underwriter

Expenses

17 posts in this topic

people on here who contract/self employed

 

roughy how much a week do you put in/claim back/try to claim back?

 

how much ACTUALLY goes through?

 

from what ive learnt, its more so down to your accountant, if he wants to slip it through or not... or is this wrong?

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Dunno what kinda shit company you work for but it's not down to an accountant tryna "slip it through".

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Just now, Flex said:

Dunno what kinda shit company you work for but it's not down to an accountant tryna "slip it through".

:rofl:

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2 minutes ago, Afroman said:

:rofl:

😂😂

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roughly 1/3 of my self employed income goes to expenses.

what expenses are You trying to claim which an accountant needs to "put through". details please

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scenarios dont need to be painted

i just want to know people who are contracting/self employed, what do you put down as expenses/what are the rough prices of that and when are you reimbursed those funds

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reimbursed? no, You're not reimbursed, they just reduce Your profit so You pay less tax on Your profit.

unless You're registering for VAT but that's a whole different topic.

expenses: travel, postage, insurance, stationery.

anything You pay for that lead to You ending up with no physical item.

any service

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So there's a) expenses you ask to be reimbursed by your clients, then there's B) expenses that you put down on your self assessment to reflect against your income.

the former you can technically put anything justifyable there (maybe talk to your client) and the latter have regulations (just check the gov.uk website to get started)

things to note: you can not (for b,) expense travel costs going from your home to your place of work or expense food costs that are in your normal work pattern (if you have to travel away then you can expense food costs)

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A is getting increasingly unnattractive to customers.

Always better to give one total price so the client is completely clear of the price, then include Your expenses and cover them within that price. 

Another notable exclusion is rent of Your home.

Rent of a separate premises for work is fine, but working from home, Your personal rent is not an expense. 

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Expenses for contract workers (in some cases) were stopped in April. 

Make sure you can claim them.

 

Self employed is a different ting.

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17 hours ago, underwriter said:

scenarios dont need to be painted

i just want to know people who are contracting/self employed, what do you put down as expenses/what are the rough prices of that and when are you reimbursed those funds

Fuel, home broadband/ phone, parking , public transport , stationary & printing stuff, Equipment in relation to work. Client entertainment (Lunch, training catering) team get -together nights

Hotels, flight and Co are sorted by finance via email or calls 

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snm snm

 

my boy just said if your gross is 4000 a month

from the 4000 you instantly take out your expenses for that month

 

the remaining balance you 20% vat that... and send that to hmrc...

 

you then put back the expenses and the net salary/balance and thats what you have left...

 

 

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The accountant/or you can put through any expense to the company. There is no claim back as the reduction in profit means you are taxed on less income. However HMRC are increasing the number of audits. If they feel it is dodgy they'd will tear the accounts to shred and then issue you with a fat bill. But that's all ifs and maybes. 

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its mad how there are contractors out there/who ive spoken to who say they make grands a month (on top) and im left thinking.... BUT HOW....

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18 hours ago, Brem said:

The accountant/or you can put through any expense to the company. There is no claim back as the reduction in profit means you are taxed on less income. However HMRC are increasing the number of audits. If they feel it is dodgy they'd will tear the accounts to shred and then issue you with a fat bill. But that's all ifs and maybes. 

Basically.

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