The Flat Rate VAT scheme simplifies the way companies have to account for VAT. Here we explain why IT contractors, and other limited company professionals could pay less tax each year by switching to the FRS.
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.
How are subscriptions to professional and trade organisations treated for tax purposes, and what determines whether or not your membership of a particular organisation is tax-deductible?
As a limited company contractor, you may incur a variety of business expenses whilst undertaking your contract duties. Here, we look at how expenses are ‘allowable’ for tax purposes, and some common errors to avoid.
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?
The number of tax breaks open to contractors is perhaps at an all-time low, however, electric vehicles offer one option that many contractors may still be overlooking.
With more accountants than ever offering either bespoke or third party software for their clients to use, we look at the significant benefits online accountancy systems can provide for contractors.
With a new dividend tax regime now in place, many limited company owners will be keener than ever to minimise their exposure to the more punitive levels of taxation wherever possible. The timing of dividend declarations is an integral part of this strategy.
With the almost universal adoption of Cloud software by specialist contractor accountants, is any accounting ‘hassle’ associated with being a limited company contractor now a thing of the past?
At some stage in your career, you may need to borrow funds from your company in the form of a director’s loan. Here we look at how loans are treated for tax purposes, and why timing is everything.
How to work out the best way to remunerate yourself as an IT contractor. What is the most tax efficient salary to pay yourself in 2015/16?