Accountant For Contractors UK – Expenses For Contractors
Accountant for contractors UK wide can assist with a broad assortment of tax-related issues. This includes ensuring you are claiming for the right expenses. If you don’t want to sift through the 100-page heavyweight guide on expenses provided by HMRC, then read on.
A business expense is a cost that you have encountered exclusively and wholly for business purposes. Claiming for expenses means that you are not going to pay taxes on such purchases. There are many contractors throughout the UK that are paying way more tax than they should be, which is why it is worth finding a reputable tax return accountant to take care of your contractor accounts. Your accountant will be able to inform you of the expenses that you can claim for, enabling you to reduce your tax bill without doing anything untoward. There are many different types of valid business expenses. Pensions represent a great tax break for contractors, and the amount of tax relief you receive can be as much as 48 per cent. You can also claim for any training courses you have taken to further your business, as well as any clothing that is necessary to carry out your work, accommodation, travel expenses, and meal costs. In regards to travel expenses, you can claim for the cost of travelling to and from your temporary workplace. Mileage rates are set per fiscal year, with every mile for the first 10,000 miles being 45p. This then reduces to 25p per mile once you have reached the 10,000.
AMG Financial Chartered Tax Advisers & Accountants is the company you need when you are looking for the best accountant for contractors UK based. We have years of experiencing in providing bespoke tax advice and working with contractors. For more information, head to https://amgfinancial.co.uk, email email@example.com, or call us on 01243 681097.