IT Contractor Essentials
Practical guides, calculators, industry news and advice to help you set up and run a professional contracting business.
Read our step-by-step setup guide, with everything from navigating IR35 to submitting your first invoice.
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If you've decided to close your limited company, a members' voluntary liquidation is the most tax-efficient way to do it. Here we explain what an MVL is and how the process works. … [more]
Your limited company pays Corporation Tax (CT) on any profits it makes during its financial year. CT is applied to the profits of all UK companies, regardless of size. … [more]
HMRC assigns tax codes to inform employers how much tax to deduct from an employee's salary. Here, we look at what the series of numbers and letters signifies and how they affect your income. … [more]
This guide explains the format for filing annual accounts with Companies House each year - specifically the FRS105 and FRS102 frameworks, which apply to small companies. … [more]
A company secretary helps with the administrative side of running a limited company, supporting directors with their legal duties and day-to-day paperwork. … [more]
Money taken from a limited company that is not salary or dividends is recorded in the director’s loan account (DLA). And if the balance becomes negative, the director owes the company money, creating an overdrawn director’s loan account. … [more]
If you run a limited company, you must keep on top of several monthly, quarterly and annual filing obligations. Here is a quick summary before we cover each one in detail. … [more]
If you want to form a new company, alongside the Companies House application itself (IN01), you must also file Articles and a Memorandum of Association. Here, we explain what these documents are and how to submit them. … [more]
There is no legal obligation to hire an accountant if you're setting up a limited company. However, there are some very good reasons to do so. … [more]
There may be times when you need to borrow money from your own limited company, or you may have unintentionally done so whilst drawing down funds. What are the tax implications of doing so? … [more]
