Dividends and salary: getting the balance right
If you’re considering setting up your own contracting firm by trading under a Limited Company, then taking a mix of salary and dividends is the most tax-efficient way to take income from the business. Due to the implications associated with drawing a £Nil salary, many contractors choose to pay themselves a modest salary, topped up […]
Demystifying dividends: a beginner’s guide
For many full-time contractors, the opportunity to earn a higher take home pay after tax is among their main reasons for making the move. That, along with the freedom and enjoyment that comes with owning their own business. If you’ve decided to set up a Limited Company, you want to be certain it’s created in […]
Insurance guide
You’ve worked hard to become self-employed, either as a freelancer or Limited Company contractor, so you want to be sure everything is protected. When you buy insurance, it’s a promise that if something catastrophic happens to you or your business, your provider will help you to make it right again. In this guide we’ll explain […]
A handy guide to contractor insurance
If you’re just starting out in contracting, you’ll no doubt have a long checklist of things you need to do before you can reach out to clients. One of these tasks will be taking out quality insurance for your new Limited Company. We understand that the world of insurance can feel like a minefield, so […]
Working From Home – what can you claim for?
If you use part of your home as an office, you may be able to lower your overall cost of doing business. Here we outline some of the things you might need to know if you intend to claim expenses. Claims Firstly, you need to think about HMRC. Don’t worry, they are unlikely to make […]
What insurance do you need as a contractor?
When starting up as a contractor, taking out appropriate insurance should be one of the top things on your to-do list. Why do you need insurance as a contractor? Rather than being just another cost to factor in, insurance can help you secure that first contract, as most clients and agencies will insist that you’re […]
Dividends – how often should I take them, and when are they taxed?
Dividends can sometimes be difficult to understand and many contractors find themselves wondering when they should take them and when they actually get taxed? In this blog we answer these two questions and cover the timing and tax point of dividend declarations. Question 1: When are dividends taxed? Is it when they’re paid, or the […]
Can Limited Company contractors claim for Christmas party expenses?
Christmas party expenses The festive season will soon be upon us and whilst you may not officially start preparing for a few weeks to come, if you’re currently contracting in an office it will be tough to escape the office Christmas party chit-chat. As contractors aren’t usually invited to the festivities, it’s only natural to […]
What are alphabet shares and why do contractors need to be aware of them?
What are alphabet shares? Limited Companies are traditionally formed with a nominal number of ordinary shares. As the company grows and more shareholders are added, alphabet shares are certainly something to consider. In this blog, our Personal Accountant Patrick Gribben explores what alphabet shares are and how they could be of benefit to […]
What is the subsistence allowance for contractors?
What is the subsistence allowance for contractors? It’s a regular part of many contractors’ lives to travel away from home for business related purposes. This travel could be to and from a client’s workplace in order to complete work, or making journeys elsewhere which are directly related to the work being done for the client. […]