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How should a sole trader record Per Diem payments?

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I am a sole trader working in TV about to prepare my first year’s accounts. At an event overseas last summer I got paid per diems by the host broadcaster for meals etc for every day I was employed there. This per diem payment was itemised on my contract, separate from my salary. How should I go about dealing with these in my accounts/records? Does it matter that I don’t have all the receipts for how I spent these per diems? I assume I won’t have to pay tax on the per diems I received?

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By Accountant A
04th Jul 2019 11:26

When you signed up, did you read this:

https://www.accountingweb.co.uk/about-accountingweb?

"AccountingWEB.co.uk is the largest independent online community for accounting and finance professionals in the UK - providing award-winning content and online engagement between members in a true community environment."

What you need is an accountant. If you don't value the service that an accounting professional provides, you can have a go at doing it yourself. There's no reason an accountant should give you free stuff any more that you should do what you do for nothing. People have to earn a living you know.

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By Duggimon
04th Jul 2019 15:25

"I assume I won’t have to pay tax on the per diems I received?"

This is incorrect, money from your customer is income and you pay tax on it. There are other measures available to mitigate this.

Get an accountant, we're very nice and can help you a lot.

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