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 / Accounting 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
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.
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.
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.
What do you need to include on a limited company invoice to ensure you comply with the law and get paid on time. Includes .doc and Google Drive sample invoices for contractors.
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.
The Flat Rate VAT scheme simplifies the way companies have to account for VAT. Here we explain why IT contractors, and other limited company professionals could pay less tax each year by switching to the FRS.
If you have children, and you or your partner earn £50,000 or more, your Child Benefit entitlement will be reduced, or removed. So, how are contractors affected by the new rules, and why are they so controversial?
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?
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).