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 self-assessment tax return (SATR) each year.
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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.
Latest Articles
Your balance sheet and profit and loss account explained
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? … [more]
Loan Charge – Lords condemn HMRC treatment of contractors
The 2019 Loan Charge has been condemned by a House of Lords committee, which claims that 'disturbing evidence' shows that HMRC has misused its powers in collecting the retrospective tax. … [more]
How Capital Gains Tax (CGT) works
Capital Gains Tax is charged to you when you sell or dispose of an asset and it has grown in value, or you have gained a profit out of the sale. Here we look at how the CGT rules work in practice. … [more]
IR35 – are you in business on your own account?
To ensure that any contracts you undertake are not caught by IR35, you need to be able to demonstrate that you are not a disguised employee, but truly working in the manner of a small business owner. In other words, can you show that you are 'in … [more]
Does the length of a contract determine IR35 status?
In the latest in a series of articles which tackle common IR35 questions, Martyn Valentine turns his attention to contract duration, and whether the length of an assignment has any bearing on IR35 status. … [more]
Why you should build a website to promote your contracting business
Having your own website can provide a number of real benefits for contractors, and given the low cost of entry, there isn’t really an excuse not to have one these days. … [more]
Company car vs. own vehicle – claiming tax relief
Many contractors travel by car on business - they may be visiting client sites, or attending conferences and training sessions. However, when it comes to claiming tax relief for the costs of these journeys, the rules can be confusing. … [more]
Why a right of substitution is vital in determining IR35 status
Many contractors ask which factors (written, or carried out in practice) are most important in determining the IR35 status of a contract. Although a combination of factors will determine whether or not a contractors is caught by IR35, some do carry … [more]
Limited companies – a complete guide for contractors
Most contractors work via their own limited companies. Aside from the tax benefits this structure offers its shareholders, the liability of directors is also limited. … [more]
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