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Expenses


underwriter

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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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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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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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