The tax rules associated with borrowing money from your own limited company are fairly complicated. Therefore, it is important for company directors to understand the rules, guidelines, and tax implications associated with taking out a Director’s Loan.
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?
What is the difference between ‘interim’ and ‘final’ dividends?
As a limited company owner, you may have come across the terms ‘interim’ and ‘final’ dividends. So, what do these terms mean in practice?
What is the most tax-efficient director’s salary for 2023-24?
What is the most tax efficient salary level for a limited company director during the 2023/24 tax year?
Calculate the tax cost of buying a car through your limited company (2023/24)
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.
National Insurance for limited company contractors
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.
How much is the tax free dividend allowance in 2023/24?
The dividend allowance means that the first £1,000 of dividends you receive are tax-free. But how does this allowance work in practice in the 2023/24 tax year?
Dividends – what are they, and how much tax do you pay in 2023/4?
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.
HMRC tax codes – how they affect your take home pay
HMRC assigns tax codes to inform employers how much tax should be deducted from an employee’s salary. Here we look at what the series of numbers and letters signify, and how they affect your income.
Tax deadlines limited company owners should be aware of
If you are a limited company owner, you have a number of monthly, quarterly and yearly tax and accounting deadlines to keep on top of. Read this guide to make sure you don’t end up on the wrong side of HMRC.
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