Company Relocation - Non-taxable Purchases - Anyone got any experience?
#1
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My company is relocating. As part of the relocation package I get a lump sum payable 1 month before I move. According to the policy I can only spend it on certain things, in fact to quote it:
There are brief guidelines on the IR website, but does anyone else whose received relocation assistance have any good ideas on some good things to blow this cash, as obviously I want to get as much as I can out of it?
Simon.
[Edited by P1Fanatic - 7/8/2003 12:52:38 PM]
The payment is only intended to cover those costs that are accepted as non-taxable by the Inland Revenue. The employee will be required to provide receipts for all expenditure and repay any monies not spent or which is spent on non-qualifying items
Simon.
[Edited by P1Fanatic - 7/8/2003 12:52:38 PM]
#2
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Off the top of my head I think it's an £8k limit before it becomes classed as a benefit in kind.
You should include:
Agents fees
Legal Fees
Stamp Duty
Removal Costs
Survey / mortgage arragement fees
A reasonable amount of travel costs to hunt for new house.
....etc.
I'm sure you can get to £8k without trying too hard !
D
You should include:
Agents fees
Legal Fees
Stamp Duty
Removal Costs
Survey / mortgage arragement fees
A reasonable amount of travel costs to hunt for new house.
....etc.
I'm sure you can get to £8k without trying too hard !
D
#3
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All you have listed is already paid for - the lump sum is extra on top for the "inconvenience" if you like.
It lists a couple of things like appliances etc - if it comes to it Ill buy a £2k dishwasher if it means not giving them any money back.
I just want to know if stuff like carpets, curtains, sofas, beds etc come under the tax-exempt bracket. As Im fairly sure a 9-ball pool table doesnt
Simon.
It lists a couple of things like appliances etc - if it comes to it Ill buy a £2k dishwasher if it means not giving them any money back.
I just want to know if stuff like carpets, curtains, sofas, beds etc come under the tax-exempt bracket. As Im fairly sure a 9-ball pool table doesnt
Simon.
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I would if I was at work. Ive emailed them but no response. I wasnt looking for strict guidelines, just an idea about what others have spent their on in the past.
Simon.
Simon.
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Wow theyve actually replied. Looks like pretty much anything to furnish the house is covered. Their might be a pool table coming my way very soon
Simon.
Simon.
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Just doing a relocation myself... Its very very easy to reach the £8k limit! My relocation is likely to cost 2+ times that quite easily, fortunately company funded, unfortunately I'll still have a hefty tax liability!!!
#12
I've been through this twice and on each occasion I received £1.5k for replacable items. e.g items you had to leave behind in the last house. I'm certain 'white goods' are NOT allowed.
I spend mine on daft stuff like:
Curtains
Duvets
Beds
Shelves
In brief, bought some top quality housey things and didn't worry when the taxman got interested. Top tip - keep all receipts.
I spend mine on daft stuff like:
Curtains
Duvets
Beds
Shelves
In brief, bought some top quality housey things and didn't worry when the taxman got interested. Top tip - keep all receipts.
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I should know some of this, having relocated to Canada.
from what I recall, the sum is used to replace like for like items that you had back home, so, for example, fridge, freezer, cooker, bed, sofa, etc...
I could be wrong on this.
Bottom line, keep ALL recipts for ANYTHING you purchase
from what I recall, the sum is used to replace like for like items that you had back home, so, for example, fridge, freezer, cooker, bed, sofa, etc...
I could be wrong on this.
Bottom line, keep ALL recipts for ANYTHING you purchase
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