Renting accommodation as a Limited Company contractor
Renting accommodation Most contractors will consider renting accommodation when taking on a contract that’s some distance away from their home. Your Limited Company can always foot the bill, but how do you know if it’s classed as a benefit in kind? Provided that the expense is a legitimate business cost, HMRC will not […]
Do you have a contractor loan as part of a tax avoidance scheme? Prepare for the new retrospective tax
Prepare for the new retrospective tax Contractors have been expressing a dislike and unfairness for the new retrospective tax that they are to face on past loans associated with many of the tax avoidance schemes they may have taken advantage of. So what is this tax, who’s affected and how can you check […]
Moving your company away from a MSC
Post April 2016: Birth of a new Umbrella generation. Better or worse? Since April 2016 new tax rules restrict the expenses that can be claimed by Umbrella workers, with the consequential loss of tax relief reducing take home pay. These new rules changed the landscape. Many Umbrella workers wanted to protect their earnings and Umbrella […]
Cessation of Contracting – what to do when it’s time to close your Limited Company
Cessation of Contracting Whether you’re retiring, going back into permanent employment forever, or your circumstances change, there will potentially come a time when you will need to close your Limited Company. But how do you go about it and what steps do you need to take? Director of Operations, Laura Hepworth takes you […]
The Limited Company contractor’s guide to Entrepreneurs Relief
Entrepreneurs Relief What is Entrepreneurs Relief (ER)? ER was created to encourage people to set up and grow their own businesses, by providing a reduced level of Capital Gains Tax (CGT) on business disposals (when you decide to either sell or dissolve your Limited Company). Who can claim ER? ER is available to […]
The Limited Company contractor’s guide to pensions
Pensions As a Limited Company contractor you may pay into a pension in order to lower your overall tax liability, but are you aware of how the payment is made, who the contract is between and the implications this can have on how the tax relief is obtained? Is your pension being treated correctly? […]
Brexit: tax implications for contractors
Tax implications for contractors Seven weeks after the EU Referendum vote and there has been little clarity on what will happen, when and by whom! In fact, until Article 50 is triggered, sparking the start of exit negotiations, we’re likely to remain in a haze of uncertainty at least until the Autumn. Our own political […]
What does it mean when you have a dormant Limited Company?
Dormant Limited Company Sometimes Limited Company contractors find that they suspend their contracting activities and put their companies into a dormant state. But what does this actually mean and how do you go about doing it? Laura Hepworth, Director of Operations at Intouch Accounting, helps contractors to run their Limited Companies. Here, she explores […]
Key dividend dates that should be in every Limited Company contractors diary
Key dividend dates you should be aware of 6 April 2016 saw the introduction of the new dividend tax. Whilst this was a major change that affected almost all of the UK’s contractors, it won’t be until they submit their tax returns before they really feel the effects of the extra tax. So what […]
Limited Company contractors using personal service companies (PSC)