How to claim back the costs of pre-trading expenses you have paid for personally, on behalf of your limited company, including how VAT can be reclaimed, subject to specific time limits.
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.
Marriage Allowance – are you eligible for this £230/year tax break?
Are you one of the millions of people who are eligible to claim the Marriage Allowance, but haven’t done so yet? Here we explain how this allowance – worth £230 per year – works, and how to claim it.
What taxes do IT contractors have to pay?
A guide to the main taxes you will encounter as a limited or umbrella company contractor – including; Corporation Tax, VAT, National Insurance, Income Tax and Dividend Tax.
IT contractors and the Higher Income Child Benefit tax charge
If you have children, and you or your partner earn £50,000 or more, your Child Benefit entitlement will be reduced, or removed. So, how are contractors affected by the new rules, and why are they so controversial?
HMRC tax codes – how they affect your take home pay
HMRC will assign you a tax code to inform your employer (often your own company) to help them calculate how much tax should be deducted from your salary. Here we look at what the series of numbers and letters signify, and how they affect your income.
How Inheritance Tax (IHT) works
Around 30,000 estates were subject to Inheritance Tax (IHT) during the 2016-17 tax year – a rise of 11,000 in just three years, driven mainly by the rapid rise in nationwide house prices.
Contractor accountant fees / costs comparison table
We look at how much the leading contractor accountancy firms charge for their services, and how the cost of ‘additional’ services, such as company formation, personal tax returns and IR35 reviews can add to your annual accounting bill.
Should you pay for health insurance via your limited company or personally?
Private Medical Insurance covers the cost of obtaining private medical care should you fall ill. Insurance policies can be paid personally or met by your company as part of your remuneration package.
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.
Tax deadlines limited company owners should be aware of
If you are a limited company owner, you have a number of monthly, quarterly and yearly tax and accounting deadlines to keep on top of. Read this guide to make sure you don’t end up on the wrong side of HMRC.
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