Self employed - contracting

[psychocandy]

Scary indeed.

OP - You do know you claim expenses on what you actually incur dont you? i.e. you dont make it up as you go along.

So why ask how much can I claim? If you drive 5 miles to client you claim 10x45p per day. If you live 50 miles you do likewise.

But please say you do know this comes out of your gross income? And its not an extra that you get paid.....

[VillageContractor]

thanks,

ive been researching all of this since thursday

as i was offered a 6 month contract role then to start tomorrow (monday)

i got everything in order on friday (company set up, accountant, business bank account, accountant will be setting me up for vat on monday, EL, PL, PI insurances)

but it was merely a wondering question as to how much contractors claim back on expenses, and does that decrease your monthly take home pay? (im pretty sure i read that somewhere...)

if i were to buy £4000 worth of equipment; i would receive £4000 back?

As much as I'd like to mock you, I've got to say I am impressed you managed to get a business bank account set up in 1 day

[malvolio]

I probably charge about £7000 per annum. I only charge travel and accommodation and occasional purchases like a printer or laptop.

The expenditure comes off your profit so you save the income tax on the amount involved. Some contractors will try and charge for things that are not business related eg snacks and meals. I guess others charge for all sorts of things like tellies, cameras and so. Like IR35 or driving over the limit, it's a gamble that you probably get away with.

All three are also illegal and carry nasty penalties, but hey...

[northernladuk]

Good to see that you've got an accountant.

You would definitely need the below:

- IR35 insurance (TLC35 from QDOS is good)
- IPSE plus membership.

And your accountant on speed dial.

[FatLazyContractor]

thanks,

ive been researching all of this since thursday

as i was offered a 6 month contract role then to start tomorrow (monday)

i got everything in order on friday (company set up, accountant, business bank account, accountant will be setting me up for vat on monday, EL, PL, PI insurances)

but it was merely a wondering question as to how much contractors claim back on expenses, and does that decrease your monthly take home pay? (im pretty sure i read that somewhere...)

if i were to buy £4000 worth of equipment; i would receive £4000 back?

Good to see that you've got an accountant.

You would definitely need the below:

- IR35 insurance (TLC35 from QDOS is good)
- IPSE plus membership.

[Cirrus]

I probably charge about £7000 per annum. I only charge travel and accommodation and occasional purchases like a printer or laptop.

The expenditure comes off your profit so you save the income tax on the amount involved. Some contractors will try and charge for things that are not business related eg snacks and meals. I guess others charge for all sorts of things like tellies, cameras and so. Like IR35 or driving over the limit, it's a gamble that you probably get away with.

[jamesbrown]

if i were to buy £4000 worth of equipment; i would receive £4000 back?

From whom? The Tooth Fairy?

Just think about that for a minute.

[northernladuk]

Jesus.

Did you get your contract reviews for IR35 though?

[Scruff]

"You cannot be serious?" - John McEnroe

[dranzer01]

thanks,

ive been researching all of this since thursday

as i was offered a 6 month contract role then to start tomorrow (monday)

i got everything in order on friday (company set up, accountant, business bank account, accountant will be setting me up for vat on monday, EL, PL, PI insurances)

but it was merely a wondering question as to how much contractors claim back on expenses, and does that decrease your monthly take home pay? (im pretty sure i read that somewhere...)

if i were to buy £4000 worth of equipment; i would receive £4000 back?

[VillageContractor]

1. It's up to you

2. Most of us are on the flat rate scheme

I suggest you get yourself an accountant. In the meantime read the first timers guide which is a link that way -->

That's good advice, for free. Take it and run

[SueEllen]

1. It's up to you

2. Most of us are on the flat rate scheme

I suggest you get yourself an accountant. In the meantime read the first timers guide which is a link that way -->

[dranzer01]

For the guys who are contracting

or for the guys who are working through a LTD COMPANY through an agency

what roughly are your expenses which you put through to claim back?

How often are expenses claimed back?

How often is vat claimed back?



Thanks,