Payments on accounts are part of the self-assessment process and mean that you have to pay your next year’s income tax liabilities in advance.
Contractor 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 all of your company's accounting needs.
- If you're an umbrella contractor, then your tax and accounting needs are very simple, as you're taxed as a standard employee. Tax and NI deducted at source.
- How are dividends taxed?
- What is a director's loan?
- The most tax efficient salary for a director
- Limited company expenses your company can claim
- Taxes your limited company must pay
- What is the Employment Allowance?
Calculate the tax cost of buying a car through your limited company (2024/25)
If you buy a car via your own limited company, there are several tax considerations to consider. Read our no-nonsense guide to work out the real cost.
The High Income Child Benefit Charge (HICBC) – how does it work?
If you have children, and you or your partner earn £60,000 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?
The UK’s residence-based regime of April 6 2025: explainer
A contractor’s guide to Autumn Budget replacing the ‘non-dom’ system in favour of a residence-based regime.
Lose UK tax residency and be a non-dom: why it’s a pipedream
A guide to domicile and residence, inspired by an ITContracting.com reader seeking less taxing climes.
How Capital Gains Tax (CGT) works – a guide for contractors
Capital Gains Tax is charged when you sell or dispose of an asset which has grown in value and you have made a profit from the sale. Here we look at how the CGT rules work in practice.
A guide to Business Asset Disposal Relief – while it still exists
An accountant to contractors shares possibly time-sensitive tips on the two top ways to close a solvent limited company.
Reeves’ vow to cap corporation tax at 25% gives rise to small profits rate fears
Talk from the new chancellor of a maximum rate for the duration of the parliament sounds anything but cheap.
Self assessment threshold changes for high earners paid via PAYE – 2023/4 and 2024/5
If your entire income is taxed under PAYE, you don’t have to complete a self-assessment form for the 2023/24 tax year if you earned less than £150,000. This filing threshold has been scrapped altogether from 2024/5 onwards.
How to calculate student loan repayments as a limited company director
Many people have outstanding student loans when they start contracting, but how you calculate and make repayments if you work for yourself, and not a ‘traditional’ employer?
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