Contractor salaries for 2016/17

Infographic-salary-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 […]


Checklist for your 2014/15 tax year end

2014/15 tax year end checklist

Summary of actions Consider drawing a dividend before 5th April to maximise your tax allowances Consider topping up your pension before 5th April to maximise your tax allowances Consider increasing your salary from 6th April to take advantage of larger tax allowances Notify your accountant if you need to make a specific declaration for your PAYE […]


In the news: What if I can’t pay VAT and corporation tax?

This is the latest contractor’s question posted in ContractorUK’s popular series. Issues like this can not only prove a huge financial challenge for the director but also endanger his future career prospects as a contractor. James Poyser, co-founder of inniAccounts, recommends prompt actions and dialog with HMRC before the debt situation goes beyond control. Find out what are the steps to take in […]


Mining Bitcoins through your limited company

How to mine bitcoins through your company

It’s straightforward to start mining your own Bitcoins – all you need to do is run a freely available mining application on your computer. However, this is not a fast-track to endless financial rewards. The mathematical problems involved in mining Bitcoins are extremely complex. To solve them requires a large amount of computing power and […]


Bitcoins: a tax guide for UK businesses

Bitcoins: a tax guide for UK businesses – inniAccounts

What is Bitcoin? Bitcoin is a decentralised, electronic currency. This means it’s not controlled by a central bank, and it doesn’t exist as a physical currency. Despite these subtle differences, it acts in a manner similar to a regular currency: you can exchange your money for Bitcoins, and vice versa, in much the same way […]


Budget 2014 impact on contractors and small businesses

Personal tax The 2014 budget brings good news to most individuals: tax thresholds are increasing, child care relief is more generous than expected and there’s more flexibility for your savings and pension pot. From 6th April 2014 the amount you can earn without paying tax has increased £560 to £10,000. The point at which you […]


£2,000 National Insurance Allowance has limited benefits for Contractors

The benefit of this £2,000 allowance is limited for low-salary employees If you’re currently paying yourself a low salary combined with dividend payments, you may not benefit fully from this £2,000 allowance. This is because it’s unlikely that you’re currently paying a large amount of National Insurance, and increasing your salary to take advantage of […]


You’re now entering RTI nirvana

RTI FPS

Our recently launched automated payroll feature takes care of the heavy RTI lifting: it automatically issues our clients’ payslips each month, and sends a copy directly to HMRC, electronically. This means our clients can relax – every month our app will create their payslips, repay any expenses, make the correct tax and National Insurance deductions […]


HMRC’s Real Time Information (RTI)

You may have received a letter from HMRC introducing RTI. RTI means that from April 2013 we must tell HMRC about your income tax and National Insurance deductions each time you create a payslip, rather than waiting until the end of the year. This information will be sent to HMRC electronically, directly from the inniAccounts […]