If you work on an 'inside IR35' contract post-April 2021, then your fee-payer (agency or client) will be responsible for deducting taxes from your contract income, but exactly how is this income taxed before your limited company receives funds? … [more]
First Timer or Veteran IT Contractor?
Our site provides all the information, tools and resources you'll need to operate a successful professional contracting business - whether you're thinking of taking the plunge, or even if you're a seasoned pro.
Under the off-payroll rules, from April 2021, private sector clients are responsible for determining a contractor's IR35 status. The decision must be contained within a Status Determination Statement (SDS), alongside the client's reasoning. … [more]
If you choose to contract via your own limited company, you will need to hire an accountancy firm to look after your tax and accounting needs (unless you're confident of doing this on your own!) … [more]
The profits generated by UK companies of all sizes can be distributed to shareholders as dividends. Limited company professionals, such as contractors and consultants, typically draw down the bulk of their earnings in the form of dividends. … [more]
Not all contractors start work with a signed contract in place. Here we consider the risks this may involve, and why a contract doesn't necessarily have to be in writing for it to be legally binding. … [more]
Investing in improving your own skills or those of your employees can give you a crucial edge when it comes to pitching for new contracts. However, before funding training via your limited company, it’s important to know what you can - and cannot - … [more]
Many contractors travel by car on business - they may be visiting client sites, or attending conferences and training sessions. However, when it comes to claiming tax relief for the costs of these journeys, the rules can be confusing. … [more]
The forthcoming (April 2021) off-payroll rules in the private sector have led to much discussion about the use of consultancies as a potential workaround. … [more]
If you are a professional contractor, at some stage you may need to invest in some kind of marketing for your business - but can these costs be offset against your company's tax bill? … [more]
Doing your accounts will probably never become your favourite task. But accountancy software may make you less prone to wanting to pull your hair out. Even if you’re not a numbers whiz. … [more]