Managing Relocation Costs
If, as an employer, you contribute to a member of staff’s relocation costs, there are certain tax, National Insurance and reporting obligations you need to take into account.
What are relocation costs?
They can include multiple things, such as:
Buying or selling a home
Moving from A to B
Certain purchases for the new home
Other costs depending on the relocation
What do I have to do?
Personally ensuring that your tax and NI contributions are always correct can be tricky at the best of times, never mind when dealing with intricate actions such as an employee relocating. Some costs will be counted as qualifying for exemption whereas others will come with tax charges and obligatory reporting. Getting it right from the very start is crucial, so we strongly recommend asking us to manage the entire process for you.
Why use TreyBridge?
First and foremost, we’ll ensure that all of your reporting is accurate and compliant. This means no angry letters and unexpected fees or charges from HMRC. On top of this, we remove all of the stress and multiple admin hours, helping the relocation to run smoothly from start to finish for both you and the employee.
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Tagged as: Accountancy Tips & Advice
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