The March 2021 Budget contains a large number of announcements that will affect contractors – including a 2023 Corporation Tax hike, many frozen tax allowances, and a variety of other measures which we have outlined below.
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How much will the April 2023 Corporation Tax (25%) hike cost your company?
The Chancellor has confirmed that the Corporation Tax rate will rise to 25% from April 2023, with a system of tapered relief for companies with profits of between £50,000 and £250,000. How much will this new measure cost you? … [more]
How should a contractor challenge an IR35 determination?
The arrival of IR35 reform in the private sector on 6th April will see the responsibility for determining IR35 status transfer from the contractor to the medium or large company engaging them. As a result, lots of contractors are wondering how they … [more]
Are consultancy arrangements a solution to the Off-Payroll / IR35 rules?
The forthcoming (April 2021) off-payroll rules in the private sector have led to much discussion about the use of consultancies as a potential workaround. … [more]
IR35 contract template resources for contractors
To successfully avoid IR35, both the terms of a contract for services, and the working practices of the individual providing these services must demonstrate that the worker is in business on their own account, and not merely a disguised employee. … [more]
As a director, can I lend money to my limited company?
There may be times when your company needs funds - for a purchase, or an investment, perhaps. Can you lend personal funds to your limited company, and how are interest payments treated for tax purposes? … [more]
Limited company expenses – interest, banking and finance costs
If you run a company, chances are, at some time you will need access to finance - loans, overdrafts, or other forms of borrowing. You may also have to pay ongoing changes for banking, hiring a car, or buying a car through the business. … [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]
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]
Umbrella companies and the off-payroll working (IR35) rules
With the private sector off-payroll rules due to hit the contracting sector in April 2021, an industry expert explains what PAYE umbrella companies can offer contractors caught by the changes, and why you should watch out for unscrupulous operators. … [more]
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