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IT Contractor umbrella company expenses claim tips
Posted Feb 26, 2008
IT Contractors a can alleviate financial stresses by maximising their income and making the most of their work expenses, advises a contractor umbrella provider.
FPS Umbrella has provided us with the following top tips on how to beat the stress of expenses and keep your finances healthy through processing business expenses.
Top tips on maximising expenses
1. Travelling between your home and your temporary workplace in your own car? Keep a diary of your mileage.
2. Working so late that you need a place to rest your head for a night or two? Make sure add your hotel bill to your expense claim.
3. Travelling some distance to the temporary workplace? Keep hold of train, plane, tube and taxi receipts.
3. Forget your toothbrush? Then Personal Incident Expenditure (PIE) lets you claim £5 for your miscellaneous items, when you have to stay overnight and for this you don't even need a receipt!
4. Need safety boots or any special attire in the work place? Don't let it break your bank...this kind of retail therapy can be expensed.
5. Tearing your hair out over sky high mobile bills? Itemising your business calls could save you a load.
6. Need a list of letters after your name to get the job? Then professional memberships and other subscription fees come off your bottom line.
7. Need cover in case things go wrong? Professional Indemnity insurance can save you in more ways than one.
8. Need some java to fuel your early morning start? Every coffee, sarnie and packet of crisps counts as subsistence.
9. And finally, the most important tip of all... always, always keep your receipts and don't claim more than you spend!
"The complex rules and regulations of expense claims can cause confusion and if you want to eliminate your personal stress down the line it's important to ensure all claims meet the necessary eligibility requirements," says Jen Monro, marketing manager for FPS Umbrella. "Ensure you are fully compliant with HM Revenue and Customs (HMRC) by getting expert advice on each claim."
You may also want to read Contract Eye's own guide to IT Contractor Expenses.
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