I don't want to get taxed on my Christmas bonus! Is there a way around this?

Question

Hi there,

I'm gonna get my first christmas bonus this year, which amounts to a couple of grand which is a lot of money to me!

I really don't want to get stung by tax and my student loan repayments...does anyone know a way around this, that's legal!?!?

My boss is pretty cool so as long as it was legal he would go along with it. Any help greatly appreciated!

Thanks

Greg

Answer 1

The only way is for your employer to give your wife a job. If she hasn't got any other income, it would then be tax free.
The only fully legal way not to pay tax on it is to give it to charity. But you probably don't want to do that. ;-)