There may be times when you want to drum up some new business by entertaining a would-be or existing client, but you may be unsure if you can reclaim the costs from your contracting business.
Tax 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.
Claiming computer hardware and software expenses via your company
If you need to buy a new PC or upgrade your software, how are these expenses treated for tax purposes? Here we explain how technology costs are accounted for, and look at the rules which govern the treatment of computer-related purchases.
How often should you declare dividends, and when are they taxed?
Ever since the 2016 dividend tax hike, the timing of dividend declarations by limited company owners has become more important than ever – to minimise their exposure to punitive levels of tax.
Are the costs of eye tests and corrective glasses tax deductible?
Most professional contractors spend a large proportion of their time behind computer screens. With this in mind, can you claim for the cost of an eye test from your limited company? And, what about the cost of corrective glasses?
Do all IT contractors need to register for Self Assessment?
If you’ve left your permanent job behind, you need to work out if your income will still be taxed at source, or if you need to join the almost 12 million other taxpayers who submitted a Self Assessment return last year.
Tax treatment of loyalty scheme benefits generated by company spending
There are many retail loyalty schemes available to consumers – covering anything from groceries to cosmetics. Wouldn’t it be good if you could personally benefit from extra points generated by business as well as personal purchases?
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?
Claiming back pre-trading expenses from your company
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.
Company car vs. own vehicle – claiming tax relief
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.
Guide to marketing and advertising expenses for contractors
If you are a professional contractor, at some stage you may need to invest in some kind of marketing for your business – but can these costs be offset against your company’s tax bill?
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