Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Claiming Everyday Expenditure: Know How’s of an Umbrella Company

By Ed Lebbon Subscribe to RSS | January 5th 2012 | Views:
loading
 
  



Freelancers, self-employed or contractors always have issues regarding claiming their tax back for the expenses they have incurred. Well simply doing so not only maximizes the actual “take-home” pay they are entitled to but it also minimizes the tax bill each contractor gets. Now if these are done legally of course it would not be deemed as being “tax-avoidant”. Knowing tax and self-employed individuals, the HRMC has strict controls and regulations on costs incurred and expenses that can be claimed which should be exclusively, necessarily and wholly scoped by the work a contractor has. Tax officials make sure of this by legally acting out a detailed investigation of self-employed, freelancers or contractors accounts. Expenses claimed made by contractors are also included in the investigation.

So how does one assure that they are tax-efficient and by all means are clear of evading tax from the tax officials? The easiest solution is to work your taxes and your salary through an umbrella company. The first step is easy. Just provide them with a detailed documentation of how you much earn, how much you spend on business expenses and the like. It is of prime importance that in reimbursing expenses a contractor keeps records and receipts of expenses said to be incurred in a minimum of five years. Knowing this, what exactly are the items included under expenses that can be claimed from working through umbrella companies?

Number one on the list of expenses a contractor can claim would be travel and mileage expense. If you have your own vehicle, then you can claim for mileage expenses when you travel to and from to work. Traveling in another person’s car or all forms of travel can be expenses that can be claimed as long as these travels are associated with the business or the work a contractor is involved in. Travel rates being really expensive can also be claimed as expenses given that VAT receipts are provided. VAT receipts should also be given in terms of fuel consumption for mileage expense.

Next on the list of claimed expenses would be accommodation and meals. Such expense is termed by an umbrella company as “Dispensation”. Doing so allows each contractor to claim for meals that have incurred costs given that there is a receipt. These receipts however are no longer needed to be sent out to umbrella companies. For those contractors staying far from home during business trips can easily claim accommodation expense plus meals.

Clothing and equipment given that these are associated with the work are also filed under expenses which can be claimed. There would be a description for each of course. Equipment such as clothes that are under the term “protective clothing” meaning those that are not the normal day attire worn in casual or formal settings. Tools on the other hand are those used exclusively for the work alone. Gadgets may be included given that these are particularly important or vital to the business. Gadgets would include phones used for business calls.

Another additional expense a contractor can claim would be memberships and journals. Given that these memberships are for professional associations then there are instances where allowable expenses are given. However before a contractor should start on the membership, the HMRC has provided an all-inclusive list of associations available for claiming expenses when it comes to membership fees.

Take note that expense claims that are provided with actual and factual receipts are legitimate claims. Of course as long as these expenses are associated with the work. These allowable expenditures are one way for contractors’ tax bills to be greatly reduced. Contractors must remember that keeping records and claiming expenses that are genuinely incurred as part of their job are fairly essential. It can be a headache for the self-employed which is why Access-a is the solution to giving you the service of an umbrella company that is sure to make anyone 100% tax-efficient. Access-a is the only place contractors need to visit to be fully geared up on tax issues and taxation.

Ed Lebbon - About Author:
Ed Lebbon is the owner of Access-a Umbrella Company, Access-a is an umbrella company offering the benefits of a limited company without the administration or statutory responsibilities.
To know more about Umbrella Company visit our website http://access-a.co.uk/

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/article-marketing-articles/claiming-everyday-expenditure-know-how-s-of-an-umbrella-company.htm

Related Article Marketing Articles Subscribe to RSS

The best packers and movers company with all kinds of solutions
Published by Kumari Ankita on January 2nd 2012 | Business
Welcome for unparallel shifting services. All of us give support on the loading and unloading servic...
 
Reduce company overheads by incorporating your company offshore
Published by Ademholt on July 11th 2012 | Business
Are you looking to reduce company overheads?
Did you know setting up and offshore company can le...
 
Techniques for medical equipment manufacturers Through Supercharge your provide you with company lately!
Published by Samuel Willie on May 29th 2012 | Business
Advancing produce thread control might be a section of concern through a large amount of insurance c...
 
Tips for choosing an air conditioner company
Published by Sudhanshusnv on August 3rd 2012 | Business
If you will consider all these things in mind before your choosing air conditioning company, then yo...
 
Get thermal insulation materials by a reliable company
Published by Christy Jackson on April 30th 2012 | Business
The article is based on the thermal insulation materials offered by the retailers. It talks about th...
 
How to search for a good IT network support company
Published by Charles Brinkman on April 22nd 2012 | Business
If you are running a business, then you need the support for a good IT network support company. Lear...
 
Reputable Austin moving company
Published by Austin Larck on April 18th 2012 | Business
The business provides a moving companies, international movers and local movers in Austin. They are ...
 
What to look for in a Stage Hire company
Published by Mary Porter on July 25th 2012 | Business
Try to relax when you think about a Stage Hire, forget all those things that went wrong when you hir...
 
Excellent packing moving and corporate solutions under one umbrella
Published by Abhay Singh on January 6th 2012 | Business
Welcome to a packing and moving company. We solve all the issues related to shifting from planning t...
 
Important points to remember when registering a company in China
Published by Barker Hicks on April 28th 2012 | Business
As a foreign investor there are China Company registration guidelines that are provided by Chinese c...
 
Austin home relocating company
Published by Austin Larck on April 18th 2012 | Business
Our Austin home moving companies have expert in shifting antique furniture and pianos and musical in...
 
British Gold Refinery is an online company.
Published by Ahmadgill on January 12th 2012 | Business
British Gold Refinery is an online company that is quick easy and convenient way to sell your gold a...
 
IVR Survey is essential for company in this competitive era.
Published by Snooozy on March 14th 2012 | Business
IVR survey (Interactive Voice Response) is conducted through the computer voice which interacts with...
 
Upfront Consultants one of the best company, that provide in Orange County SEO services.
Published by Laptop Repair on March 14th 2012 | Business
Orange County SEO famous due to its unique quality in all over it many other companies also provide ...
 
How to Locate the ideal company that Present SEO Services Manchester
Published by Darrell Fore on May 29th 2012 | Business
Search engine optimization or SEO is an critical marketing and advertising strategy utilised by busi...
 
Choose a Denver dumpster company that meets your requirements.
Published by Colin Steven on July 3rd 2012 | Business
Keep in mind that the way you load your dumpster depends on the type of dumpster you have obtained o...
 
Go for comprehensive packing and moving services by the right company
Published by Ankita Kumari on February 29th 2012 | Business
Shifting from one place to another is not an easy process. It requires huge level of things to pack ...
 
Tamin Theodore Kim makes business success with his software development company
Published by Colbert Raynard on March 20th 2012 | Business
Athena Software Services, Inc., owned by Tamin Theodore Kim, is just one of the prestigious third-pa...
 
About my company and the services we provide
Published by Seolncr on February 28th 2012 | Business
Do you want to promote your business on the internet market? My company is one of the best online ma...
 
The services provided by a Groundwork London company
Published by James Blee on July 17th 2012 | Business
Groundwork London services tend to be undertaken by professional companies who specialise in all asp...