What every Limited Company contractor should know about the Personal Savings Allowance
Personal Savings Allowance 6 April 2016 was a big day for Limited Company contractors, with many new changes affecting their everyday professional lives. One of these changes was the introduction of a new Personal Savings Allowance (PSA) which will see around 95% of taxpayers no longer having to pay any tax whatsoever on their […]
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 […]
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 […]
What is a dividend?
What is a dividend? ˈdɪvɪdɛnd/ noun 1. a sum of money paid regularly (typically annually) by a company to its shareholders out of its profits (or reserves). Janna Beeching, Director of Accounting and Tax at Intouch Accounting helps Limited Company contractors every day. Here she shares some of the more commonly asked questions she’s […]
The New Tax-Free Childcare Scheme
The New Tax-Free Childcare Scheme – how will it help contractors? The recent Budget revealed more details about the new Tax-Free Childcare scheme, but what does this mean for contractors? Well the good news is, unless you want to, you’ll no longer have to mess around with childcare vouchers or setting up an Employer’s […]
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 […]
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 […]
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 […]
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 […]
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 […]