Approaching two years in my current contract

[Itbee]

I am approaching to two years in my current contract. I am not sure how my expenses and ltd company will be effected? Also I am MSA not FTC. This is another thing I don't get it... What is the difference between MSA and FTC and how it can have an effect on two years rule? Cheers

[northernladuk]

This is covered extensively almost weekly. I guess the bit that will be most applicable to you is how much time you spend and whether or not it is more that 40%.

Haven't a clue what FTC and MSA is.

Also you say you are approaching two years? What does your contract say? Ignoring the fact I don't know what the acronyms say you should not be claiming expenses from the moment you know your contract will go over 2 years, not focus on the time you work. If you have a 12 month contract and get another 13 month you cannot claim subsidence for the entire 13 monther as you know you will be longer that 24 months in total.

[Wanderer]

Haven't a clue what FTC and MSA is.

Me either. Three Letter Acronyms are one of my pet hates. Since it's Friday, I'll look these ones up.

According to Wikipedia, MSA could be a number of things. Some of the more (or less) likely ones are:

Maritime Security Agency. aka the Pakistan Coast Guard
Masonic Service Association, a Freemasonry publishing resource
Measurement Systems Analysis, the analysis of the process of obtaining measurements
Methanesulfonic acid, an organic sulfonic acid
Middle Stone Age, a period of African Prehistory between Early Stone Age and Late Stone Age
Multiple sequence alignment, an alignment of three or more biological sequences
Multiple system atrophy, a degenerative neurological disorder
Modern Standard Arabic, the variety of Arabic used in most written media and some television talk shows in the Arabic-speaking world


FTC is one of

Ferencvárosi TC, a Hungarian sports club
Financial Training Center Limited, a training institution in Tanzania
Free Tibet Campaign, an association in England promoting the rights of Tibetans to self-determination.
Fundamental theorem of calculus
Fusion Technology Center, a building for nuclear fusion technology research institutes in South Korea
Fire Team Charlie, a machinima based on the Halo games

Answers on the back of a post card please.

Also, please do a search for "two year rule" or "24 month rule" here to find more information.

Is it Friday yet?

[Bluespider]

FTC = Fixed Term Contract
MSA = Managed Service Agreement

HTH

[northernladuk]

Thought so. Either way, as long as the client site you are working on is your temporary location of work (assuming your home is your registered office) then the 24 month rule clock is ticking and my comments about knowing you will be there for two years apply.

If you are not there full time check the 40% option but search as Wanderer says.

Don't ask if Westminster to Canary Wharf is acceptable or I will

[LisaContractorUmbrella]

WNLUKS - if you are aware that your contract will extend beyond 24 months, at any point during the contract, then you can no longer claim travel and accommodation expenses. So, even if you are only one month in to a 12 month contract and it is then extended to, say, 25 months you would still fall foul of this rule because you were made aware, after 1 month, that the contract would extend beyond 24 months