When you first register your company with HMRC as an employer, you’ll receive all sorts of information and reference numbers in your official welcome pack. One to look out for – and keep safe – is your Employer Reference Number (ERN).
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?
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.
Making Tax Digital for VAT – is your company prepared?
The first major step towards the Government’s aim of transforming the way tax data is stored and communicated comes in April 2019 when most limited companies will be required to submit all VAT returns electronically.
Self-Assessment for contractors – completing your tax return
If you’re a limited company director, or receive additional income upon which tax is due, you’ll need to complete a tax return each year. How to register for self-assessment, pay your tax liabilities, and avoid penalties.
How Capital Gains Tax (CGT) works
Capital Gains Tax is charged to you when you sell or dispose of an asset and it has grown in value, or you have gained a profit out of the sale. Here we look at how the CGT rules work in practice.
Your company cannot pay its tax liabilities, what should you do?
There are many reasons why a company cannot pay its bills. Sadly, many times this is due to directors’ taking out more money than is available to them, which can lead to HMRC penalties and fines. So, what happens if you’ve accidentally draw down too much of your company’s money?
Common self-assessment tax return errors to avoid
If you’re a limited company contractor, before 31st January next year you are likely to have to sit down and get to grips with your Self Assessment Tax Return (SATR).
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.
PAYE – complete payroll guide for contractors
The PAYE (Pay-As-You-Earn) system collects income tax and National Insurance liabilities from employees’ earnings. Here we look at how PAYE works for contractors, and how to set up your company payroll.
Limited company directors – five tax traps to watch out for
If you’re thinking about starting up, or have been working via your own limited company for some time, there are a number of potential tax traps lying in wait for unsuspecting directors!