The main method company owners use to draw down business profits is by distributing dividends to the company's shareholders. In most cases, this is a simple process, but what happens if you mistakenly declare dividends which are greater than the … [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.
Certifications are an effective way to learn new skills, achieve higher daily rates, and land the top clients – but with thousands on the market, which ones should IT contractors aim to achieve in 2018? … [more]
If you haven’t managed to file your tax return yet, all is not lost. There are a number of steps you can take to minimise any penalties you may incur. … [more]
When your company declares a dividend, the proceeds must be split equitably, according to the the number of shares each shareholder owns at the time. In some cases, it may be possible for one or several shareholders to 'waive' their rights to receive … [more]
In addition to your personal income tax liability, if your contracting salary is above the prevailing thresholds, both you and your company (limited or umbrella) will need to pay National Insurance Contributions to HMRC. … [more]
If you submit your self assessment tax return late, fail to pay any tax you owe on time, or make errors in your submission, you could find yourself liable to a wide range of HMRC penalties. … [more]
Here are some tips from the ITContracting team to help you create an online presence for your contracting business - and avoid the many potential pitfalls which await the unprepared! … [more]
The PAYE (Pay-As-You-Earn) system collects income tax and National Insurance liabilities from employees' earnings. Here we look at how PAYE works for contractors, and how to set up your company payroll. … [more]
After deciding to make the move into the world of IT contracting, the first task for any aspiring contractor is to decide upon the best business structure to work under. … [more]
Life as a contractor can be very rewarding - both financially, and in the sense of freedom you can enjoy being your own boss. It isn't for everyone, but for those who do move away from permanent work into contracting, the vast majority never look … [more]