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 / 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.
IT contractors and VAT – what it is, how and when to register
The majority of IT contractors are VAT-registered. In this guide, we look at what Value Added Tax is, how and when you must register, and how to account for VAT and pay your liabilities on-time.
What are the typical duties of a contractor accountant?
If you strip away all the marketing and price differences between competing firms, there are a number of core tasks all specialist contractor accountants undertake for their clients.
Calculate the tax cost of buying a car through your limited company
If you decide to buy a car via your own limited company, there are a number of significant tax considerations to take into account. Here we’ve created a no-nonsense guide to working out the real cost.
Are there any ways to help fund childcare via my company?
If you are contracting and have young children, you may be able to take advantage of a Government-run tax incentive which allows you to pay a proportion of your childcare costs out of your pre-tax income.
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.
How often should you take dividends, and when are they taxed?
Since the 2016 dividend tax hike, many limited company owners will be keen to minimise their exposure to punitive levels of taxation wherever possible. The timing of dividend declarations is an integral part of this strategy.
Employment Allowance – a tax saving opportunity for eligible companies
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.
Directors’ loans – how they work, and the tax implications
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.
How to set your salary and dividend levels in 2018/19
If you are a limited company director, what is the most tax efficient salary to pay yourself in 2018/19? This depends on your eligibility to claim the Employment Allowance.
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