Friday, May 17, 2024

The Financial Benefits of Working Remotely

If you are considering a remote working role, you might wonder about the benefits it will bring to your daily life.

Despite some obvious benefits, such as sleeping in later and a better work-life balance, you might be surprised by the many ways it can positively impact your cash flow.

Don’t rule out a hybrid or telecommuting role. Learn about the following financial benefits of working remotely.

HMRC Tax Rebate

It is natural to worry about the financial cost of working from home. After all, you’ll need to use more energy to power a laptop, desktop computer, kettle, or lighting.

Yet, you can relax in the knowledge that you won’t have to foot the whole bill for using household resources.

Remote workers are entitled to a working from home tax rebate from the UK government.

Your tax bracket will determine your annual tax saving, and you will not need to submit a pile of receipts to make a successful claim.

Lower Fuel Expenses

Skipping the daily commute to and from work in your vehicle will lower your monthly fuel expenses.

As you will travel fewer miles per week, you might find you’re filling up your car with petrol and diesel significantly less.

As a result, you can save money on fuel, decrease wear and tear on your car, and potentially extend the life of your vehicle.

A Possibility of Dropping to One Car

If you and your partner live in one home but own two vehicles, remote working could potentially help you lower your outgoings by dropping to one car.

As you will not need to travel to and from a workplace each day, you could share one car instead of paying for two.

Of course, sharing a vehicle will take some careful planning and occasional sacrifice, but it could increase your bank balance and help you achieve personal goals at a quicker rate, such as buying a new home, getting married, or traveling to a dream destination.

Zero Commute Costs

If you don’t own a vehicle and travel to work via bus or train, a remote working role could lower your transport expenses.

As you can skip public transportation in favour of a short walk to your computer, you could save hundreds of pounds throughout the year.

Plus, you won’t have the annoyance of sitting on a busy, loud bus or train at the crack of dawn or following a tiring day at work.

Smaller Clothing Costs

Most remote working roles do not have a formal dress code to follow. As a result, you will likely need to spend less money on professional workwear, such as blouses, shirts, suits, and dresses.

Instead, you can spend your hard-earned money on clothing you are more likely to wear during your spare time, which will stretch your cash further.

Plus, as no-one will see you from the waist down, you may only need to buy a formal top when wearing more comfortable jeans, jogging pants, or shorts.

Claire James
Claire James
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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