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Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.5. Tax-free benefits - 6.5.3. Can you give some examples? - Tax-free cash
Tax-free cashWhilst not working well with salary sacrifice and similar arrangements there are a number of ways that employees can be paid tax-free amounts. These tax-free amounts are a particularly effective way for company owner managers to take cash out of their companies. The main examples are:mileage payments for use of the employees’ own vehicles:45p per business mile paid for car mileage will not give rise to any NI liability, but the excess over 25p per mile will be taxable when the number of miles...Click here
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