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!
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 Inheritance Tax (IHT) works
Around 30,000 estates were subject to Inheritance Tax (IHT) during the 2016-17 tax year – a rise of 11,000 in just three years, driven mainly by the rapid rise in nationwide house prices.
Making Tax Digital (MTD) – what is it, and when does it start?
Making Tax Digital (MTD) is set to bring about the biggest change to the UK’s tax system for a generation – so how will it impact the contracting world?
April 2017 – higher VAT liabilities for ‘limited cost traders’ explained
From April 2017, many small limited companies which have low annual costs will face a higher VAT liability if they use the Flat Rate Scheme (FRS). Here, we look at how the changes are likely to affect contractors.
How much will the April 2016 dividend tax changes cost you?
On April 6th 2016, the dividend tax system was overhauled, resulting in a significant tax hike for most limited company owners. Here we explain how much this new measure will cost you, including a comparison table.
Guide to dividend taxation – before April 2016
Before the dividend taxation regime was overhauled in April 2016, the tax payable on dividends was calculated via a system of ‘grossing up’ net dividends via a tax credit system.
Timing is everything – how to avoid your dividends falling into the wrong tax year
With many contractors keen to draw down significant dividend income before the new dividend rules commence on 6th April, we look at the crucial issue of timing and when, legally, dividend payments are deemed to have been made.
What is depreciation, and how will it affect your accounts?
Depreciation is the accounting term for the devaluation of assets over time. Here we look at how any assets you may buy (such as a new server or PC) are treated for tax purposes in your company accounts.
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