Capital allowances allow you to claim tax relief on assets you buy for your business. The value of these items can be offset against your company’s profits over time. So how do capital allowances work in practice?
Tax Guides
- Limited company contractors have to account for company tax (Corporation Tax, VAT, Employers' NICs), and personal tax (Dividend Tax, Income Tax, Employees' NICs). In reality, a good accountant can take care of almost off of your administrative tasks
- 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
- Find out about the taxes you'll encounter as a contractor, and how to pay yourself as a contractor
- Find out what dividends are and how they are taxed
- What is the most tax-efficient salary to take in 2021/22?
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?
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 in the form of dividends. Limited company professionals, such as contractors, typically draw down the bulk of their earning as dividends.
Employment Allowance – is your limited company eligible to claim?
Limited company ownwea can save hundreds in tax thanks to the new Employment Allowance, which allows companies to reclaim up to £3,000 in Employers’ National Insurance Contributions.
The optimum salary for limited company directors in 2021/22
If you are a limited company director, what is the most tax efficient salary to pay yourself in 2021/22? This depends on your eligibility to claim the Employment Allowance.
National Insurance for limited company contractors
A guide to National Insurance for IT contractors. How NI works, and the prevailing rates and thresholds for employees’ and employers’ NICs.
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 – claim as a deductible expense.
Can a contractor claim relocation expenses?
At some stage, whilst working via your limited company, you may face a situation where you need to relocate to take up a new contracting role. You may be able to offset your moving costs against your company’s tax bill.
As a director, can I lend money to my limited company?
Can you lend personal funds to your limited company, and how are interest payments treated for tax purposes?
Limited company expenses – interest, banking and finance costs
How are finance and interest costs are treated for tax purposes, and which typical expenses can be offset against your limited company’s Corporation Tax bill?
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