If you’ve decided to close your limited company, a members’ voluntary liquidation is the most tax-efficient way to do it. Here we explain what an MVL is, and how the process works.
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What is business asset disposal (entrepreneurs’) relief and how does it work?
Are you thinking of winding up your limited company - possibly as a result of retirement, or due to the Off-Payroll (IR35) rules? Perhaps you want to sell all or part of your business to someone else? … [more]
Dividends – what are they, and how much tax do you pay?
The profits generated by UK companies of all sizes can be distributed to shareholders as dividends. Limited company professionals, such as contractors and consultants, typically draw down the bulk of their earnings in the form of dividends. … [more]
Employment Allowance – is your limited company eligible to claim?
The Employment Allowance reduces the amount of National Insurance employers have to pay by up to £4,000 per year. So, can your limited company benefit from this incentive? … [more]
The optimum salary for limited company directors in 2021/22
Working out the most tax-efficient way to draw down income from your company should be a priority for limited company directors. In this article, we explain how to work out the optimum salary level for the 2021/22 tax year. … [more]
National Insurance for limited company contractors
In addition to your personal income tax liability, if your contracting salary is above the prevailing thresholds, both you and your company (limited or umbrella) will need to pay National Insurance Contributions to HMRC. … [more]
Claiming training expenses via your limited company
Investing in improving your own skills or those of your employees can give you a crucial edge when it comes to pitching for new contracts. However, before funding training via your limited company, it’s important to know what you can - and cannot - … [more]
Off-payroll (IR35) – what is a Status Determination Statement (SDS)?
Under the off-payroll rules, from April 2021, private sector clients are responsible for determining a contractor's IR35 status. The decision must be contained within a Status Determination Statement (SDS), alongside the client's reasoning. … [more]
How long should you keep your tax and accounting records for?
However you decide to work as a contractor – via your own company, or an umbrella – or if you’re a self-employed freelancer, you must keep your financial records safe for a number of years. How long depends on the type of tax. … [more]
Does the IR35 legislation apply to sole traders?
With new private sector off-payroll rules set to take effect on 6th April 2021, is working as a sole trader a smart way to ensure your contract work falls outside IR35? … [more]
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