If you submit your self assessment tax return late, fail to pay any tax you owe on time, or make errors in your submission, you could find yourself liable to a wide range of HMRC penalties.
First Timer or Veteran Contractor?
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.
Here are some tips from the ITContracting team to help you create an online presence for your contracting business - and avoid the many potential pitfalls which await the unprepared! … [more]
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. … [more]
After deciding to make the move into the world of IT contracting, the first task for any aspiring contractor is to decide upon the best business structure to work under. … [more]
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]
Life as a contractor can be very rewarding - both financially, and in the sense of freedom you can enjoy being your own boss. It isn't for everyone, but for those who do move away from permanent work into contracting, the vast majority never look … [more]
Following news that a consultation will take place on extending the off payroll IR35 rules to the private sector, Paul Gough asks whether this is just putting off the inevitable, or is the Chancellor going to take a proper look at the good, the bad … [more]
If you're self-employed, a company director, or have received income during the tax year upon which tax is due, you have to complete a a self-assessment tax return (SATR) each year. … [more]
If you've decided to take the limited company route, one of your first tasks will be to choose a company name. Here, we look at the naming rules set by Companies House, and other factors which will influence the name you use for your contracting … [more]
The 'dividend allowance' is due to be cut from £5,000 to £2,000 from April 2018. What does this mean in practice, and how much will it cost you? … [more]