The Government has published guidance on 'mini umbrella company fraud' - the widespread practice of setting up multiple companies to employ temporary workers - with the sole aim of abusing the Flat Rate VAT and Employment Allowance schemes. … [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.
There are several ways to set up your own limited company; via an accountant (a popular way), via a company formations agent, or direct with Companies House. Here we look at the typical costs associated with each option. … [more]
Are you thinking of winding up your limited company - possibly as a result of retirement, or due to the Off-Payroll (IR35) rules? Perhaps you want to sell all or part of your business to someone else? … [more]
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]
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]
The Employment Allowance reduces the amount of National Insurance employers have to pay by up to £4,000 per year. So, can your limited company benefit from this incentive? … [more]
Working out the most tax-efficient way to draw down income from your company should be a priority for limited company directors. In this article, we explain how to work out the optimum salary level for the 2021/22 tax year. … [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]
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]
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]