Contracting, what do i claim for

nem39esis

Ive recently started a new job with a large consultancy, I'm contracted to them so I've had to set up my own limited company. Im contracted for 3 months after which time there be talk of a permanant role.

Im currently paid a rate of £35/hour
I drive to my the office every day and park which is in Bristol (i live in cardiff) which takes me around an hour
My registered ltd company address is my home


so apart form my timesheet and normal hours when there what else should i be claiming for each week. I've read various things when it comes to contracting.

Can i claim for my travel time
can i claim for my fuel cost
claim for parking charges

anything else?

trailingspouse

Unless you've agreed with your client that they will pay mileage, travel time etc, then all you claim is the £35 per hour - this should all be in your contract.

However, as a limited company the costs of running the business are tax deductible - including mileage and parking charges. If you have an accountant (and I would strongly recommend that you find one if you haven't already) they will explain to you in more detail what exactly you can claim for. Accountancy fees are also tax deductible!

nem39esis

i see, so although i can't claim this back directly from the company i can claim this against any tax i would pay and so effectively get the money back that way?

nem39esis

i was hoping-as I'm only doing it for 3 months, that i could avoid paying for an accountant

motorguy

nem39esis wrote: »

i was hoping-as I'm only doing it for 3 months, that i could avoid paying for an accountant

If you're only going to contract for 3 months, you'd have been better off going through an umbrella company.

You will have company accounts to submit now - not undoable yourself mind you.

motorguy

nem39esis wrote: »

Ive recently started a new job with a large consultancy, I'm contracted to them so I've had to set up my own limited company. Im contracted for 3 months after which time there be talk of a permanant role.

Im currently paid a rate of £35/hour
I drive to my the office every day and park which is in Bristol (i live in cardiff) which takes me around an hour
My registered ltd company address is my home


so apart form my timesheet and normal hours when there what else should i be claiming for each week. I've read various things when it comes to contracting.

Can i claim for my travel time
can i claim for my fuel cost
claim for parking charges

anything else?

You quoted an hourly rate, not a day rate?

Most contractors are paid on a day rate, or are you billing hourly?

motorguy

And get yourself over to here....

http://forums.contractoruk.com/

unforeseen

motorguy wrote: »

You quoted an hourly rate, not a day rate?

Most contractors are paid on a day rate, or are you billing hourly?

In ten years of contracting I've only had one contra t that was day rate. I've found hourly is the norm. I suppose it depends on what business the role is in .

Admin is probably day rate, IT tends to be a mix of both

motorguy

unforeseen wrote: »

In ten years of contracting I've only had one contra t that was day rate. I've found hourly is the norm. I suppose it depends on what business the role is in .

Admin is probably day rate, IT tends to be a mix of both

I'm in IT contracting and i pretty much only ever see day rates quoted. Agencies only ever talk to me in day rates too. Thats ITIL / Service Management / Project Management type streams, so as you say it may well be role related. I notice jobserve groups contracts by hourly rate, but the contracts themselves "tend" to talk in day rates in my area anyway.

I get paid for a day and that its - whether thats 7 hrs, 8, 9 or 10+ hrs, but then the day rate reflects that.

I guess the reason i asked relative to the O/P was if hes charging hourly then he may be able to bill for 10 hrs in a given day if he works them (presumably part of that being classed as overtime)

nem39esis

Yes hourly rate is what I am paid, average 8 hour day 5 days a week

trailingspouse

It wouldn't be normal to charge for travelling time. The only time we ever do that is if OH is on a long haul flight (and therefore unable to work anywhere else for a day or so either side of his work days). We normally charge half the day rate, on the understanding that he will use the time to write up reports etc.

But for normal commuting-type travel? No.