Originally posted by malvolio
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
24 month expense rule
Collapse
X
-
-
After reading this, I'm slightly concerned that my accountant doesn't understand the rules (despite me sending them several links to the legislation), as I still find the rules confusing myself hence raising the initial query with them in the first place.
Current client - was claiming expenses up until I knew I would cross the 24 month mark (this was circa 18 months), when an extension was offered.
I'm now about to start with a new client. Change of direction, so asked whether I could start up again with claiming expenses.
Advice was no problems and I can start claiming expenses for the duration of the contract (6-12 months).
Based on what has been said on here, they appear to have it completely wrong. Aren't we supposed to rely on the advice from these professionals hence the answer always crops up on here "ask your accountant"
If I go along with their advice and it proves wrong later down the line, what compensation is it to me the fact my accountant got it wrong and my arse is flamed, does that mean they can't be trusted with doing the other aspect of their duties? This accountant is one that is on the recommended list on this site as well....Comment
-
Originally posted by CompoundOverload View PostAfter reading this, I'm slightly concerned that my accountant doesn't understand the rules (despite me sending them several links to the legislation), as I still find the rules confusing myself hence raising the initial query with them in the first place.
Current client - was claiming expenses up until I knew I would cross the 24 month mark (this was circa 18 months), when an extension was offered.
I'm now about to start with a new client. Change of direction, so asked whether I could start up again with claiming expenses.
Advice was no problems and I can start claiming expenses for the duration of the contract (6-12 months).
Based on what has been said on here, they appear to have it completely wrong. Aren't we supposed to rely on the advice from these professionals hence the answer always crops up on here "ask your accountant"
If I go along with their advice and it proves wrong later down the line, what compensation is it to me the fact my accountant got it wrong and my arse is flamed, does that mean they can't be trusted with doing the other aspect of their duties? This accountant is one that is on the recommended list on this site as well....
The first example you have is one that trips many people up (myself included if you see above where I was dishing out nonsense). It's often interpreted as 'you can't claim once you know you'll be there for more than 24 months'. This is wrong as many people have said. It's a continual assessment to make sure that the amount of time spent travelling to a particular location does not exceed the threshold set by HMRC. Contractors in Canary Wharf, or the City, often get caught out* because they hop between different banks but essentially are making the same journey every day.
* I say 'caught out' what I mean is: a lot of FS contractors should be caught out but they're all a bunch of chancers and will wing it, relying on the chance of an investigation being low.Comment
-
Originally posted by CompoundOverload View PostAfter reading this, I'm slightly concerned that my accountant doesn't understand the rules (despite me sending them several links to the legislation), as I still find the rules confusing myself hence raising the initial query with them in the first place.
Current client - was claiming expenses up until I knew I would cross the 24 month mark (this was circa 18 months), when an extension was offered.
I'm now about to start with a new client. Change of direction, so asked whether I could start up again with claiming expenses.
Advice was no problems and I can start claiming expenses for the duration of the contract (6-12 months).
Based on what has been said on here, they appear to have it completely wrong.
Originally posted by CompoundOverload View PostAren't we supposed to rely on the advice from these professionals hence the answer always crops up on here "ask your accountant"
If I go along with their advice and it proves wrong later down the line, what compensation is it to me the fact my accountant got it wrong
Originally posted by CompoundOverload View Postand my arse is flamed, does that mean they can't be trusted with doing the other aspect of their duties?
Originally posted by CompoundOverload View PostThis accountant is one that is on the recommended list on this site as well....See You Next TuesdayComment
-
Based on what you’ve told us, the issue is that you don’t like giving the facts.
When you say your new contract is a “change of direction” do you mean in terms of your business, or in terms of physical location?
Did you provide your new accountants with all the facts, or only what you wanted to tell them?
Were you more interested in finding out if your new accountants were wrong rather than trying to provide them with the facts about your contract(s) and letting them provide you with information relating to accounting?
When you challenged them, did you explain in more detail how your circumstances were different to their interpretation of them, or did you just send them links to web pages that didn’t have your specific details??…Maybe we ain’t that young anymoreComment
-
Originally posted by ladymuck View Post* I say 'caught out' what I mean is: a lot of FS contractors should be caught out but they're all a bunch of chancers and will wing it, relying on the chance of an investigation being low.Comment
-
Comment
-
Comment
-
Originally posted by dx4100 View PostI often wonder why this type of person bothers to pay any tax at all... I mean if your not even trying to conform then you might as well go all inComment
-
Originally posted by TwoWolves View PostI've been ultra-careful all my contracting life but they are rolling out IR35 on me anyway. I feel betrayed.See You Next TuesdayComment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment