I've recently taken up a contract role with a PSB and have been deemed inside IR35. It's a near two year contract and a good day rate so was worth taking (even being inside IR35). I understand that, due to being taxed at source, I won't be eligible for the 5% expenses if I was to set-up a PSC. In all I was very confused as to whether to set-up a PSC but could see no financial benefit (although I may have a few days of commercial work later in the year) so have gone through an Umbrella (initially).
Can I reclaim any expenses if I continue to get paid through the umbrella when completing my self-assessment at financial year-end? I understand I can get tax relief on pension contributions buy when I challenged HMRC on the issue of professional development & memberships and they wouldn't give me an answer (surprise!).
All help welcome!
Thanks.
Can I reclaim any expenses if I continue to get paid through the umbrella when completing my self-assessment at financial year-end? I understand I can get tax relief on pension contributions buy when I challenged HMRC on the issue of professional development & memberships and they wouldn't give me an answer (surprise!).
All help welcome!
Thanks.
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