Is it as bad as it seems?

[Scrag Meister]

Hi all

4 years ago I moved back to Devon, and tended to work in and around London, obviously claiming accommodation, travel etc.

However I have just been asked for interview by a large well known english banking group and they are one of the all contractors via umbrella inside IR35 lot.

I know that there is a cover-all 5% tax allowance however with London accommodation and the travel and other unclaimable expenses that is somewhat inadequate.
The rate is low in comparison and there has been no enhancement to account for IR35 losses.

It is as bad as it seems or am I missing something?

ADV-thanks-ANCE

[BR14]

unfortunately, yes it is

[Paralytic]

I know that there is a cover-all 5% tax allowance...

Isn't this being removed?

[malvolio]

Isn't this being removed?

Unfortunately, yes it is.

[Paralytic]

unfortunately, yes it is

Unfortunately, yes it is.

There's a running theme here.

[BR14]

unfortunately, yes it is

Unfortunately, yes it is.

There's a running theme here.

unfortunately, yes , there is

[NotAllThere]

It's not as bad as it seemed. It's worse.

[DaveB]

Hi all

4 years ago I moved back to Devon, and tended to work in and around London, obviously claiming accommodation, travel etc.

However I have just been asked for interview by a large well known english banking group and they are one of the all contractors via umbrella inside IR35 lot.

I know that there is a cover-all 5% tax allowance however with London accommodation and the travel and other unclaimable expenses that is somewhat inadequate.
The rate is low in comparison and there has been no enhancement to account for IR35 losses.

It is as bad as it seems or am I missing something?

ADV-thanks-ANCE

Worse. Come April you'll lose the 5% expenses allowance as well.

[GhostofTarbera]

Is it as bad as it seems?

Hi all

4 years ago I moved back to Devon, and tended to work in and around London, obviously claiming accommodation, travel etc.

However I have just been asked for interview by a large well known english banking group and they are one of the all contractors via umbrella inside IR35 lot.

I know that there is a cover-all 5% tax allowance however with London accommodation and the travel and other unclaimable expenses that is somewhat inadequate.
The rate is low in comparison and there has been no enhancement to account for IR35 losses.

It is as bad as it seems or am I missing something?

ADV-thanks-ANCE

2 of my friends have just quit HSBC as they are on £500 a day but commute from jock land and costs £3K ish a month on expenses - now out of net income about £6K leaves just £3K after mortgage and house bills it leaves them negative income

Expenses is the killer for people who need to

Sent from my iPhone using Contractor UK Forum

[ChimpMaster]

2 of my friends have just quit HSBC as they are on £500 a day but commute from jock land and costs £3K ish a month on expenses - now out of net income about £6K leaves just £3K after mortgage and house bills it leaves them negative income

Expenses is the killer for people who need to

Sent from my iPhone using Contractor UK Forum

This harks back to the other post I made, about the government not realising/caring that they are destroying not only contracting but the whole economy built around it. These expenses that we incur are income for someone else's business. Income that creates jobs. Income on which tax is paid. Hotels, landlords, restaurants, transport, insurance, accountancy, umbrellas etc.

Contracting is not just about I.T. There is a whole micro-economy built around it and the government will end up killing jobs and receiving much less in tax once they force through their misinformed plans.