While working as a contractor, you may run up a number of business-related phone and broadband expenses. So, how do you ensure that these expenses remain tax-deductible for your company and free of additional personal tax charges at year-end?
- 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.
The Flat Rate VAT scheme simplifies the way companies have to account for VAT. Here we explain why IT contractors, and other limited company professionals could pay less tax each year by switching to the FRS.
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?
How are subscriptions to professional and trade organisations treated for tax purposes, and what determines whether or not your membership of a particular organisation is tax-deductible?
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.
There will be occasions when you may wish to provide small gifts to employees, throw a staff function or even treat yourself as the director.
When it comes to paying dividends to shareholders, the first thing a company’s directors should do is to check how much profit is available to be distributed. But what happens if you have overpaid dividends?
As a contractor, you may need to travel as part of your contract duties – within the UK, or even overseas. Which travel expenses can you legitimately claim?
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.
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?