As a contractor, it’s important that you’re continually assessing the options to find what best suits you. If you find yourself working inside IR35 for example, you might be wondering which structure option would make the most financial sense for you. Here’s why operating through your own limited company remains the best option, regardless of your IR35 status.
IR35 is a complicated piece of legislation, and there’s a lot of misinformation and scaremongering out there about it. But it’s important to have an awareness and understanding of it to ensure that you are paying the correct amount of tax and National Insurance. Matt Poyser, our Director of Customer Experience and experienced contractor, takes a look at the main points you need to know to get IR35 right.
Our Senior Accountant, Laura, reviews the available Government schemes contractors and freelancers can be using to help with their childcare costs.
While ensuring your records are in tip-top shape and adequately provisioning for the end of the tax-year is integral to managing your limited company; many consultants miss out on some of the available opportunities to make their companies more tax efficient. Our Senior Accountant, Chris, examines four advanced tax-saving options that you might not be aware of.
For the directors of limited companies, the yearly Self-Assessment Tax Return can be a minefield, fraught with confusing terms and routinely put off to the last minute. HMRC are becoming increasingly vigilant of mistakes, and if they have reason to believe there are any intentional errors, it can be costly. To help you avoid the common pitfalls, take a look at these five mistakes that are frequently made whilst completing tax returns.
Enjoying the fantastic summer weather? Ready for a break and a celebration? Many Limited Company owners are unaware that HMRC allows you to reward your employees (and their partners) with annual events; such as a summer party. So, why not throw some sausages on the BBQ, host a picnic, get the sound system blaring by a pool and claim the costs.
The final months of a tax year can provide some great opportunities for maximising your company’s tax efficiency. As we’re speeding towards the end of this tax year, we thought we’d share our five top actions to help you make the most of the current tax year and prepare you for the next.
Following the Autumn Statement, the Government have issued their draft legislation detailing the proposed changes to the VAT Flat Rate Scheme (FRS). They’ll come into effect on 1 April 2017 but may impact invoices issued and goods purchased from now onwards. Here you’ll find our initial review of the legislation and the changes it brings for independent professionals.
Planning for holidays If you’ve been working hard during the year, then it’s time to enjoy a well deserved break with your loved ones. To help you prepare your wallet for the festive season, we’ve written a short guide to planning and budgeting for your scheduled absence. Splash out on a festive treat To sweeten […]
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 […]