The first major step towards the Government’s aim of transforming the way tax data is stored and communicated comes in April 2019 when most limited companies will be required to submit all VAT returns electronically.
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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
MPs force Government to review Loan Charge legislation
Dozens of MPs have backed a cross-party amendment tabled by Sir Ed Davey, which has forced the Treasury to review its position on the controversial Loan Charge rules. … [more]
10-step guide to becoming an IT contractor
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 move away from permanent work, the vast majority never look back. Here are ten … [more]
The key factors which determine your IR35 status
In determining whether a person’s contract work will be caught by IR35 or not, a number of key ‘factors’ are used to establish employment status, including elements such as the right to substitution, control, mutuality of obligation, and other … [more]
18 classic IT contractor mistakes, and how to avoid them
It is hard to forge a successful contractor career without having to negotiate some tricky situations along the way - both those involving recruiters and clients, and a multitude of potential 'administrative' problems which may arise. … [more]
Is your company’s Christmas party tax deductible?
As a limited company owner, you may feel that the tax system does you few favours. However, all is not lost, as there is still one benefit available to contractors each year - albeit a small one. … [more]
Self-Assessment for contractors – completing your tax return
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. … [more]
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]
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