Jet Stream - We're the Contractor Accounting Experts

Unlimited advice and support from our team of accredited accountants, whenever you need it!

Real-time dashboard reporting.

No more out of date monthly reports or waiting months to see your year end financials. For us it’s all about right here, right now! 

Jet Stream - We're the Contractor Accounting Experts

Unlimited advice and support from our team of accredited accountants, whenever you need it!

Real-time dashboard reporting.

No more out of date monthly reports or waiting months to see your year end financials. For us it’s all about right here, right now! 

Jet Stream - We're the Contractor Accounting Experts

Unlimited advice and support from our team of accredited accountants, whenever you need it!

Real-time dashboard reporting.

No more out of date monthly reports or waiting months to see your year end financials. For us it’s all about right here, right now! 

Jet Stream - We're the Contractor Accounting Experts

Unlimited advice and support from our team of accredited accountants, whenever you need it!

Expenses – Maximising your income

Trying to figure out what you can and can’t claim as expenses to maximise your income?

We thought we’d put some information together so you can clearly see what you can and can’t legitimately claim for.

Accommodation

There are several categories for submitting accommodation costs, here’s how they look:

  • All accommodation claims (hotels/B&B’s) must be accompanied by a scanned copy or picture of your receipt.
  • In addition to the accommodation, you may also claim up to a further £5 per night for personal incidental expenses (such as toiletries) or up to £10 per night if you are temporarily outside of the UK whilst on assignment.
  • If you’re claiming accommodation rental costs, your rental agreement must be the original, signed copy and meet HMRC Dual Purpose rules, which means that you are already maintaining a property and are renting a second property for the purpose of your assignment, stating that you’re only claiming for the working week (i.e. 5 days out of 7).

Travel

You can claim travel expenses for a range of different transportation methods covering trains, planes & automobiles – even bicycles.

Cars

You can currently claim 45p per mile for the first 10,000 business miles you travel in your car each year and then 25p per mile after that. This mileage includes travelling to and from home and temporary locations and between different sites.

Reasonable car hire charges can also be claimed when used solely for business during the working week. So if you are hiring a car for 7 days this is limited to 5/7ths of the cost (you can only claim for the working week) and original receipts must be provided. If it’s just for a day or two during your working week then you can claim for the full amount. If you claim for car hire the amount you can claim for mileage is reduced but you can decide not to claim for the cost of the hire and claim for business mileage only instead.

Unfortunately any speeding, parking, clamping or other fines cannot be claimed.

Cyclists

If you cycle to and from your assignment not only will you be helping the environment and your health but it will also benefit your pocket as you can claim 20p for every mile you travel.

Other travel costs

This could be your train ticket, taxi fare, flight or ferry and you can even claim for any road tolls, parking or congestion charging. Travelling to and from your assignment means you are travelling to or from a temporary place of work. As a result, the cost you incur is a legitimate business expense.

Stationery

Although the cost of stationery items is generally quite low, when you add together the cost of each item in your stationery cupboard it really does make claiming for them worthwhile. Remember, as long as it’s an item related to your current assignment, you can claim for it.

Food and Drink

If you are providing receipts, there are no restrictions to the amount or type of claim you can make for the reimbursement of food and drink costs, other than the food and drink must be purchased and consumed either on your way to or from work, or whilst at work. Buying food and drink in the supermarket the day before and consuming it whilst at work does not qualify.

Entertaining

You can claim for the reasonable costs incurred when entertaining a business contact or client. And while we like to see you all having a good time, nights out with friends and family or work colleagues don’t count. You will need to provide receipts with any entertaining expense claims and provide the names and company name of any clients or prospective clients you entertain. 

Electronic equipment

The costs of electrical equipment such as software and hardware essential to your role can be claimed. So if you require a new laptop or iPad, you can claim it as a business expense as long as it is required for your current assignment. Plus, there’s no limit to the amount that can be claimed, although you must be able to justify how each purchase supports your role, along with the original receipt.

Training

If you want to undertake a course or take part in training that is related to a professional qualification, then you could claim for it as a legitimate business expense. If the training or qualification is a requirement for your assignment then there is a good chance that you could claim for it, however, non-work related qualifications are not a legitimate business expense.