There may be times where you need to borrow money from your own limited company, or you may have unintentionally done so whilst drawing down funds. What are the tax implications of doing so?
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.
Common self-assessment tax return errors to avoid
If you’re a limited company contractor, before 31st January next year you are likely to have to sit down and get to grips with your Self Assessment Tax Return (SATR).
What is an Employer PAYE Reference Number (ERN)?
When you first register your company with HMRC as an employer, you’ll receive all sorts of information and reference numbers in your official welcome pack. One to look out for – and keep safe – is your Employer Reference Number (ERN).
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.
Capital allowances – tax relief on company assets
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?
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.
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