Childcare schemes and contracting
On the 5th October 2018, a new Tax-Free Childcare Scheme was launched, meaning that any new applications for tax relief on childcare need to be made direct to the government. This article explains how childcare schemes work for Limited Company contractors, both prior to and after this change. Tax-Free Childcare post-October 2018 From 5th October […]
Christmas party expenses: Tiny Tim can have his turkey, after all
If only Ebeneezer Scrooge had known a bit more about tax exemptions. These days, the cold-hearted miser who only begrudgingly closes his office on Christmas Day could have thrown his employees a proper knees-up at a reduced cost thanks to an HMRC corporate tax relief exemption for festive entertaining costs. Not so much “Bah! Humbug!” […]
Umbrella to Limited
When embarking on a contracting career, one of the first decisions you’ll have to make is whether to join an umbrella company or set up your own business. We understand it can be difficult to decide, so hopefully this will help clear things up for you! The vast majority do, so why not you? If […]
Taxation
Taxation doesn’t have to be intimidating. Get the balance right between the various types of income and related tax, and you can achieve that goal of tax efficiency that sent you down the limited company route in the first place. VAT registration is mandatory for companies who have made taxable sales in the last 12 […]
Take home pay
Keeping track of your finances can be tricky as a contractor. To protect your interests, it’s crucial to know how much you’ll keep for yourself, after tax has been deducted from your revenue. Surplus cash is the remaining cash balance after your business expenses, salary, Corporation Tax and declared dividends are deducted from your company […]
New to contracting
Starting up as a contractor is an exciting time but can feel daunting. Where do you start, what’s involved and how do you even know if contracting is for you? First of all, decide which type of contractor arrangement suits your circumstances. If you think working as a contractor is only likely to be short […]
IR35
IR35 applies to all business sectors and specialisms and your status can vary from contract to contract, depending on the nature of the work and details of the contract. So what do you need to know? IR35 is a tax legislation created to fight tax avoidance by workers and contractors who supply their services to […]
Business start up
Are you ready to turn your idea into a business? Careful planning, research and preparation is required at this early stage, so here’s a few steps on starting and setting up. Agency (PAYE) is similar to the Umbrella solution but not as tax efficient. The Agency, normally a recruitment agency, will calculate your tax and […]
Business expenses
We discuss which business expenses are allowable. If you’re diligent you can end up saving yourself a pretty large chunk of money. So, what can you can claim for? Contracting through your own Limited Company allows each of the company’s employees to claim reasonable expenses. A company can claim from a long list of expenses, […]
Fee protection service
Professional fee protection is included in our fixed monthly service. Find out more about what this covers, why we include it and more importantly – why you need it to contract confidently. If HMRC raise an enquiry into your tax affairs or challenge your IR35 status (which we expect them to do more and more) […]