Our Manchester accountants are ready to help clients calculate their travel costs – and determine which of them might be tax deductible – in light of the New Year increase in rail fares on many services.
While a handful of train fares have actually dropped in January 2013, most of the popular routes have increased, with an overall average rise of 3.9% across the board.
According to the Trades Union Congress, this leaves a family of four travelling on an anytime ticket to London facing a bill greater than the average weekly wage of £481.
Frances O’Grady, TUC general secretary and chair of Action for Rail, says: “At a time when real wages are falling and household budgets are being squeezed, rail travellers are being forced to endure yet another year of inflation-busting fare increases.”
For those who travel frequently for work, the increase is likely to cause particular problems – but our Manchester accountants can help you to determine which of your expenses might be tax-deductible.
In this way, although you might not be able to avoid paying the fares up-front, they should still help to reduce your tax bill at the end of the financial year.