Hi Everyone,
I am on the HSMP and my extension will be in Jan 2009. So my earning criteria starts from this Jan 2008. I am a contractor at the moment and i am advised by my umbrella company that contractors can claim for Business expenses, to reduce the tax (VAT) and NI.
If i claim for expenses, how will it be considered for my HSMP. Will the Invoice Value be taken into account or will the gross value (after the claims for business expenses and employees NI) will be taken into account.
Suppose if my invoice value is 2000 pounds
Business expense is 500 pounds
Then i gross value after claims will be on 1500 pounds (2000 -500).
Tax will be on 1500
So in this case, will HSMP team consider my invoice value or will it consider be gross value
Pls help me out here as i do not know to claim or not
Thanks
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