As a limited company contractor, 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.
Tax / Accounts
- If you're an umbrella contractor, then your tax and accounting needs are very simple, as you're taxed as a standard employee - with tax and NI deducted at source.
- Limited company contractors have to account for a) company tax, and b) personal tax, but a good contractor accountant can do this on your behalf.
- Find out about the taxes you'll encounter as a contractor, and how to pay yourself as a contractor.
- Find out how much contractor accountants charge in our contractor accountants comparison table.
The ‘dividend allowance’ is due to be cut from £5,000 to £2,000 from April 2018. What does this mean in practice, and how much will it cost you?
What do you need to include on a limited company invoice to ensure you comply with the law and get paid on time. Includes .doc and Google Drive sample invoices for contractors.
What happens if you declare a dividend, but have insufficient profits in the company books to cover the declaration? Patrick Gribben explains how this can happen, and how to correct an error.
If you haven’t managed to file your tax return yet, all is not lost. Emily Coltman FCA, chief accountant to FreeAgent, explains what you need to know.
Here we look at what dividend waivers involve, and why you should be aware of the tax implications should they be used improperly.
A guide to National Insurance for IT contractors. How NI works, and the prevailing rates and thresholds for employees’ and employers’ NICs.
If you file your personal tax return (SATR) late, or fail to pay any outstanding tax on time, the resulting HMRC penalties and fines can really start to mount up. Includes some useful tips to keep on the right side of the taxman.
The PAYE (Pay-As-You-Earn) system collects income tax and National Insurance liabilities from employees’ earnings. Here we look at how PAYE works for contractors, and how to set up your company payroll.
If you’re a limited company director, or receive additional income upon which tax is due, you’ll need to complete a tax return each year. How to register for self-assessment, pay your tax liabilities, and avoid penalties.