What is your company yearend and what do you need to know?
If you’re new to owning a Limited Company you’ll need to complete your yearend, but what exactly is it, and why do you need to complete one? In this blog we explore just that, to ensure you’re a pro [...]
The Autumn Statement 2022 Full Report – what it means for Limited Company contractors
Since the reversal of Liz Truss’s tax policy changes last month, new PM Rishi Sunak and Chancellor Jeremy Hunt have promised a new statement, concluding that now is the right time to proceed with a package of tax cuts. [...]
BREAKING NEWS – Repeal of IR35 reforms and back track on Corporation Tax
Jeremy Hunt, The Chancellor of the Exchequer, has today scrapped the plans to repeal the Off-payroll IR35 Reforms, which had been announced by Kwasi Kwarteng on 22 September 2022. As part of his ‘Growth Plan’, Kwarteng had set out [...]
Corporation Tax Rate increases in April 2023
Back in the March 2021 Budget it was announced that there would be an increase in Corporation Tax from April 2023, so how much will this ultimately cost you and your business? In this blog we look at what’s [...]
Staff entertainment as a business expense – are you able to claim?
With lockdown and social distancing a thing of everyone’s distant memory, you may be looking forward to getting out and about this summer. So whilst the restrictions on socialising have been lifted, what are the rules in regards to [...]
How to avoid the most common Limited Company contractor pitfalls
For the most part, contracting through your own Limited Company is great. You get to choose when, where and who you work for, along with your day rate. But whilst there’s plenty of perks to contracting, there could also [...]
SG’s 7 top tips for Limited Company contractors to reduce your income tax bill in 2022
The tax year is now in full swing and whilst you currently might not be considering tax, it’s still a good idea to understand it’s importance, and how making it work in your favour could ultimately mean more money [...]
Borrowing money from your Limited Company and the associated tax risks
You may find from time to time that you need to borrow money from your Limited Company, but how do you go about it, what are the associated tax risks, and is there anything you need to be aware [...]
A Limited Company contractor’s guide to getting paid your worth and negotiating your day rate
Sadly it’s never been so expensive to live and work in the UK. With a rise in National Insurance, the ever increasing price of energy, fuel, food and other basic commodities, if you’re able to increase your rates in [...]
Can your Limited Company contribute to your pension?
When you’re busy building your contracting empire, you’ll want to rest easy knowing that your future is taken care of, usually in the form of a pension. So is your Limited Company able to make contributions? This blog explores [...]
The effects of the levy on dividend rates in April 2022 and how this affects small business owners
The government recently announced a rise in National Insurance and dividend tax rates that’ll come into force from April 2022 onwards, with an aim of raising the much needed funds for the new Social Care and Health levy. So [...]
Are you entitled to childcare when contracting through your Limited Company?
One of the great positives from contracting and running your own Limited Company is the flexibility it provides. You get to choose when, where and for whom you work, and can chop and change whenever you like. So how [...]
Electric cars – how much tax can you expect to pay?
The recently announced tax band changes have meant that purchasing an electric car is a more realistic possibility than ever before. Along with the planned ban on petrol and diesel cars from 2030 onwards, you may be considering upgrading [...]
The Budget October 2021
Autumn Budget 2021 The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Main Budget proposals [...]
The Super-Deduction Tax Relief
As a Limited Company contractor you’ll no doubt have equipment to enable you to complete your work. HMRC allows you to offset part of the cost of purchasing said equipment against your company profits. Plus, as an extra bonus, [...]
A contractor’s guide to the announced dividend tax increase
Contractors have had a lot of change this year, so it’s safe to say that the unexpected increase to dividend tax rates was a bit of an unexpected (and unwanted) announcement. In this blog we explore what’s been announced, [...]
Should you be doing ATED returns as a property investor?
What is an ATED? An Annual Tax on Enveloped Dwellings (ATED) is an annual tax that’s payable by UK companies that own UK residential property with a value greater than £500,000. If your property satisfies one of the following [...]
Taking money from your Limited Company and the associated tax implications
If you find yourself needing to take money out of your Limited Company there’s a few things you’ll need to be aware of before you do so, one of which is the tax implications. In this blog we take [...]
A contractor’s guide to bounce back loans, dividends and illegal dividends
New to contracting? We explain what dividends are If you’ve been contracting for a while you may wish to skip this first section, but if you’re just starting your contracting career or are considering taking the leap, you may [...]
Seven top tips for Limited Company contractors to reduce your income tax bill in 2021
We’re now well into the new tax year, and whilst tax might be at the back of your mind, it’s still well worth understanding its importance and how making it work in your favour could save you money. In [...]