As a contractor, you may need to travel as part of your contract duties – within the UK, or even overseas. Which travel expenses can you legitimately claim?
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.
Many people have outstanding student loans when they start contracting, but how you calculate and make repayments if you’re working for yourself, and not a ‘traditional’ employer?
If you’re a limited company contractor, before 31st January next year you are likely to have to sit down and get to grips with your Self Assessment Tax Return (SATR). Unsurprisingly, this annual task is rarely a popular one, and errors are easy to make if you are unprepared.
We look at how much the leading contractor accountancy firms charge for their services, and how the cost of ‘additional’ services, such as company formation, personal tax returns and IR35 reviews can add to your annual accounting bill.
However you decide to work as a contractor – via your own company, or an umbrella – or if you’re a self-employed freelancer, you must keep your financial records safe for a number of years. How long depends on the type of tax.
If you’re thinking of holding a small Christmas do for your limited company, you’ll be pleased to hear that your can legitimately claim back costs of up to £150 per head without any tax implications, as long as you meet certain conditions.
How to claim back the costs of pre-trading expenses you have paid for personally, on behalf of your limited company, including how VAT can be reclaimed, subject to specific time limits.
If your company has sufficient profits, they may be distributed as dividends to shareholders. What paperwork must you complete, and how are dividends taxed?
We all have causes that are close to our hearts and if you are contracting through a limited company, you can factor in donations to charity as part of your overall tax planning strategy.
If you need to buy a new PC, or upgrade your software, how are these expenses treated for tax purposes? Here we explain how technology costs are accounted for, and look at the rules which govern the treatment of computer-related purchases.