There are many reasons why a company cannot pay its bills. Sadly, many times this is due to directors' taking out more money than is available to them, which can lead to HMRC penalties and fines. So, what happens if you've accidentally draw down too … [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.
When you apply to Companies House to form a company for the first time, you’ll have to provide a number of addresses, the most important one being your registered office address. … [more]
Umbrella companies have flourished over the past decade in the UK, and can offer a ‘hassle free’ business structure to operate under for many contractors. With hundreds of suppliers on the market, we look at how a PAYE scheme operates in practice, … [more]
Payments on accounts are part of the self-assessment process and mean that you have to pay your next year's income tax liabilities in advance, based on the amount you owed on your last tax return. … [more]
If you're about to start a new contract, or if you’re coming up for renewal, these tips may come in handy to help you maximise your earning potential, whilst keeping on the right side of your agent and prospective client. … [more]
There may be a time when you need to borrow money from your own limited company - perhaps to finance a house deposit, or for a major purchase. Here we look at how directors' loans are treated, and how you could face a hefty tax bill if you don't plan … [more]
There may be times where 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]
If you're a limited company contractor, before 31st January next year you are likely to have to sit down and get to grips with your Self Assessment Tax Return (SATR). Unsurprisingly, this annual task is rarely a popular one, and errors are easy to … [more]
As an aspiring IT contractor, the biggest potential hurdle to your future prosperity comes in the form of the Intermediaries Legislation, or 'IR35'. Background to IR35 This piece of tax legislation, named after the Inland Revenue press release … [more]
A leading small business organisation has raised concerns that the Chancellor may be considering yet another dividend tax hike in the coming months. … [more]