NFSP post office income tax relief scheme

NFSP post office income tax relief scheme
News RN Post Office
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Subpostmasters will have to claim a tax rebate on their post office income at the end of each tax year unless they provide the Post Office with details of their accounts now.

More than 1,400 post office retailers will lose their no tax code as part of changes in the new tax year, which means their post office income will be taxed at source from April.

However, a process developed by the National Federation of Subpostmasters (NFSP), HMRC and the Post Office will enable them to add their business costs to their tax allowance at the start of the tax year, rather than having to claim a year-end rebate. To benefit from the upfront offsetting, retailers must submit a breakdown of their costs to the Post Office.

Vince Malone, who runs a post office in Pembrokeshire, told RN he would have had to pay £6,000 in tax. “There’ll be more paperwork, but it’s a relief we don’t have to pay those costs,” he said.

NFSP CEO Calum Greenhow added: “By securing this agreement, we’ve been able to ease cash-flow worries by ensuring subpostmasters keep more of their upfront income.”

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By Alex Yau Avatar
By Alex Yau 20 Dec, 2018

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