MY travel expence's 40pound a day

[trsisko]

Hi there,


Im spending 800 pounds on travel expenses now since I work in the middle of nowhere, around 40pounds a day - 20 a day for the train and 10pound each way for a taxi.
I make around 5grand a month, but of course ill be claiming expenses from my business account but none the less the realisation of 800 pounds is sick.

I realise that by taking out 800pounds worth of expenses a month means thats 800pounds that isn't being taxed right?

Anyone else spend a lot of money on expenses on a relatively average contract rate?

[downsouth]

perhaps try a roomshare close to work?

[sweetandsour]

Anyone else spend a lot of money on expenses on a relatively average contract rate?

It could be worse.

At least you can commute and do not have to pay for a hotel or b&b four nights a week.

[thunderlizard]

I realise that by taking out 800pounds worth of expenses a month means thats 800pounds that isn't being taxed right?

Of course, it's just expenditure same as any other. You only pay tax on profit at the end of the year.
But don't get too excited. You're still £800 down.

[PhilAtBFCA]

trsisko,

If the £800 is qualifying expenses then no you probably are not going to be taxed on it, that puts your gross income in the Higher rate Tax Bracket for some of the income for sure.

You may find this link to a spreadheet useful to see what your net income should be, there is a video explanation as well.

Phil

[VectraMan]

Don't look at it as costing you £800 a month, look at it as making £4200 a month.

Why not get a car? If it's £20 a day for the train it can't be all that far.

[deckster]

Don't look at it as costing you £800 a month, look at it as making £4200 a month.

Why not get a car? If it's £20 a day for the train it can't be all that far.

More to the point, why not get a bike? A £10 taxi journey can't be far, and the £400 you'll save in the first month will more than pay for a decent commuter bike plus associated locks and stuff. After that it's quids in, plus you'll be much fitter to boot. Everyone's a winner.

[tino]

It's part and parcel of contracting.

My expenses are £400 a WEEK.

[BoredBloke]

I'm working in Geneva and fund my hotel (300 a week) and flights (100 a week) out of my after tax income. At least the pound is heading in the right direction for me.

[tino]

I'm working in Geneva and fund my hotel (300 a week) and flights (100 a week) out of my after tax income. At least the pound is heading in the right direction for me.

Amazing Tony, you're funding weekly flights to Geneva and I'm paying the same for flights and digs to the bloody midlands from Belfast