HMRC will assign you a tax code to inform your employer (often your own company) to help them calculate how much tax should be deducted from your salary. Here we look at what the series of numbers and letters signify, and how they affect your income.
Tax / Accounts
- If you're an umbrella contractor, then your tax and accounting needs are very simple, as you're taxed as a standard employee - with tax and NI deducted at source.
- Limited company contractors have to account for a) company tax, and b) personal tax, but a good contractor accountant can do this on your behalf.
- Find out about the taxes you'll encounter as a contractor, and how to pay yourself as a contractor.
- Find out how much contractor accountants charge in our contractor accountants comparison table.
Around 30,000 estates were subject to Inheritance Tax (IHT) during the 2016-17 tax year – a rise of 11,000 in just three years, driven mainly by the rapid rise in nationwide house prices.
Private Medical Insurance covers the cost of obtaining private medical care should you fall ill. Insurance policies can be paid personally or met by your company as part of your remuneration package.
Capital Gains Tax is charged to you when you sell or dispose of an asset and it has grown in value, or you have gained a profit out of the sale. Here we look at how the CGT rules work in practice.
If you are a limited company owner, you have a number of monthly, quarterly and yearly tax and accounting deadlines to keep on top of. Read this guide to make sure you don’t end up on the wrong side of HMRC.
While working as a contractor, you may run up a number of business-related phone and broadband expenses. So, how do you ensure that these expenses remain tax-deductible for your company, and free of additional personal tax charges at year-end?
Making Tax Digital (MTD) is set to bring about the biggest change to the UK’s tax system for a generation – so how will it impact the contracting world?
One of our readers has recently been offered a contract role 200 miles away from home. Can he claim the cost of renting accomodation against his limited company’s tax bill?
When it comes to paying dividends to shareholders, the first thing a company’s directors should do is to check how much profit is available to be distributed. But what happens if you have overpaid dividends?
A concise guide to the main tax rates, bands and allowances you will encounter as a contractor during the 2017/18 tax year.