The Spring Budget 2023
Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Driving business investment The Chancellor announced a £27 [...]
Limited Company key dates throughout the financial year – your responsibilities and what you need to file with Companies House and HMRC
Directors of Limited Companies have legal responsibilities, such as filing / submitting various forms and returns to Companies House and HMRC throughout the financial year. If you’re new to contracting you may be unsure as to what [...]
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. [...]
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 [...]
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 [...]
Making Tax Digital – a contractor’s look at when, where and how you’ll be affected
What is Making Tax Digital (MTD)? MTD is the government’s plan to transform the tax system and move everything online. The Treasury minister Jesse Norman, has hailed the expansion of MTD the ‘next step to creating a modernised digital [...]
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, [...]
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 [...]
A guide to dividends and what you need to know as a Limited Company contractor
For Limited Company contractors, dividends are a fantastic way to maximise your take home pay and increase your tax-efficiency, but getting your head around them can be a little tricky. Whilst it’s always a good idea to have the [...]
Furlough scheme extended for November 2020
Hours before the furlough scheme was due to end on October 31st, the government has announced it will be extended until the end of November, as a further lockdown has been announced for England. Under the Coronavirus Jobs Retention [...]
Salary, dividends or both? How to effectively pay yourself as a Limited Company contractor
One of the financial benefits of being a Limited Company contractor is having the ability to choose how to pay yourself in the most tax efficient way. The most common way of doing so is by using a combination [...]
Can I furlough myself as a Limited Company Contractor?
Under the Government’s Coronavirus business support measures announced this week, it has been indicated that some Limited Company contractors may be covered by the ‘Job retention scheme’ and therefore can furlough themselves if unable to work due to Covid-19. There [...]
Your options when working inside IR35
With April quickly approaching and the proposed IR35 changes to private sector contracts set to come into force, we’re continuing to delve deeper into IR35 and the potential implications it will have on contractors. Our ‘IR35 Survival Guide’ addresses [...]
How will my take-home pay be affected by IR35?
Working through a limited company is one of the most tax-efficient ways to work as an independent contractor. This set up tends to work well for contractors who are deemed as working ‘outside of IR35’, but if you’re caught ‘inside [...]
5 ways to increase your take-home pay
One reason why people choose to become contractors is that they can have the ability to earn more than they did as an employee. This is because they can charge higher rates and if they think about how they structure [...]
What are dividends and when can they be paid?
If you’re an independent contractor who is working through your own limited company, as well as being a director, you will also likely be a shareholder. This means you are entitled to receive dividend payments on any retained profits that [...]
What are my wages as the director of a private limited company?
If you’ve decided that 2019 is the year you will become a contractor, congratulations. Following the excitement of setting up your own company and choosing which contracts you want to work on, you’ll probably start to think about how you [...]
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 company Working 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 [...]