Expenses

Business Structure Review

The 123 Way

What is included as standard for a fixed fee of £65.00 + vat per month:

Full Contracting health check - is your business performing as best it could - we'll ensure it is.

If you're new to freelance contracting, we'll ensure you start trading in the right way.

Then you can sit back and relax, your ongoing HMRC & Companies House compliance will be taken care of.

The 123 Way - simple & stress-free.

The question, “What expenses can I claim?” is the most frequently asked question by new contractors and freelancers. The answer is not a simple one as there are certain criteria an expense must cover. HMRC’s famous line is it must be “wholly & exclusively” for the purpose of the business.

The Basics

Expenses that may be claimed:

- National Insurance Contributions
- Pension contributions
- Accommodation (when away from home on business)
- Subsistence (when working away from home)
- Business travel (including mileage and public transport)
- Accountancy Fees
- Home office costs
- Postage and stationery
- Mobile telephone costs
- Business computer equipment and software
- Broadband Internet
- Technical books and publications
- Business entertaining (this does not decrease your tax liability)
- Subscriptions to approved professional bodies
- Bank charges

This is by no means an exhaustive list of all business expenses.

Take a look at the Detailed Expenses pages in the menu on the left.

Running a Limited Company

Being a Sole Trader

Responsibilities

Business Bank Account

Drawings

Bookkeeping & Records

Trading Accounts

Business Tax

VAT - The Basics

VAT - The Choices

123 Income Illustrator

The 123 Income Illustrator shows you what you can expect to take home from a given contract.

It also compares the differences between freelance contracting through your own Limited Company, through an Umbrella Company, as a Sole Trader or if you were to return to full time employment.

The123 Income Illustrator

Invoicing

Expenses

Expenses - Detailed Guide P1

Expenses - Detailed Guide P2

Personal Tax/Self Assessment

Importance of Information

Important Dates

Calculators

123 Referral

We run a simple referral programme where for every client you refer to The 123 Way we will give you £123.00

For more information check out the link below:

123 Referral

FAQs

Disclaimer:
This information is for general information only. No responsibility is taken for any action taken or refrained from in consequence of its contents. Always seek professional advice before acting.