Each month all contractors should upload their expenses to keep a good balance. This is vital to ensuring your taxable pay is reduced.
Your monthly expenses should be approximately around the following:
Below is an example of monthly expenses, this is just a sample and is based over 1 year.
- Daily home base subsistence
- Uniform, cleaning
- home office rent (20%) of total rent
- Internet
- Mobile phone
- Loss of License
- Home phone and bills (30%) of total
- Bank charges
- Stationary, postage etc.
- Computer, laptop (1 per year)
- Pilot courses, seminars, conferences, medical
- Headsets
- Eye test, glasses, sun glasses
- Interest on any loans for type rating, courses
- Miscellaneous
- Other
Should you have other expenses that were 100% solely and exclusively for your contract then you can add them in. Please be advised that we can only advise and it Revenue would have a final say on whether an expense is allowed or not.
Larger, one once off expenses can be added in a lump sum also. Out of base travel and mileage will also increase this amount significantly.
Other monthly expenses can also be added as long as they are 'SOLELY AND EXCLUSIVELY TO DO WITH YOUR CONTRACT'.