IT Contractor - Sole Trader - Expenses

Jagera

I am working as an IT Contractor for one company & am set up as a sole trader. This is my first financial year, and to date I'm finding it difficult to find information on what I can and cannot claim as Expenses.

I was told that I should be aiming to pay around 20% as annual tax - however if my Expenses are to be strictly related to the work, then I am going to struggle to accumulate many expenses at all..

This is roughly what I am aiming to claim for, with my sureness of claimability..
Fairly Sure

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IT related software hardware
Petrol
Gas/Elec/Phone - roughly 15% of these amounts?
Mobile Bill

Not sure

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Travel, as in x number of cents per kilomete travelled
Substance - meals
Dinners - maybe a small amount for "work related" events
Salary - my partner does not work, so I pay her a monthly "salary"

Others

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?? anything else


Any help or advise would be greatly appreciated.

Thanks

MrPudding

Check and make sure you will be OK to setup as a sole trader. If you are getting contracts through an agency they will not deal with you if you are a sole trader. They like LTD companies or contractors registered in an unbrella company.

If you have a limited company you need two directors. You would be one and your partner could be the other. I believe that as a director your partner would be entitled to payment. Someone with aco******* experience should be able to clarify this but perhaps you could split what you would liek to take home between yourself and your partner. This way each individual salary might be below the 42% threshold whereas one salary for the whole amount might be above it.

Not sure if that is legal but it might work.

MrP

Jagera

I am dealing through an agency, and am 100% OK being set up as a sole trader. The company I am contracted to also are fine with sole trader.

I'm enquiring about the applicable expenses that any IT Contracters, also set up as a sole trader, may have experience with.

Thanks.