What is a season ticket loan?
What is a season ticket loan? The season ticket loan is an interest free loan for employees to cover the cost of travelling to and from the workplace via modes such as tram, rail, bus or others.
What is the benefit of a season ticket loan?
Giving employees a season ticket loan is a major benefit which can reduce their commuting costs and effectively increase their take-home pay. This can help with staff retention and help make your business an employer of choice. It can also allow for greater flexibility when negotiating employee compensation.
What is employer season ticket loan?
Season ticket loans are available for the sole purpose of purchasing an annual season ticket for use in travel from home to work. The season ticket will cover relevant public transport costs but not any other costs of travel, for example it will not cover any costs associated with car use including parking.
How do I set up a season ticket loan scheme?
How to apply
- Download the Season Ticket Application Form.
- Send the completed form to [email protected].
- Payroll team will let you know if you are eligible and when to expect the season ticket loan payment.
- A payment will then be made through the next available payroll which can be used to purchase the ticket.
Is a season ticket loan taxable?
As long as the total outstanding balances on these loans do not exceed the threshold at any time in a tax year, there will be no tax charge.
What do season tickets include?
Sports. In sports, such as association football or American football, a season ticket grants the holder access to all regular-season home games for one season without additional charges. The ticket usually offers a discounted price over purchasing a ticket for each of the home games for a season individually.
Do you pay tax on season ticket loans?
Do season ticket loans go on P11D?
Season tickets provided for employees You must: report the cost on form P11D.
Can you expense season tickets?
According to the IRS, 50% of business-related meal and entertainment expenses can generally be deducted. Many attorneys may purchase season or series tickets for business or networking purposes.
Do season tickets include preseason?
What’s more, season ticketholders—the best and most loyal fans there are, of course—have no choice as to whether or not they want to pay for preseason games: They’re automatically included in ticket packages, at full face value. Most NFL stadiums host two preseason games each year.