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Buy Railcard myself or get work to buy it?
jumpt
Posts: 49 Forumite
in Cutting tax
Hi,
Here's my quandry:
My annual rail card is £3k
I'm a higher rate tax payer employee
Should I buy my railcard outright (I've got the money available)
or
Get an interest free loan from work which is recovered from my salary every month and stick the money in a high interest account.
The area I don't understand is if I get the interest free loan does it count towards my tax allowance?
.........or tell me if i'm just being thick
Here's my quandry:
My annual rail card is £3k
I'm a higher rate tax payer employee
Should I buy my railcard outright (I've got the money available)
or
Get an interest free loan from work which is recovered from my salary every month and stick the money in a high interest account.
The area I don't understand is if I get the interest free loan does it count towards my tax allowance?
.........or tell me if i'm just being thick
0
Comments
-
ok done my own research,
check with your payroll dept if the loan counts towards your tax allowance, if not get the loan.
Apparently however if the loan is over £5k it does count towards your allowance.
..hope that helps someone!0
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