Claiming mileage as an independent contractor
Claiming mileage as an independent contractor As a contractor, you’ll undoubtedly already be claiming expenses against your tax bill. However, one of the most common areas of confusion is that of mileage. Many contractors may wonder whether they would be better off purchasing a company car (when trading as a Limited Company) or whether claiming […]
How often can a Limited Company director draw dividends?
Drawing Dividends Contractors are increasingly turning to forming their own Limited Companies rather than operating as sole traders or under Umbrella companies. This is in part due to the tax efficiencies available as well as the additional security it offers. Why go Limited? Whilst the ‘sole trader vs Umbrella company vs Limited Company’ debate […]
What are the benefits of having Fee Protection Service?
Fee Protection Service In our blog last week we announced that we have enhanced our monthly service to include professional fee protection service. In this blog, Paul Mason of Abbey Tax explains the benefits for contractors in having this service. A bit of background may be useful to put HMRC’s enquiry regime into context. […]
Tax Planning: Are you outraged, pleased or jealous?
Tax Planning Is it not about time that the staffing industry paragons of virtue shifted their position from one of agreeing with the BBC each time they disclose abuses of tax or employment legislation and become much more proactive in regulating their own Industry? After all Poachers make the best Gamekeepers! A growing number of […]
Borrowing company money
IT contractors’ guide to borrowing company money The facts behind the Directors Loan Account Taking money from the business for personal use when trading as a partnership or sole trader is fairly straightforward and, unless there is a drain on company assets, there are generally no tax implications. A limited company, however, is a separate […]
Combining salary with dividends
Combining salary with dividends Efficiently combine salary with dividends and declare your dividends at a time that suits you. At Intouch Accounting, the best accountants for contractors and freelancers, we discuss how contractors legitimately reduce their overall taxation costs by efficiently combining an annual salary with any additional cash requirements being taken as dividends from […]
Business risk, personal protection and insurances
Business risk, personal protection and insurances… Are you covered? Running a business always has some element of risk so it’s not unusual to look for an insurance policy to protect the business. Whether it’s professional indemnity insurance to cover the risk of making a mistake, employer and public liability or business contents insurance most businesses […]
Paying yourself a wage – Limited Company dividends
Paying yourself a wage – Limited Company dividends What is a dividend and when can you receive one? In this eBrief Intouch Accounting, the personal online adviser for contractors and freelancers, looks at one aspect of taking money from your company through the payment of dividends. We look at the way dividends are allocated and […]
Travel expenses 2: Subsistence expenses
Subsistence expenses for contractors Introduction: In our business journeys eBrief, we looked at what constitutes a business journey and what expenses you’re entitled to claim. In this eBrief, Intouch Accounting, the best contractor accountants, discusses the reimbursement of subsistence expenses. What options are available to contractors? What if you work late or start early… can […]
Travel expenses 1: Claiming business travel expenses
Claiming business travel expenses: a guide for contractors and freelancers Could you be missing out on claiming all your business expenses for travel? We all like to maximise our take home pay after tax and by far the simplest way is to claim all legitimate expenses to set against income. Generally, travel and subsistence costs […]