Hi can anyone shed any light on re-imbursement of expenses from Brookson.
I have a Ltd Company through Brookson and have just started claiming expenses, the following is an example of 2 week invoices I submitted and subsequent payment.
Week 1 40 hours worked, no expenses
Funds available to take was approx £700.0.
Week 2 40 hours worked, expenses claimed £260.0
Funds avilable to take was £754.0
I don't fully understand the working of this but it appears to me I am not getting back the money I fork out, (i.e shortfall of £190.) I emailed Brookson and they said its to do with tax relief.
"The Revenue only gives you 21% of the net value of your expenses.
21% of your expenses at £259.84 is £54.5664 (this is the difference)"
The statement shows the £260.0 as being included in the funds available but the dividend is greatly reduced.
Can anyone tell me if this correct or am I not understanding the workings of the expenses and will I retrive the money through less tax.
Would appreciate any advice.
Chaz
I have a Ltd Company through Brookson and have just started claiming expenses, the following is an example of 2 week invoices I submitted and subsequent payment.
Week 1 40 hours worked, no expenses
Funds available to take was approx £700.0.
Week 2 40 hours worked, expenses claimed £260.0
Funds avilable to take was £754.0
I don't fully understand the working of this but it appears to me I am not getting back the money I fork out, (i.e shortfall of £190.) I emailed Brookson and they said its to do with tax relief.
"The Revenue only gives you 21% of the net value of your expenses.
21% of your expenses at £259.84 is £54.5664 (this is the difference)"
The statement shows the £260.0 as being included in the funds available but the dividend is greatly reduced.
Can anyone tell me if this correct or am I not understanding the workings of the expenses and will I retrive the money through less tax.
Would appreciate any advice.
Chaz
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