We all have causes that are close to our hearts and if you are contracting through a limited company, you can factor in donations to charity as part of your overall tax planning strategy.
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
- 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?
Travel expenses – what is the 24 month rule?
If you incur travel expenses between your home and a temporary client site, you should be aware of the 24 month rule which determines whether or not you can legitimately claim for such costs. Here, we ask an expert to explain how the rule operates in practice.
Electric vehicles – a tax efficient alternative for contractors?
The number of tax breaks open to contractors is perhaps at an all-time low, however, electric vehicles offer one option that many contractors may still be overlooking.
How much will the April 2016 dividend tax changes cost you?
On April 6th 2016, the dividend tax system was overhauled, resulting in a significant tax hike for most limited company owners. Here we explain how much this new measure will cost you, including a comparison table.
Guide to dividend taxation – before April 2016
Before the dividend taxation regime was overhauled in April 2016, the tax payable on dividends was calculated via a system of ‘grossing up’ net dividends via a tax credit system.
Timing is everything – how to avoid your dividends falling into the wrong tax year
With many contractors keen to draw down significant dividend income before the new dividend rules commence on 6th April, we look at the crucial issue of timing and when, legally, dividend payments are deemed to have been made.
What are Benefits in Kind, and how are they taxed?
If you receive any services or benefits from your contractor company, in addition to your salary, they may be classified as ‘benefits in kind’ – and taxable. Here, we look at how such items may be taxed, and some of the common errors made by contractors when it comes to reporting these benefits.
What is depreciation, and how will it affect your accounts?
Depreciation is the accounting term for the devaluation of assets over time. Here we look at how any assets you may buy (such as a new server or PC) are treated for tax purposes in your company accounts.
Successful contracting – how to maintain your accounting records
Keeping accurate accounting records is an essential task for every successful contractor. Not only can you ensure that you stay on the right side of the taxman, but you should also be able to see exactly what your financial situation is at any moment in time.
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