Hello my faithful friends. I have a little query and unfortunately google or HMRC haven't turned up the goods.
I am self employed but I recently started sub-contracting on a day by day basis with a local firm. I use my own van and tools for this and they pay for the expense of this £20 per day. This obviously covers what I pay in insurance, service etc, etc and saves me using one of their vans with inadequate tools in it!
They pay my wage less 20% as per CIS but for some reason, the £20 per day to cover my vehicle comes through untaxed.
Why is this? What implications does it have? I obviously need to account for the Tax on this amount seperately through my books?
I liked the old way of balancing what I earned against what I paid and taxing what is left over!
Cheers for the help,
AH.
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