If you are a professional contractor, you may need to invest in marketing to win new work – but can these costs be offset against your company’s tax bill?
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Read the 10-Step Guide →Corporation Tax for contractors: how limited companies are taxed
Your limited company pays Corporation Tax (CT) on any profits it makes during its financial year. CT is applied to the profits of all UK companies, regardless of size. … [more]
HMRC tax codes – how they affect your take home pay
HMRC assigns tax codes to inform employers how much tax to deduct from an employee's salary. Here, we look at what the series of numbers and letters signifies and how they affect your income. … [more]
Small company accounts explained: FRS 105 vs FRS 102
This guide explains the format for filing annual accounts with Companies House each year - specifically the FRS105 and FRS102 frameworks, which apply to small companies. … [more]
What is a limited company secretary, and do I need one?
A company secretary helps with the administrative side of running a limited company, supporting directors with their legal duties and day-to-day paperwork. … [more]
Overdrawn director’s loan accounts: tax risks for contractors
Money taken from a limited company that is not salary or dividends is recorded in the director’s loan account (DLA). And if the balance becomes negative, the director owes the company money, creating an overdrawn director’s loan account. … [more]
Forming a company – Articles and Memorandum of Association
If you want to form a new company, alongside the Companies House application itself (IN01), you must also file Articles and a Memorandum of Association. Here, we explain what these documents are and how to submit them. … [more]
Do I need to hire an accountant for my limited company?
There is no legal obligation to hire an accountant if you're setting up a limited company. However, there are some very good reasons to do so. … [more]
Can you borrow money from your own limited company?
There may be times when 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? … [more]
Networking advice for IT contractors – why keeping in touch is vital
For many IT contractors hearing the word “networking” causes a cold shiver to run down their spines. It conjures up images of stuffy conference rooms, drab food and forced awkward small talk. … [more]
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