Relocation allowance?
Discussion
My employer will be relocating their business in the next few months and I'll be moving with them.
As I understand it they can pay up to £8,000 tax free towards my moving expenses so I have a couple of questions...
1, Do I have to list any out of pocket expenses or can they just bung me £8k and I blow the lot on coke and hookers?
2, Can they stage the payments over their financial year top help their cashflow and to stop me overdosing on Columbian marching powder and Eastern European clunge*
As I understand it they can pay up to £8,000 tax free towards my moving expenses so I have a couple of questions...
1, Do I have to list any out of pocket expenses or can they just bung me £8k and I blow the lot on coke and hookers?
2, Can they stage the payments over their financial year top help their cashflow and to stop me overdosing on Columbian marching powder and Eastern European clunge*
- Prostitutes of other nationalities are available.
Tax free doesn't equal free money.
You can get that much from your employer, and yes, there are restrictions about what is valid and what isn't.
However, your employer is going to want to know what you're spending it on, rather than just giving you a cheque for £8k. They will want receipts, and they may even add their own stipulations as to what you can use it for.
You can get that much from your employer, and yes, there are restrictions about what is valid and what isn't.
However, your employer is going to want to know what you're spending it on, rather than just giving you a cheque for £8k. They will want receipts, and they may even add their own stipulations as to what you can use it for.
Tango13 said:
1, Do I have to list any out of pocket expenses or can they just bung me £8k and I blow the lot on coke and hookers?
Depends on their policy. There are no HMRC reporting requirements so they don't have to keep receipts or anything which means that you don't have to provide receipts unless it is their policy to ask for themTango13 said:
2, Can they stage the payments over their financial year top help their cashflow and to stop me overdosing on Columbian marching powder and Eastern European clunge*
Yes, if they want to, and you're happy with subsidising their cashflow.Countdown said:
Depends on their policy. There are no HMRC reporting requirements so they don't have to keep receipts or anything which means that you don't have to provide receipts unless it is their policy to ask for them
There are no reporting requirements up to the £8,000, but there are still rules about what expenses are allowed and what aren'tThanks for all the replies.
My employer is happy to pay up to the tax free limit, I was curious about the reporting/HMRC side of things.Having looked at properties in the area I take it stamp duty and solicitor fees are classed as allowable expenses? £8k would mean my cost to move would be close to zero.
After the initial chaos of the move I'll end up working fewer hours with a better quality of life so I'm happy to wait a bit, the whole move is a bit of a 'you scratch my back I'll scratch yours' situation if that makes sense?
My employer is happy to pay up to the tax free limit, I was curious about the reporting/HMRC side of things.Having looked at properties in the area I take it stamp duty and solicitor fees are classed as allowable expenses? £8k would mean my cost to move would be close to zero.
After the initial chaos of the move I'll end up working fewer hours with a better quality of life so I'm happy to wait a bit, the whole move is a bit of a 'you scratch my back I'll scratch yours' situation if that makes sense?
My original employer had a fantastic relocation deal. They put me up in a hotel for about 3 months paying for all my evening meals, paid for my travel home at the beginning and end of week if I chose to go back. Covered weekends at the hotel if I was house hunting etc. Allowed me to buy a new house, suspended the mortgage payments on the old one until it sold, paid my removals costs, estate agents and legal fee on the old house. Gave me 15% of salary as a carpets and curtains allowance (unreceipted) and to cap it all 100% of my increased mortgage costs for 2 years winding down by 25% per year to nil after 6 years.
Looking back I didn't know I was born, you wouldn't get close to that today, I was just a lowly insurance clerk at the time too. Amazing what our Staff Association had managed to negotiate.
Looking back I didn't know I was born, you wouldn't get close to that today, I was just a lowly insurance clerk at the time too. Amazing what our Staff Association had managed to negotiate.
elanfan said:
My original employer had a fantastic relocation deal. They put me up in a hotel for about 3 months paying for all my evening meals, paid for my travel home at the beginning and end of week if I chose to go back. Covered weekends at the hotel if I was house hunting etc. Allowed me to buy a new house, suspended the mortgage payments on the old one until it sold, paid my removals costs, estate agents and legal fee on the old house. Gave me 15% of salary as a carpets and curtains allowance (unreceipted) and to cap it all 100% of my increased mortgage costs for 2 years winding down by 25% per year to nil after 6 years.
Looking back I didn't know I was born, you wouldn't get close to that today, I was just a lowly insurance clerk at the time too. Amazing what our Staff Association had managed to negotiate.
No wonder my insurance premiums are so high!Looking back I didn't know I was born, you wouldn't get close to that today, I was just a lowly insurance clerk at the time too. Amazing what our Staff Association had managed to negotiate.
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