Accomodation expenses

[BolshieBastard]

Not been contracting long and first time going limited so apologies for the simpleton question!

I will be renting accomodation whilst contracting and working away from home. Is it best to pay for accommodation expenses from the company account or personal account? Also is it best to put the rental contract in the company name in order to claim back expenses?

Also for travel expenses, would it be best to pay from the company account or personally?

Do you only record expenses paid for personally in order to claim expenses or also record expenses paid for by the company? Confused!!

Bear in mind if this turns out to be your only contract ie you decide contracting isnt for you, your accommodation and travel expenses will not be allowed as the place you worked at is deemed your permanent not temporary place of work.

The moral is, you need to decide contracting is for you before claiming large sums for rent and travel etc.

[nigelbb]

I have just started contracting & have my first contract booked for 5 months & have set up my limited company. The contract is a good two hours away so my plan is a to rent a small place as an alternative to hotels & do a weekly commute. It will not only be cheaper but also nicer. Even if the minimum let is 6 months I'll be quids in.

My accountant told me that the rental should be in the name of my Limited Company but I got very negative vibes when I raised the issue with a couple of estate agents so pushed back & he admitted that while ideal it was not absolutely necessary for the rental to be made by the Limited Company.

One issue that I did find was as a long time owner occupier I had a very naive idea of the process of renting a flat. At least it's changed since I was much younger & renting. I thought that it would be sufficient to say that I would take the property & pay the rent but it they seems that the agents now want to charge an exorbitant non-refundable fee & get employment references. I thought that this might be an issue as I have given up my permanent job & not yet started my contract but the MD of the agency that I am working through has told me to put her down as the employer & she will say whatever the agent wants to hear:-)

[expat]

accommodation

I'm sorry. It's been winding me up all day. I'm quite proud I've lasted this long.

You ccouldn't just acccept other mmemmbers' spelings?

[mudskipper]

accommodation

I'm sorry. It's been winding me up all day. I'm quite proud I've lasted this long.

[DaveB]

My you send your comments in either to Lisa at Contractor Umbrella or IPSE asap.

or wait for the survey I'm sorting out on Monday....

Or both.

[eek]

My accommodation normally has my name on it first and my company's name on it as well. Basically the landlord/lady just wants to be paid.

Also while you at it find the threads on the purposed changes to expenses and make sure you send your comments in either to Lisa at Contractor Umbrella or IPSE asap.

or wait for the survey I'm sorting out on Monday....

[TheCyclingProgrammer]

They are all treated as employee expenses and therefore need reporting on your P11D so in that sense it makes no difference whether you pay direct from YourCo or pay personally and are reimbursed.

Paying direct might save the need to pay yourself back but you still need to keep records and receipts. Personally I prefer to keep the expenses I incur personally separate from company expenses and therefore reimburse.

Having the rental agreement in YourCo's name isn't necessary. The accommodation isn't for YourCo it's for you.

[northernladuk]

Wouldn't it be a good idea to give your accountant a call?

[SueEllen]

My accommodation normally has my name on it first and my company's name on it as well. Basically the landlord/lady just wants to be paid.

Also while you at it find the threads on the purposed changes to expenses and make sure you send your comments in either to Lisa at Contractor Umbrella or IPSE asap.

[mudskipper]

Not been contracting long and first time going limited so apologies for the simpleton question!

I will be renting accomodation whilst contracting and working away from home. Is it best to pay for accommodation expenses from the company account or personal account? Also is it best to put the rental contract in the company name in order to claim back expenses?

Also for travel expenses, would it be best to pay from the company account or personally?

Do you only record expenses paid for personally in order to claim expenses or also record expenses paid for by the company? Confused!!

It is up to you. You can pay directly from the company account, or from your personal account and reimburse yourself.

If the landlord is happy for the rental to be in the company name, then that sounds like the simplest way to go (but they may not be).

You should keep a record of all expenses - obviously you only reimburse those you've paid for personally.

[Debz]

Not been contracting long and first time going limited so apologies for the simpleton question!

I will be renting accomodation whilst contracting and working away from home. Is it best to pay for accommodation expenses from the company account or personal account? Also is it best to put the rental contract in the company name in order to claim back expenses?

Also for travel expenses, would it be best to pay from the company account or personally?

Do you only record expenses paid for personally in order to claim expenses or also record expenses paid for by the company? Confused!!