The end of the tax year is fast approaching, which means you may be thinking about making a few resolutions to help you run your business better over the next 12 months.
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.
Keeping accurate accounting records is an essential task for every successful contractor. Not only can you ensure that you stay on the right side of the taxman, but you should also be able to see exactly what your financial situation is at any moment in time.
There are many reasons why a company cannot pay its bills. Sadly, many times this is due to directors’ taking out more money than is available to them, which can lead to HMRC penalties and fines. So, what happens if you’ve accidentally draw down too much of your company’s money?
There may be times where you need to borrow money from your own limited company, or you may have unintentionally done so whilst drawing down funds. What are the tax implications of doing so?
If you’re a limited company director, or receive additional income upon which tax is due, you’ll need to complete a tax return each year. How to register for self-assessment, pay your tax liabilities, and avoid penalties.
The PAYE (Pay-As-You-Earn) system collects income tax and National Insurance liabilities from employees’ earnings. Here we look at how PAYE works for contractors, and how to set up your company payroll.
When your company declares a dividend, the proceeds must be split equitably, according to the the number of shares each shareholder owns at the time. In some cases, it may be possible for one or several shareholders to ‘waive’ their rights to receive a dividend. Here we look at what dividend waivers involve, and why […]
A guide to the main taxes you will encounter as a limited or umbrella company contractor – including; Corporation Tax, VAT, National Insurance, Income Tax and Dividend Tax.
The majority of IT contractors are VAT-registered. In this guide, we look at what Value Added Tax is, how and when you must register, and how to account for VAT and pay your liabilities on-time.
What happens if you declare a dividend, but have insufficient profits in the company books to cover the declaration? Clare Rickman explains how this can happen, and how to correct an error.