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]
Employment Allowance – is your limited company eligible to claim?
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The optimum salary for limited company directors in 2021/22
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]
National Insurance for limited company contractors
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]
Claiming training expenses via your limited company
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]
Off-payroll (IR35) – what is a Status Determination Statement (SDS)?
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]
How long should you keep your tax and accounting records for?
However you decide to work as a contractor – via your own company, or an umbrella – or if you’re a self-employed freelancer, you must keep your financial records safe for a number of years. How long depends on the type of tax. … [more]
Can a contractor claim relocation expenses?
At some stage, whilst working via your limited company, you may face a situation where you need to relocate to take up a new contracting role. You may be able to offset your moving costs against your company's tax bill. … [more]
What does Budget 2021 mean for contractors?
The March 2021 Budget contains a large number of announcements that will affect contractors - including a 2023 Corporation Tax hike, many frozen tax allowances, and a variety of other measures which we have outlined below. … [more]
How much will the April 2023 Corporation Tax (25%) hike cost your company?
The Chancellor has confirmed that the Corporation Tax rate will rise to 25% from April 2023, with a system of tapered relief for companies with profits of between £50,000 and £250,000. How much will this new measure cost you? … [more]
How should a contractor challenge an IR35 determination?
The arrival of IR35 reform in the private sector on 6th April will see the responsibility for determining IR35 status transfer from the contractor to the medium or large company engaging them. As a result, lots of contractors are wondering how they … [more]
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