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?
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?
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?
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.
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