Talk from the new chancellor of a maximum rate for the duration of the parliament sounds anything but cheap.
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?
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.
Can I gift a share in my company to my wife? Are there any tax consequences?
The issue of splitting limited company shares with a spouse or partner has been the subject of much confusion and debate over the past few years.
What happens if you overpay company dividends?
When paying dividends to shareholders, the first thing a company’s directors should do is to check how much profit is available to be distributed.
April 2022 dividend + NI tax rise – how much will it cost you?
Find out more about the April 2022 dividend tax increase, and use our interactive calculator to work out the effect on your take-home pay.
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