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.
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?
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?
Have you received a cryptoasset tax ‘nudge’ letter from HMRC?
If you’ve traded cryptoassets for a profit, you might assume that any gains you make are tax-free. However, this is not the case.
How Corporation Tax applies to limited companies
If you set up as a limited company contractor, you will have to pay Corporation Tax on your company’s profits. Here, we explain how CT works, how to register, and when to pay your tax liabilities to HMRC.
The optimum salary for limited company directors in 2024/25
If you are a limited company director, what is the most tax-efficient salary to pay yourself in 2022/23? This depends on your eligibility to claim the Employment Allowance.
National Insurance guide for contractors – updated for 2024/5
A guide to National Insurance for IT contractors. How NI works, and the prevailing rates and thresholds for employees’ and employers’ NICs.
Employment Allowance – is your limited company eligible?
Limited company owners can save hundreds in tax thanks to the Employment Allowance, which allows companies to reclaim up to £5,000 in Employers’ National Insurance Contributions.
2024/5 dividend tax guide for limited company directors
The profits generated by UK companies of all sizes can be distributed to shareholders in the form of dividends. Limited company professionals, such as contractors, typically draw down the bulk of their earning as dividends.
How much is the tax free dividend allowance in 2024/25?
The dividend allowance means the first £500 of dividends you receive are tax-free. But how does this allowance work in practice in the 2024/25 tax year?
How dividend waivers work – guide for company directors
Here we look at what dividend waivers are, and why you should be aware of the tax implications should they be used improperly.
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