understanding the 24 month rule

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DANBRO Accounting Solutions for Contractors “Best Advice” for your needs, not ours. By Gerry Gregoire – Marketing Consultant Understanding the 24 month rule Visit: www.danbro.co.uk

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Visit: www.danbro.co.uk Introduction In a nut shell... This rule states that a contractors travel & subsistence from home to work is only allowable as a tax deductable expense for as long as they believe their contract will not exceed 24 months. 2 main aspects of the 24 month rule 1. EXPECTATION 2. ACTUAL DANBRO Accountants and Taxation Specialists

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Visit: www.danbro.co.uk Example; if your contract is renewed for 7 months and you have already been working at the workplace for 18 months, you could not claim travel & subsistence from that point. Be in the Know! DANBRO Accountants and Taxation Specialists

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Visit: www.danbro.co.uk What if you reach 24 months working at the same workplace? Free Unbiased advice at Danbro DANBRO Accountants and Taxation Specialists When you reach the actual 24 months working at the same work place you will no longer be able to claim any further travel and subsistence.

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Visit: www.danbro.co.uk Resetting the 24 month rule... #1 provider of contractor solutions DANBRO Accountants and Taxation Specialists Unfortunately It’s not as easy as just changing the address of where you are working. 1. Must be 10 miles from previous workplace, And 2. The journey has to be substantially different

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Visit: www.danbro.co.uk What if your workplace does not fit into these requirements? DANBRO Accountants and Taxation Specialists Your workplace will not be deemed ‘new’ and you will be unable to claim travel and subsistence. Get the best advice with Danbro

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Visit: www.danbro.co.uk Other points which affect your ability to claim T&S... DANBRO Accountants and Taxation Specialists An overarching contract If you only anticipate only carrying out one assignment with the umbrella. Where you confirm that the assignment you are working on is your last before leaving the umbrella. CLEAR, CONCISE AND COMPLIANT

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Visit: www.danbro.co.uk Give us a call 0800 731 3178 enquires@danbro.co.uk DANBRO Accountants and Taxation Specialists

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