Pensions, net or gross
Pensions, net or gross Contractors often pay into a pension as a way to lower their overall tax liability, but many do not understand that the way the payment is made, and who the contract is between, has implications on how the tax relief is obtained. We advise checking to ensure yours is being treated […]
Dividends, share classes and dividend waivers
Dividends, share classes and dividend waivers A dividend is money paid to a shareholder in return for their investment in a company. Dividends can be paid monthly, quarterly or annually as the directors of the company see fit. The only restriction is that the company must have profit available to pay out – management accounts […]
It’s never too early to plan ahead
It’s never too early to plan ahead We often get asked about how to be tax efficient when running a Limited Company, and what many people don’t realise is that this also ties in quite nicely with your final exit strategy from your Limited company. If you take a long term view and plan ahead, […]
Are you claiming the new Employer’s Allowance?
Are you claiming the new Employer’s Allowance? One of the welcome changes confirmed in the 2014 Budget is the new Employer’s Allowance, which entitles most employers to reclaim up to £2,000 in Employer’s National Insurance. The aim of the allowance is to reduce the cost of employing people, and thus generate more jobs. The new […]
Claiming the cost of childcare from your Limited Company
Claiming the cost of childcare from your Limited Company If you are an employee of a Limited Company then you can claim a set amount per week, or per month, toward the care of your children. The childcare has to be via a registered provider, and in many cases this will include private schools and […]
Top tax tips: Mobile phone in the company name
Top tax tips: Mobile phone in the company name Mobile phones are an essential item for the majority of contractors, both for business and personal use. For most people, it’s almost impossible to imagine being able to function properly without one. When it comes to making the most of your tax breaks through your business, […]
Top Tax Tips: Claiming pension from the company
Top Tax Tips: Claiming pension from the company When it comes to tax savings contractor accountants will always recommend you take full advantage of all tax breaks available to you and your contractor limited company. One useful area for possible tax savings is claiming pension contributions directly from your company, rather than paying from your […]
Christmas party expenses
Christmas party expenses As we’re now approaching the festive season thoughts are turning towards that well known annual corporate event, the Christmas Party. After working hard all year most people expect to have some kind of work function, whether it’s a slap up meal in a local restaurant or a full on party into the […]
Depreciation and capital allowances
Depreciation and capital allowances Most contractors will purchase items for business purposes which will have a useful life for over a year, or even for several years. These items could be things like a computer, office furniture or telephone equipment. Such purchases could also potentially include goods and services associated with research and development, as […]
Research and development claims for small companies – how to claim
Research and development claims for small companies – how to claim Small and medium sized companies can potentially claim for tax relief against their research and development (R&D) expenditure under HMRC’s Small and Medium-sized Enterprise Scheme. The idea behind this is to encourage innovation in general and to support the growth of smaller businesses. When […]