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Tag Archives for: "£250 million"
 Are you one of the micro-businesses missing millions in tax relief?
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By Michael
In Business
Posted May 11, 2016

Are you one of the micro-businesses missing millions in tax relief?

Almost £250 million of expenses are not being claimed by micro-businesses in the UK each year because business owners don’t think they’re worth claiming. The quarter of a billion pounds equates [...]

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Assumptions

  • Based on a contractor working 37.5 hours per week.
  • Full employee personal tax allowance of £11,000 per year (tax code 1100L).
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  • Subsistence based on the HMRC’s benchmark scale rates model.
  • Annual business mileage calculated at 45p/mile for the first 10,000 miles and at 25p/mile thereafter.
  • Expenses calculated between £3.16 and £355 and is restricted by allowable expenses and expenses reasonably incurred by an employee working and staying away from home.
  • Weekly calculation based on 52 weeks per full tax year.
  • Monthly calculation based on 12 months per full tax year.
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Additional assumptions for Crystal calculation

  • SDC (Supervision, Direction or Control) does not apply during any contract assignment throughout the tax year.
  • All legitimate business expenses incurred during each assignment will be paid as part of your regular Crystal payment package. Any incurred expenses over the pre-agreed amount can be received as a tax refund from HMRC after the tax year-end on 5th April.
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Additional assumptions for Pocked Accounts calculation

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