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I understand that element but do i need to declare the £200 as "income"?
Let's say that I billed the client £1000 for my services and £200 for this expense which I had incurred. My understanding is i need to declare £1000 as income and not £1200. Is that correct?
I am submitting my self assessment return for last year.
I incurred costs of £200 for public liability insurance which were reimbursed by the client.
I am claiming the £1000 tax free trading allowance in my return, which means i will not claim expenses.
Should the amount I enter for "income" include this £200 or not?
Thank you in advance