The first major step towards the Government’s aim of transforming the way tax data is stored and communicated comes in April 2019 when most limited companies will be required to submit all VAT returns electronically.
- 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.
A guide to the main taxes you will encounter as a limited or umbrella company contractor – including; Corporation Tax, VAT, National Insurance, Income Tax and Dividend Tax.
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.
If you’re a limited company director, or receive additional income upon which tax is due, you’ll need to complete a tax return each year. How to register for self-assessment, pay your tax liabilities, and avoid penalties.
Capital Gains Tax is charged to you when you sell or dispose of an asset and it has grown in value, or you have gained a profit out of the sale. Here we look at how the CGT rules work in practice.
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.
One of the most frequent questions asked by contractors is “what health-related expenses can I pay via my company?”
Are you one of the millions of people who are eligible to claim the Marriage Allowance, but haven’t done so yet? Here we explain how this allowance – worth £250 per year – works, and how to claim it.
There are many reasons why a company cannot pay its bills. Sadly, many times this is due to directors’ taking out more money than is available to them, which can lead to HMRC penalties and fines. So, what happens if you’ve accidentally draw down too much of your company’s money?
Payments on accounts are part of the self-assessment process and mean that you have to pay your next year’s income tax liabilities in advance, based on the amount you owed on your last tax return.