If you decide to cease trading via your limited company following the private sector IR35 changes in April 2020, you should take great care when chosing the best way to exit, as well as the alternative ways to operate as a contractor. … [more]
First Timer or Veteran Contractor?
Very few contractors regret their decision to break with traditional employment and start out on their own. Our site provides all the information you'll need to operate a successful professional contracting business - whether you're thinking of taking the plunge, or if you're a seasoned pro.
Most contractors work via their own limited companies. Aside from the tax benefits this structure offers its shareholders, the liability of directors is also limited. … [more]
There is a huge amount of information available about IR35 and how to protect yourself. But what happens if you are actually selected for an investigation? How does an IR35 enquiry work and what should you expect if HMRC has lined you up as a target? … [more]
While working as a contractor, you may run up a number of business-related phone and broadband expenses. So, how do you ensure that these expenses remain tax-deductible for your company and free of additional personal tax charges at year-end? … [more]
To ensure your contracts fall outside the scope of IR35, you need to have an IR35 compliant written contract in place, and ensure that your working practices mirror the terms of the contract. One of the best ways to add strength to your proof of … [more]
Introduced in 2002, the Flat Rate VAT scheme was put in place to provide smaller businesses with a simpler way of calculating their VAT liabilities. Here, we look at how the scheme works and explain how many contractor companies could pay less tax by … [more]
You may have heard your accountant or bank manager talk about your “balance sheet” and “profit and loss account”. What do these terms mean, and what information can these documents provide you about your company? … [more]
With the private sector off-payroll rules due to hit the contracting sector in April 2020, an industry expert explains what PAYE umbrella companies can offer contractors caught by the changes, and why you should watch out for unscrupulous operators. … [more]
Since 7th January 2013, rather than remaining a benefit paid to all regardless of wealth, families, where one parent earns £50,000 or more per year, are not entitled to receive the full level of child support. … [more]
How are subscriptions to professional and trade organisations treated for tax purposes, and what determines whether or not your membership of a particular organisation is tax-deductible? … [more]