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12% spent on expenses

07.01.13

Research conducted by Santander 123 World has revealed that the average employee spends around 12% of their salary on work-related expenses.

According to the report, £66.9billion is spent every year by employees on expenses such as travel, lunch/snacks, clothing, equipment and childcare.

The study also revealed that the amount in expenses paid relies largely on which region you work in. For example, London tops the chart with an average of £3,561 per year. At the other side of the scale, it would cost the average person only £1,668 every year in the West Midlands.

Those who drive to work spend, on average, £927 every year on fuel, parking and congestion charges, compared with £782 on public transport. Workers spend an average of £410 on lunch and snacks, and surprisingly £142 on unclaimed work-related telephone calls.

By being a self-employed contractor with Consort, you can off-set any work-related expenses against your taxable income. Further examples of claimable expenses are: Courses/training, computer software, office rent etc. This saves you money in both Income Tax and National Insurance payments. For more information click here.

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