It’s that time of year again – the start of April 2018 brings with it changes to a number of tax rates and bands, as well as a cut in the dividend allowance.
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.
Dividend / Board Meeting templates for limited companies
If you want to declare a limited company dividend, you must create two documents each time – board meeting minutes to record the director’s decision to distribute company funds, and a dividend voucher for each shareholder. Includes example templates.
Missed the Self Assessment deadline? Don’t panic!
If you haven’t managed to file your tax return yet, all is not lost. Emily Coltman FCA, chief accountant to FreeAgent, explains what you need to know.
Dividend waivers – how they work, and why caution is advised
Here we look at what dividend waivers involve, and why you should be aware of the tax implications should they be used improperly.
PAYE – complete payroll guide for contractors
The PAYE (Pay-As-You-Earn) system collects income tax and National Insurance liabilities from employees’ earnings. Here we look at how PAYE works for contractors, and how to set up your company payroll.
Limited company directors – five tax traps to watch out for
If you’re thinking about starting up, or have been working via your own limited company for some time, there are a number of potential tax traps lying in wait for unsuspecting directors!
How Inheritance Tax (IHT) works
Around 30,000 estates were subject to Inheritance Tax (IHT) during the 2016-17 tax year – a rise of 11,000 in just three years, driven mainly by the rapid rise in nationwide house prices.
Should you pay for health insurance via your limited company or personally?
Private Medical Insurance covers the cost of obtaining private medical care should you fall ill. Insurance policies can be paid personally or met by your company as part of your remuneration package.
Making Tax Digital (MTD) – what is it, and when does it start?
Making Tax Digital (MTD) is set to bring about the biggest change to the UK’s tax system for a generation – so how will it impact the contracting world?
Can I claim for the expense of renting a flat near my new contract?
One of our readers has recently been offered a contract role 200 miles away from home. Can he claim the cost of renting accommodation against his limited company’s tax bill?
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