If you’re thinking of holding a small Christmas do for your limited company, you’ll be pleased to hear that your can legitimately claim back costs of up to £150 per head without any tax implications, as long as you meet certain conditions.
Tax / Accounting 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?
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?
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?
The ‘dividend allowance’ was put in place in April 2016 – it means that the first £2,000 of dividends you receive are tax-free. But how does this allowance work in practice for company owners?
As a limited company owner, you may well carry out your trade from home – occasionally, or on a regular basis. Which (if any) household expenses can you legitimately claim against your company’s tax bill?
The Government has announced significant tax rises to help fund a new ‘Health and Social Care Levy’. Alongside a hike in Employers’ and Employees’ NICs, dividend tax will also rise – from April 2022 onwards.
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.
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.
With hundreds of firms to choose from, we look at the factors you should bear in mind when comparing specialist contractor accountants.
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.