Research & Development claims from small companies – what qualifies for R & D tax relief
Research & development claims from small companies If you are a small or medium sized company who has invested in significant research and development activity it could be worth finding out if you qualify for R&D tax relief from HMRC under the Small and Medium-sized Enterprise Scheme. This will effectively act as a contribution to […]
Dividends – when can you pay, what paperwork do you need to complete, when is it taxed?
Dividends – when can you pay, what paperwork do you need to complete, when is it taxed? Taking money out of your Limited Company by paying dividends can be an extremely tax friendly way to extract and distribute the profit you’ve worked hard to earn. It’s important to make sure you’re doing this in the […]
Five reasons why you need Professional Indemnity Insurance from ContractorUK
Five reasons why you need Professional Indemnity Insurance from ContractorUK Professional Indemnity Insurance is advisable for any business offering a service or advice to clients; a must for almost all contractors, freelancers and consultants. It is designed to protect you from claims made against you by clients as a direct result of work that you […]
Benchmark scale rates – what they are and how they apply
Benchmark scale rates It can sometimes be difficult to get receipts for expenses incurred on business related travel and overnight stays. This can make things tricky for employers and employees alike. To make things easier HMRC developed a system of approved standard rates which are the maximum amounts which are free from tax and NICs paid by […]
Allowable annual events
Allowable annual events – why they don’t have to be just once a year Many companies provide social events for their employees to boost morale, or as a corporate ‘thank you’ to their staff for the work they’ve done throughout the year. For tax purposes it’s possible for some or all of the cost of these events […]
Childcare payments
Childcare payments through a Limited Company – a reminder of what you can claim From 6 April 2011, childcare payment allowances are calculated on your income in the year. The new rates are as follows: Basic rate – up to £55 per week Higher rate (40%) – up to £28 per week Top rate (50%) […]
Claiming subscriptions through your company – what can you claim?
Claiming subscriptions through your company For many contractors the payment of subscriptions and professional membership fees are an essential expense. A Limited Company can pay or reimburse these costs for their employees in accordance with HMRC rules. As Limited Company contractors are employees of their company, these costs can be treated in the same way. Company […]
Training costs
Training costs The majority of contractors will invest in training at some point in order to keep their skills up to date and attractive to potential clients. For some this will also be a requirement of a professional membership, as part of their continued professional development (CPD). As courses can be expensive it’s preferable to […]
Renting accommodation as a contractor
Renting accommodation as a contractor When is it a benefit in kind? Can the company pay my rent? What if it’s a second place I’m renting? It’s quite common for Limited Company contractors to work at a client location which is a long way from home. Many decide it would make sense and be easier […]
Cycle to work scheme
Cycle to work scheme – what is it, how much can you claim, how does it work? The cycle to work scheme is a government initiative designed to support and encourage employees to cycle to work. The idea behind the scheme is that this will contribute to healthier employees which has benefits for both the […]