If your contract work is caught by IR35, your tax bill will rise considerably. Here, we use our IR35 calculator to work out the financial impact on contractors earning between £250 and £1000 per day.
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Very few contractors regret their decision to break with traditional employment and start out on their own. Our site provides all the information you'll need to operate a successful professional contracting business - whether you're thinking of taking the plunge, or if you're a seasoned pro.
Latest Articles
Limited company expenses you can claim against your tax bill
As a limited company owner, 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. … [more]
Tax exemption for ‘trivial benefits’ provided by your company
There will be occasions when you may wish to provide small gifts to employees, throw a staff function or even treat yourself as the director. … [more]
How long should you keep your tax and accounting records for?
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. … [more]
Contracting and dealing with late payment problems
Poor cash flow management has always been the number one reason why businesses of all size fail. Like other business owners, contractors can also suffer significant financial difficulties if a client fails to pay on time. … [more]
IR35 off-payroll – what constitutes ‘reasonable care’?
When end-clients determine the IR35 status of contractors in the private sector from April 2020 onwards, they are tasked with taking 'reasonable care' when making employment status decisions. … [more]
What happens if you overpay company dividends?
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? … [more]
Is it worth keeping your limited company if caught by the IR35 off-payroll rules?
If you are caught by the off-payroll IR35 rules, you may decide that there is no point keeping your limited company active. However, this isn't necessarily the case, as a leading accountant explains. … [more]
Expert FAQ – are you ‘inside’ or ‘outside’ IR35?
The basics of IR35 should be understood by everyone in the contracting community at a fundamental level, as the rules have such a profound impact on take-home pay if you are caught. Here, an expert answers our questions on employment status - does … [more]
Umbrella company contractors – what is the Apprenticeship Levy?
If you're working through an umbrella company, you may have noticed deductions on your payslip for the Apprenticeship Levy. Here we explain what this charge is, and how it is calculated. … [more]
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