Should you close your Limited Company using an MVL?
Closing your Limited Company - your options For many business owners, there will come a time when you want to close your company for one reason or another. But until that point, you likely won’t have thought much about [...]
What is S455 tax?
If you have your own Limited Company there may be times where you lend money to your company, which traditionally comes without tax implications. But what about when you need to personally borrow money from your Limited Company, and [...]
The Autumn Budget 2024
Forty billion pounds of tax rises represents one of the very largest tax rising Budgets outside of a time of recession, with Rachel Reeves announcing a compendium of changes aimed at businesses and higher tax payers. A penny off a [...]
Can you claim free childcare whilst working through your Limited Company?
Ask any parent what the most expensive part of having children is, and the majority will most likely tell you it’s childcare costs. Second to your monthly mortgage or rental costs, you may find that what you pay in [...]
What are the differences between leasing and hire purchase, and how much tax can you expect to pay on electric cars?
Are you running your own Limited Company and considering switching to an electric car? Before taking the leap it’s worth understanding the taxable implications that come with an electric car, and how this can be affected by the final [...]
What are your Limited Company director’s responsibilities and key dates throughout the financial year?
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 needs to be done [...]
The Budget 2024
Chancellor Jeremy Hunt has just finished delivering his Spring Budget 2024, in which he said the Conservatives have a plan to 'grow the economy'. He confidently stated that his Budget will "unleash people power and put this country back on [...]
HMRC’s Crypto tax nudge letters
A few years ago crypto was almost a mythical phenomenon, with investors few and far between, and those who invested may have been looked upon as slightly mad to trust such a new form of investment. Fast forward to [...]
How to maximise your tax efficiency before tax year end 5 April 2024
Allowable expenses Claim all of your allowable expenses – you can read our expenses guide here Ensure paid invoices have been recorded – chase those you’re still awaiting payment for Keep receipts 6 years after accounting [...]
Do you owe tax on cryptocurrency in the UK?
If you have, or have previously had any dealings with cryptoassets the chances are there will be a tax liability for you. There’s been some confusion in the past around the tax treatment of crypto, but HMRCs stance is [...]
The Autumn Statement 2023
Chancellor Jeremy Hunt has just finished delivering his Autumn Statement 2023, which he’s hailed a ‘huge boost’ for British competitiveness in his statement for growth. A series of measures were announced with the ‘overall impact of £20bn a year [...]
Is making charitable donations through your Limited Company more tax efficient?
Supporting causes that are important to you through charitable donations is a great thing to do. What you may not know, however, is that using your Limited Company for these donations can also lead to significant tax benefits. In [...]
The pros and cons of contracting through a Limited Company as an IT Contractor
When considering IT contracting as a career path, many find that operating through their own Limited Company is the best option, as it can add a certain level of credibility to your level of professionalism, and shows you're serious [...]
SG’s 6 top tips for setting up a Limited Company as an IT Contractor
When you’re first starting out as an IT contractor and need to set up a Limited Company, it can be a really exciting time. With your skills, ambition, and strong work ethic, you're ready to take the leap. However, [...]
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. [...]
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 [...]
Mini Budget September 2022
The mini budget - what it means for contractorsWell that was a big U-TURN affecting the contracting industry! The (not so) mini-budget delivered by new Chancellor, Kwasi Kwarteng last Friday, had a lot more in it than anyone expected.Repeal of the IR35/off-payroll [...]
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 [...]