Starting out IT contracting...

Dante

I've recently started my first contract with a bank in London and am looking for advice and tips getting set up. I was quite fortunate in that the contract sort of fell on my lap in a short space of time so I haven't really had much time to research the ins and outs as I was too busy frantically trying to set up my limited company and accountancy packages etc.

I've done a bit of reading online and one area I'm unsure about is expenses.

My understanding is that all expensed items though my limited company are deductible from my overall tax liability at end of quarter/year. From what I gather, I'm eligible for the following expenses (contract is outside IR35):

• Phone and bills (once registered in company's name)
• Travel to/from the office (via train in my case)
• Company costs (laptop, monitors, hardware etc)
• Accounting/Insurance fees
• Accommodation Rent/Internet(?) (I often work from home 2/3 days a week).

Is the above correct? Is there anything obvious I'm missing out on or is any of the above contentious should the taxman come knocking? I'm particularly curious about the general rules for claiming on rent and internet given I work from home quite regularly.

Any other tips or advice is greatly appreciated!

bswan

DaaaaaaaaaaN wrote:

I've recently started my first contract with a bank in London and am looking for advice and tips getting set up. I was quite fortunate in that the contract sort of fell on my lap in a short space of time so I haven't really had much time to research the ins and outs as I was too busy frantically trying to set up my limited company and accountancy packages etc.

I have been contracting in UK a few years, I never claimed rent, double check that if I were you

Stheno

Are you paying tax in the UK or Ireland?