gaaa - I made an error in my post and I can't edit it...silly firewall.
Oh yes, I don't have formal written contract - just a verbal "We need you for a while, don't know how long, I'll let you know when you're done" contract - at a verbally agreed amount. Anyway - as long as my invoices get paid what do I care.
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Reply to: Two year rule
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Previously on "Two year rule"
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how can you work without a contract ?? As soon as client pays you, then a contract exists., Just lack of written contract doesn't mean there NO contract.
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Originally posted by tim123A season ticket that your company buys you is taxable (or not) under the normal rules. So if the 24 month period is passed (or never applied in the first place) the capital cost of ticket is a BIK.
It is the interest part of a season ticket loan that is treated differently.
I think you are confusing the two.
tim
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Originally posted by kirkHow about if the end client for instance reimburses travel to the ltd. at 30p a mile, surely the director can still claim 40p per mile from the ltd. co?
But the 2 year rule still applies to YOU. So claiming the 40p per mile after knowing that you will be there for 2+years is breaking the rules.
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How about if the end client for instance reimburses travel to the ltd. at 30p a mile, surely the director can still claim 40p per mile from the ltd. co?
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Originally posted by lilelvis2000Does this also apply to the season ticket my company buys me? I've looked at IR 176 and don't see a mention of the 24 month rule.
It is the interest part of a season ticket loan that is treated differently.
I think you are confusing the two.
tim
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It has nothing to do with who your employer is... It is a personal taxation issue, and the rules are applied to individuals no matter what the employment status is.
You could change from Contract to Permie to Contract and back to Permie again , all working within the same location (eg City of London) and the 2 year rule would apply, which is simply:
You can not claim (as an individual) travel / subsistence expences from the moment you know you are going to be there beyond 24 months.
It is slightly complicated by the 40% rule thingy, which from your earlier post is not relevant to you.
HTH
edit: I think any excess on your season ticket should be on P11d as BIK
IANAA
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Originally posted by gingerjediIf your client is reimbursing travel expenses you cannot claim through the tax system at all, that is fraudulent, they take a dim view of that type of thing.
- the 24 month rule applies given I am not on a contract currently but am still mainly travelling to the same location to perform work. Apparently it does.
- the season ticket my employer (my Ltd. co.) buys me for business and pleasure travel is okay and does not incur tax and NIC. still not sure about this.
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Originally posted by lilelvis2000So far for the past 23 months my ltd. co. has been paying and reimbursing my travelling expenses to my current client.
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Does this also apply to the season ticket my company buys me? I've looked at IR 176 and don't see a mention of the 24 month rule.
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The rules say as soon as you are aware that you will be there more than 2 years you cannot claim, i.e. 18 months in and you get a 12 month extension you have to stop claiming.
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Two year rule
Another two year rule question. So far for the past 23 months my ltd. co. has been paying and reimbursing my travelling expenses to my current client. I haven't been on a contract with them for a few months now - but I still go in on most days to do necessary work - which I can only do on-site as they have no external network access.
Sooo... can I still continue claiming travel expenses?
I'd ask my accountant - but while he's great at cooking the books - he probably wouldn't know what I was talking about.Tags: None
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