A penny saved is a penny earned and that money can start
adding up quickly. Teacher discounts, tax deductions and smart money-saving
habits are the best ways for a teacher to trim the fat and cut costs without
making any sacrifices. These are the best cost-cutting tips for teachers to
keep their budget healthy.
Being a teacher comes with a lot of benefits, other than shaping the lives of your students of course, and one of those benefits is teacher discounts. Teacher discounts allow teachers to save at certain retail stores across the country. There are a lot of websites that list the stores and discounts available for teachers, for example, discountsforteachers.co.uk and teacherperks.co.uk. Teacher discounts are a simple way of saying thank you to the people working in the education sector, for all they have done and all they will do. Teacher discounts are a convenient and easy way of cutting costs and saving money here and there with exclusive deals.
Teachers are entitled to certain tax rebates which can cut down on equipment and transport expenses. The rules on what can be claimed as an employment expense are very strict, meaning teachers may not always get the tax relief they expect. With that in mind, these are the things you can claim a tax rebate for as a teacher:
- Professional fees. Subscription fees to professional bodies like NASUWT and NUT are tax deductible.
- Specialist clothing. You can claim tax relief for any specialist clothing if you are contractually obligated to wear certain things. For example, if you teach or supervise PE and need to buy sports gear for this. You can also claim an allowance of up to £60 a year for the washing of specialist clothing.
- Classroom books and journals.
- Using your car. While you can’t claim for commuting to one permanent place of employment, you may be able to claim for business mileage. For example, if you are a peripatetic teacher who needs to travel to different schools within the community.
- Using your own home. If you are permitted to or required to work from home and it’s not just for your convenience, then you can claim from £10 a month, for gas and electricity, not mortgage payments.
To qualify for a teacher rebate from HMRC, you must meet three requirements:
- You are a UK taxpayer and earn over the personal allowance.
- You incur the cost of the job expense.
- You are not reimbursed by your employer.
Use School Resources
Be sure to fully utilise the resources provided by your school as they will have printing, copying and laminating facilities.
When investing in something for your classroom it’s important to do your research and buy things that are made to last instead of being easy to replace. Replacing something minor every year can be an avoided expense if you find something durable that will last for 5 years, for instance.
Buying Based on Necessity
Your classroom is an extension of you, your office, and your home away from home. You want it to be a place you want to be in, a place that inspires your students and a place that creates the right learning atmosphere. This is why teachers can sometimes be too quick to make frivolous purchases or spend too much on decorating. When buying things for your classroom ask yourself; “Do I really need this?”. Set a budget for decorating your classroom and stick to it, you might be surprised to learn how much can be unnecessarily spent on your classroom.
At Simply Education we care about the success and well-being of the teachers we employ. We go the extra mile to make sure everyone we place is happy with their positions and their careers. We offer CPD courses to keep teachers on top of their game. Our dedicated consultants will help you find exactly what you are looking for based on your wants and needs. Register with us today for top-notch opportunities in the education sector. Register at https://www.simplyeducation.co.uk/register or call us on 01234 216 199.