Business travel and tax
#1
Business travel and tax
In the next few months I will be starting a new role in a new company, as part of my role I will be paid a travel allowance which is taxable, it will be my responsibilty to cover all my business travel out of that allowance. I am comfortable with this, as the company have already stated that their intent is that I am not out of pocket as a result of business travel.
We have agreed a number which is to be reviewed after 6 months, which they will add 40% to cover the tax element, as the amount is taxable but not pensionable.
My question is, I had read that expenses incurred as travel or subsistence costs, are eligable for tax relief. Does this mean I could claim back the tax element of these costs, although my employer is 'topping up' my package to cover the outlay?
Having not worked with this type of arrangement before, is there anything I should watch out for, other than ensuring I retain a copy of all reciepts.
We have agreed a number which is to be reviewed after 6 months, which they will add 40% to cover the tax element, as the amount is taxable but not pensionable.
My question is, I had read that expenses incurred as travel or subsistence costs, are eligable for tax relief. Does this mean I could claim back the tax element of these costs, although my employer is 'topping up' my package to cover the outlay?
Having not worked with this type of arrangement before, is there anything I should watch out for, other than ensuring I retain a copy of all reciepts.
#2
Scooby Regular
Thats a weird way of doing it..... ?
I have a company credit card - most expenses/purchases go on that - but it appears on my P11D as a Benefit in Kind.
It appears under Section N on my P11d - I have to write a letter to HMRC every year asking this to be untaxed as 'expenses incurred wholly during the course of my job'.
I have a company credit card - most expenses/purchases go on that - but it appears on my P11D as a Benefit in Kind.
It appears under Section N on my P11d - I have to write a letter to HMRC every year asking this to be untaxed as 'expenses incurred wholly during the course of my job'.