Tax Planning for 2018/2019
For the 2018/2019 tax year, allowances and rate bands have increased – with the exception of the tax free dividend allowance, which has reduced to £2,000. In this article, we demonstrate what that means to contractors in real terms, and [...]
Switching Contractor Accountants
Every successful relationship is built on trust. This is particularly important when forming professional relationships, like with an accountant. However, there may be times, for one reason or another, when that trust is no longer there, and you feel the [...]
Latest legislation 2018: How will it impact you?
The world of contracting is ever changing. This week’s article discusses some of the changes to legislation that are occurring that contractors or owners of limited companies need to be aware of. Drop in dividend tax allowance A large proportion [...]
Pensions and Tax Advice for Contractors
If you choose, you can retire at 55. Sounds very tempting, doesn’t it? What would you do with your retirement? Spend it travelling? Maybe you would like to learn a new skill? There are so many options. However, in order [...]
Travel Expenses: The 24-Month Rule Explained
Last week we discussed what HMRC class as an ‘allowable expense’. We stressed the importance that expenses must be ‘wholly, exclusively and necessarily’ incurred for the use by the business. This week we’re continuing with the same theme and look [...]
Life as an IT Contractor
Are you dissatisfied with your current role? Do you find yourself sitting and looking at your screen dreaming of what it would be like to ‘go it alone’ and become a contractor? If this sounds like you – dream no [...]
Ask an Expert: What You Need to Know About Expenses
When we start working with a contractor, one of the first questions we get asked, is, “As a contractor working through my own limited company, can I claim for business expenses?" followed by, “What expenses can I claim for?” You’ll [...]
The top certifications your accountant should have
You work hard for your money, so you want to make sure that the person you ask to look after it knows what they are doing. It’s easy for an accountant to boast about their experience and how many clients [...]
Changes to childcare vouchers – what it means for contractors
The date is set. From 6th April 2018, the childcare voucher scheme will close to new applicants. Those already in the scheme can continue to use it.This week’s article delves into the change and discusses what it means for contractors.Childcare [...]
Being efficient with your tax
Contractors are known for being hard workers. Thus, you will want to make sure that you don’t have to pay more tax than you legitimately have to. By engaging the services of an experienced contractor accountant who can help you [...]
IR35 Advice for Contractors
If you are already a contractor or are planning on becoming one soon, as well as understanding the UK tax system, you must also acquaint yourself with IR35, or the ‘Intermediaries’ Legislation’, or ‘off-payroll working’ as it is sometimes referred [...]
Recent tax changes for IT Contractors
The IT contracting sector is booming at the moment, particularly in the area of Cybersecurity and GDPR. If you are looking to enter into the IT contractor market for the first time or are looking to re-enter it following a [...]
Salaries and Dividends – how to make the most out of your limited company
Salaries and dividends - how to make the most out of your limited companyWorking as a contractor opens up new avenues and offers you the chance to increase your skillset. By choosing to work through your own limited company you [...]
5 Mistakes People Make When Doing Their Own VAT Return
Completing your VAT Return can be a stressful task if you leave it to the last minute, or don’t keep proper records of your income and expenses. Here at SG Accounting, we have seen many VAT Returns, and here are [...]
Demystifying Corporation Tax
As a contractor working through your own limited company, you are required to pay a range of taxes. This article is designed to help reduce the confusion that can surround Corporation Tax. We explain who has to pay it, how [...]
Contracting in Cybersecurity
ContractorUK lists cybersecurity contractors as one of the most sought-after IT specialists. This statement is backed-up by a report that was released in December 2017 by The Recruitment & Employment Confederation (REC). The report states that the demand for cybersecurity [...]
Use This Trick to Fund Your Staff Party This Year
As the nights grow cold and dark, thoughts naturally turn to celebrating the end of another year. With hard work (and a little luck), you will have plenty to be proud of and find your business in an even better [...]
5 Common Mistakes Found on Self Assessment Tax Returns
Tax return time is a stressful period for most of us. Have I got all the records I need? What if I forget to include something vital? Most crucially of all, have I put enough money away to pay my bill? These [...]
The History of IR35
If you’re a contractor or thinking about becoming one you’ve more than likely come across the term IR35. This piece of legislation has evolved somewhat over the past decade and it is crucial to understand how it impacts or potentially [...]
4 Things Not to Say to Your Accountant
When hiring an accountant, there are standard questions to ask. How much are fees, can they manage your tax preparations and filings, is your data safe, and what is expected from you in return (i.e. do you need to fill [...]