Content
After U, Gordon?
Ups And Downs
Gift Horse
What A Relief!
Second Thoughts?
Last One Out...
Penalty Shoot-Out
Ain't Necessarily So
Going, Going, Gone
Papers In Order?
Death And Taxes
Passing The Buck
Hire Higher
Back Taxes, Taxes Back
Options Open
Extortion?
Sick Note
Cats And Dogs
Old-Fashioned Money
I Thee Endow?
Mother's Rights
Countdown
Nowhere To Hide
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"Getting something on expenses" is an important perk of an employee's life. The trouble is, it's often a taxable perk. You have to show that the expenditure was necessarily incurred in the performance of the duties in order to knock the cost off your salary for tax purposes. HM Revenue & Customs are notoriously sceptical about what an employee absolutely has to do. For example, recently a professional rugby player claimed for the cost of extra food and dietary supplements he needed to maintain the physique of a prop forward. He consumed 4,500 calories a day, but the Appeal Commissioner ruled that eating was one step removed from doing the job - no deduction. A trainee accountant had to pay for his own courses out of his taxed salary in order to gain his qualification. Even though it was a condition of his contract that he did his best to pass his exams, he wasn't doing the job while he was on courses - no deduction. If his employer had paid for his training directly, it would not have been taxable. If you want to know what you can set against your taxable income and what you can't, and what you might arrange differently in order to save a little tax, we will be happy to advise you. |
© Bayar Hughes & Co., 2010.