Subsidence on timesheet for working abroad for food?

[trsisko]

Hi

so for every day I worked abroad in various countries they paid me an extra £30 pound to cover cost of food.

day worked standard weekend bankholiday subsidence

Am i able to take this amount out in full so I worked say 30 days abroad , does that mean I can directly take out of my business bank account 30x£30 ?

[SimonMac]

Jebus I jsut dunno where to start with this one

[captainham]

Subsidence...sounds nasty. I'd have a builder or surveyor look at that before it gets any worse.

[Wanderer]

Am i able to take this amount out in full so I worked say 30 days abroad , does that mean I can directly take out of my business bank account 30x£30 ?

Yes, but you have to make sure you account for the expenses properly or it will end up costing you a lot of money in tax when you mess it up so run it past your accountant.

If you don't already have an accountant then you should get one. You are going to have to pay a fair bit to do your year end accounts anyway so you might as well get one on a monthly fee and then you an ask these questions whenever you want. There is a topic with accountant recommendations.

Also ask your accountant about claiming the scale rate expenses payments against your company profits because you may be able to claim a lot more than £30/day against your own company expenses.

[Zippy]

Subsidence...sounds nasty. I'd have a builder or surveyor look at that before it gets any worse.

<sucks teeth>

It'll cost you ...

[northernladuk]

Have a look at the posters history.. Might give you an idea with your response. His questions on whether he can claim driving lessons through the company and will invoicing every 6 months reduce his corp tax are classics.......

[Greg@CapitalCity]

Am i able to take this amount out in full so I worked say 30 days abroad , does that mean I can directly take out of my business bank account 30x£30?

You can take out of your business account the total actual costs you personally incurred. This is called the reimbursement of expenses. If that doesn't equal £30 x 30 = £900, then you can also take the difference out as a dividend using the formula (900 - actual total cost) x 80%.

[cojak]

and you need to google 'subsistence site:forums.contractoruk.com'

<sigh>

[northernladuk]

And we wonder why HMRC are coming after us believing we are not running proper companies.....

[captainham]

And we wonder why HMRC are coming after us believing we are not running proper companies.....

So are we saying that I can't claim for subsidence repairs and new two-storey extension on the back of my house then?