The highlights First, let’s focus on the positive take outs for contractors: Corporation tax reduction Corporation tax (the tax on your company’s profits) will fall from 20% to 18% by 2020. Increased personal allowance The personal tax-free allowance will increase from £10,800 to £11,000 in April, ultimately rising to £12,500 by 2020. Increased higher rate […]
Tax efficiency with smart childcare
Requirements The company must be invoiced directly by a nursery or childminder and the payment will be free of tax and NICs for you as an employee as long as the following criteria are met. The exemption does not apply if the company reimburses the cost or settles the bill on your behalf. The payment […]
Optimise your limited company tax bills with our new book
Our next book in our limited company series is here to show you how to maximise the tax efficiencies your company has to offer. You’ll learn expert hints and tips on paying the right amount of tax and keeping more of your hard earned cash in your pocket. We’ll run through everything from good expense management techniques […]
What does the new government mean for contractors, freelancers and small businesses?
Overall I think there’s a lot to be positive about as a business owner, from more opportunity to bid for government contracts to strengthening the prompt payment code but, as a number of our clients have pointed out, there are gaps. During the election campaign I took the time to read all the manifestos, and […]
Our mini-manifesto for scale-up Britain
As a founding member of a successful business, I can’t help but be excited by the manifestoes promising more support for UK entrepreneurs. Back in 2005 when we started inniAccounts, we were actively seeking to take advantage of everything start-up Britain had to offer. From the tax breaks through to the now defunct Business Link […]
Team inniAccounts taking the Derby 10k challenge
The race started in the city stadium, home of the Derby County football club and followed a path around the city centre where crowds of spectators cheered on the inniAccounts team. Our camera fans spotted Matt, Paul and the rest of the team at the start. Running alongside over 6,000 athletic professionals, club members and […]
Make smart charity donations to reduce your tax bill
Supporting worthy causes is worthwhile and it’s also one of the most tax-efficient ways to give to your favourite charity if you are a contractor or consultant that owns a limited company. Supporting charities through your limited company means that you can donate and sponsor causes close to your heart and reduce your corporate tax […]
Our next eBook is here: Day to day Management of Your Limited Company
Day to Day Management of Your Company is the second book in our series “Starting and Running a Successful Limited Company”. It’s specially designed to simplify the time consuming daily admin tasks related to managing your small business. We’ll show you how to equip your company for success with essential kit and online tools for efficient record keeping, expenses […]
Employing a spouse or family members in your company
Benefits of employing a spouse Employing a spouse or a family member to ensure the admin or core business services are taken care of frees you up to maximise the company income. Paying them a salary can maximise household tax efficiencies by utilising their income thresholds for tax liabilities. Things to consider What salary will […]
Contractor salaries for 2016/17
Find out how to choose a tax-efficient salary and achieve maximum efficiency for your contracting or consulting business. You’ll also discover the facts about how different salary levels will affect your tax and National Insurance contributions. Check the inniAccounts 2016/17 tax-efficient contractor salary guide and watch our brand new salary video. If you’ve already chosen your preferred salary, you may also […]