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.
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?
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?
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.
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.
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.
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.
If you receive any services or benefits from your contractor company, in addition to your salary, they may be classified as ‘benefits in kind’ – and taxable. Here, we look at how such items may be taxed, and some of the common errors made by contractors when it comes to reporting these benefits.
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.