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.
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.
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.
If you incur travel expenses between your home and a temporary client site, you should be aware of the 24 month rule which determines whether or not you can legitimately claim for such costs. Here, we ask an expert to explain how the rule operates in practice.
You may have heard your accountant or bank manager talk about your “balance sheet” and “profit and loss account”. What do these terms mean, and what information can these documents provide you about your company?
If you file your personal tax return (SATR) late, or fail to pay any outstanding tax on time, the resulting HMRC penalties and fines can really start to mount up. Includes some useful tips to keep on the right side of the taxman.
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.