Help needed, new contractor

[boredsenseless]

Indeed, the dispensation Giant has means that they don't need to show the receipts to HMCR. It in no way means you can claim expenses that you have not incurred nor in any way obviates your need to be able to show the receipts to HMCR when you are checked over. If you cannot produce receipts for your expenses, they will be disallowed, simple as that (oh, and you may be fined if HMCR considers it was a deliberate attempt to defraud the taxpayer).

Bear in mind that the receipt isn't actually necessary, only proof of the purchase. i.e. a train ticket can be proved by a credit card bill with a transactioon to money grabbing rail company for an amount, a printout from the web showing the ticket costs that much and a contract stating you work in the location.

Overall receipts are easier...

VAT however - in this case if you haven't physically got the VAT receipt you can't claim for it.

[Lucifer Box]

Boredsenseless is spot on.

In fact, at least one government branch (the courts service) won't accept receipts for travel as proof of purchase, only the original ticket.

Yes, VAT laws were recently tightened to bring them in law with the rest of the EU. You must have a proper VAT receipt showing the seller's name and VAT number and the monetary amount of VAT paid. According to the strict wording of the revisions, it should also have YourCo's name printed on the receipt. As many retail outlets are not yet geared up to provide this facility, writing YourCo's name on the receipt seems to be acceptable.

[WageSlave]

Some people I worked with were with Giant, and they were claiming £15 a day unreceipted for meals as they were away from home over 12 hours per day.
Giant have a dispensation, but I told them that that means nothing if they are invertigated (Giant would be safe though).

Bugger....
Right, who wants to write me 18 months worth of lunch receipts? A crisp £5 can be yours for the trouble!

[NetwkSupport]

Your Own Ltd Co or Sole Trader

Im also new to the contracting market myself, having come out of 6 yrs permie experience, ive now got a 6 month contract. Put it this way I was with an umbrella company (Parasol) for my first months invoicing, was annoyed that i was not taking home the percentage of my salary i thought i should get and I have now just setup my own ltd co.

Not putting parasol down at all, I would highly recommend them if you want to go down that umbrella route and have it all sorted out for you.....but, If you want to get the full benefits of contracting (ie make the most out of your new contracting salary, and use other benefits such as paying yourself dividends, claiming various other tax breaks....the list goes on...) then setup your own ltd company mate.

Also dont worry about not knowing where you will be in 3 months time, there is lots of work out there and besides half the fun is not knowing whats around the corner !!! just keep a goal in mind re your skillset so you dont get stale.

[malvolio]

Always listen to the advice of a true professional... Jolly well done.