From April 2017, many small limited companies which have low annual costs will face a higher VAT liability if they use the Flat Rate scheme (FRS). Here, we look at how the changes are likely to affect contractors.
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.
Dividend Allowance reduction from 2018 – how much will it cost you?
One of the stand-out announcements from Spring Budget 2017 was a reduction in the ‘dividend allowance’ from April 2018. What does this mean in practice, and how much will it cost you?
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.
Guide to claiming health, gym and other medical expenses
One of the most frequent questions asked by contractors is “what health-related expenses can I pay via my company?”
Why choosing the right contractor accountant is so important
With hundreds of firms to choose from, we look at the factors you should bear in mind when comparing specialist contractor accountants.
Do all IT contractors need to register for Self Assessment?
If you’ve left your permanent job behind, you need to determine if your income will still be taxed at source, or if you need to join the 11 million other taxpayers who submitted a Self Assessment return last year.
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.
Which business travel expenses can contractors claim?
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?
How to calculate student loan repayments as a contractor
Many people have outstanding student loans when they start contracting, but how you calculate and make repayments if you’re working for yourself, and not a ‘traditional’ employer?
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). Unsurprisingly, this annual task is rarely a popular one, and errors are easy to make if you are unprepared.
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