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 [...]
Budget 2021 – what does it mean for contractors?
Although Rishi Sunak’s budget today didn’t repeal the off-payroll legislation change due in April as we might have hoped, it’s not all bad news for contractors.With the economy expected to recover to pre-Covid level by mid-2022, the Chancellor set out [...]
Your tax year-end checklist
Ensure you make the most of your tax-saving opportunities before April 6th. The end of this tax year is almost upon us, so now is the time to act and ensure you’ve done everything you can to reduce your [...]
The VAT Deferral Scheme
On February 11th HMRC announced that as part of its COVID-19 support, all VAT registered businesses were able to defer their VAT liabilities generating between March 20th and June 30th 2020 to help with their cashflow. In this blog [...]
Thinking about a career in contracting? Here’s everything you’ll need to get going in 2021
Congratulations on your decision to take the leap into contracting! What a fantastically exciting career you’re about to embark on. So where do you start? In this blog we guide you through the key areas you’ll need to consider before [...]
Preparing for IR35 – a checklist of everything you need to consider and start doing now
The IR35 reform has been talked about, planned and postponed, but as we inch ever closer to April its myth is quickly becoming a reality. Whilst we’re unable to stop it from happening, we can ensure we’re all ready for [...]
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 [...]
Tax planning for 2020/21
For the 2020/2021 tax year, tax allowances and rate bands have, in the main, remained the same. In this article, we demonstrate what that means to contractors in real terms, and offer our advice for trading as tax-efficiently as possible.3 [...]
24-month rule for travel and subsistence explained
Being a director of a limited company, entitles you to claim for legitimate expenses that relate ‘wholly, exclusively and necessarily for the running of the business.’ A full list of allowable business expenses is available in our Expenses Guide.Included on [...]
Everything you need to know about Director’s Loan
Being a director of a limited company comes with lots of responsibilities. One aspect of the role, which sometimes gets played down, is understanding the myriad of complex rules and legislation that come with running a limited company. A Director’s [...]
Claiming interest on buy-to-let mortgages as a contractor
Anyone who has rental property or works in tax will know about the relatively recent changes HMRC have made to how landlords are allowed to claim the interest on their mortgages. See below: % of Mortgage Interest can be deducted [...]
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 [...]
Research and Development tax credits explained
The government wants UK companies to succeed. It’s great for employment and training and overall successful companies boost the economy. To help companies be successful the government provides an incentive in the form of tax credits, to companies who are [...]
What taxes do I need to pay as a contractor?
Leaving the world of employment and stepping out on your own as an independent contractor is both exhilarating and terrifying. One of the biggest challenges you’ll face initially is getting your head around what taxes you need to pay. We [...]
Restoring a dormant limited company
There are those who will only ever work as a contractor, and there are those who dip in and out of it. This could be because they are tempted back into a permanent role by great benefits or their personal [...]
Tax Planning for 2019/20
For the 2019/2020 tax year, tax allowances and rate bands have increased. In this article, we demonstrate what that means to contractors in real terms, and offer our advice for trading as tax-efficiently as possible.3 ways to trade tax-efficiently for [...]
Overseas contracting: top things to remember when contracting abroad
If you’ve had enough of the British weather and pine for warmer weather, or, if you’re keen to try out working in a different country, then contracting overseas could be a great option. Plus, it’s never been easier to work [...]
Limited Company Checklist
We know how hard you work for your money. In fact, many contractors work in excess of 40 hours a week. So, it is only natural that you want to take the majority of this hard-earned money home. For most [...]
Do I need an accountant as a contractor working through my limited company?
As an independent contractor working through your own limited company, your days are mostly spent working on your client’s projects. The last thing you want to do after a busy day is to sit down and look over your accounts [...]
Flat Rate Scheme: What to do if you are on the wrong trade sector
The VAT Flat Rate Scheme was introduced to simplify the process of calculating VAT returns. The premise of the scheme is that you pay a fixed rate of VAT based on which trade sector your business falls into. However, choosing [...]