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?
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.
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.
Many contractors travel by car on business – they may be visiting client sites, or attending conferences and training sessions. However, when it comes to claiming tax relief for the costs of these journeys, the rules can be confusing.
The ‘dividend allowance’ was cut from £5,000 to £2,000 on 6th April 2018. What does this mean in practice, and how much will it cost you?
One of the most frequent questions asked by contractors is “what health-related expenses can I pay via my company?”
With hundreds of prospective accountancy firms to choose from, this table lists the monthly fees charged by some of the UK’s leading specialist accountants.
There are many reasons why a company cannot pay its bills. Sadly, many times this is due to directors’ taking out more money than is available to them, which can lead to HMRC penalties and fines. So, what happens if you’ve accidentally draw down too much of your company’s money?
Payments on accounts are part of the self-assessment process and mean that you have to pay your next year’s income tax liabilities in advance, based on the amount you owed on your last tax return.
At some stage in your career, you may need to borrow funds from your company in the form of a director’s loan. Here we look at how loans are treated for tax purposes, and why timing is everything.
There may be times where 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?