Tax Break Tips!
What you should be asking your employer for!
It’s very hard as a full-time employee to take advantage of tax breaks. However there are a few out there, so why aren’t you taking advantage of them.
Childcare Schemes – If you are employed and pay for childcare, take advantage of a childcare scheme. You can sacrifice some of your salary (before tax is deducted) to pay towards your child’s care. It saves you quite a bit of money, especially if your child is in full time care.
Season Ticket Loan – If getting to work is costing you a pretty penny, then why not ask your employer for a tax-free loan to buy your season ticket. Season tickets will save you a substantial amount compared to paying as you go or even paying monthly.
Pension Schemes – Your employer may already be paying into a pension on your behalf, so why aren’t you also paying into that same scheme. The payments you make can be made from your salary before any tax has been deducted.
Cars – Your employer may have a various amount of cars at your works premises that are owned by the business you work for. Find out if any of them are “Pool Cars”, if so, it means that with your employer’s permission, you can use the car for occasional business travel, should your car for example be in the garage.
Your employer may be willing to supply a “Company Car”, it’s always greatly tax efficient when choosing a company car to pick one with lower CO2 emissions.
Remember if you don’t need a company car, then don’t request one. It does affect your pay.
Company Mobile or Laptop – If you find yourself using your personal mobile phone or even laptop for work purposes a lot, ask your employer if they would supply you with one dedicated solely for work purposes. The mobile phone and laptop won’t belong to you, but it does mean you aren’t racking up your personal bills as a result of work.
The above don’t have to be supplied by your employer, but nonetheless, if you don’t ask you don’t get.
If you need any tax advice or looking for an accountant. Give us a call or send us an e-mail.