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?
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
- Find out what dividends are and how they are taxed
- What is the most tax-efficient salary to take in 2021/22?
Limited company directors and working from home expenses
As a limited company owner, you may well carry out your trade from home – occasionally, or on a regular basis. Which (if any) household expenses can you legitimately claim against your company’s tax bill?
How does the Dividend Allowance work?
The ‘dividend allowance’ was put in place in April 2016 – it means that the first £2,000 of dividends you receive are tax-free. But how does this allowance work in practice for company owners?
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.
What is a director’s loan account? – a concise guide for contractors
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.
Marriage Allowance – who is eligible for this £250/year tax break?
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 £251 per year – works, and how to claim it.
How to avoid HMRC penalties and fines at self assessment time
If you file your personal tax return (SATR) late, or fail to pay any outstanding tax on time, the resulting HMRC penalties and fines can really start to mount up. Includes some useful tips to keep on the right side of the taxman.
Is your company’s Christmas party tax deductible?
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.
HMRC tax codes – how they affect your take home pay
HMRC will assign you a tax code to inform your employer (often your own company) to help them calculate how much tax should be deducted from your salary. Here we look at what the series of numbers and letters signify, and how they affect your income.
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?”
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