Hi
I’m new to contracting and have a question about expenses, Lets say I charge client £10,000 VAT in year 1.
And here are my expenses for year one…
£1,000 accommodation and travel
£3,000 others
Do I get to keep £4,000 of the VAT and return 6,000 to the tax man?
Apologizes if it sounds like a stupid or simple question but I have searched internet and all they talk about is what can be claimed, they hardly touch on how its calculated and how much is refunded etc…
Thanks
I’m new to contracting and have a question about expenses, Lets say I charge client £10,000 VAT in year 1.
And here are my expenses for year one…
£1,000 accommodation and travel
£3,000 others
Do I get to keep £4,000 of the VAT and return 6,000 to the tax man?
Apologizes if it sounds like a stupid or simple question but I have searched internet and all they talk about is what can be claimed, they hardly touch on how its calculated and how much is refunded etc…
Thanks
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