Contractor Toolbox: Don’t let Limited limit your success
3 resources for Limited Company contractors Going it alone working as a contractor and setting up a Limited Company can be a daunting prospect, particularly for those new to contracting or freelancing. With so much legislation and admin to contend with when you register as a Limited Company, it can be hard to see the […]
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 […]
How much salary should I pay myself as a Limited Company contractor?
How much salary should I pay myself as a Limited Company contractor? Making the right choice on the level of salary to draw as a Limited Company director and contractor is one of the more important decisions to take. Surprisingly though it’s not just an annual decision, taken at the beginning of each tax year, but […]
HMRC Penalties: a carrot or a stick?
HMRC Penalties In a recent document inviting views and comments by 11 May 2015, the Revenue ask taxpayers and agents what they think about ideas they are having on potential changes to the penalty regime, introduced under the HMRC Powers Review 2005-2012. As HMRC become more digitally savvy, in an attempt to help taxpayers get […]
Business start up checklist
These are the comprehensive steps that are gone through when incorporating a new company. Its a long list but most advisers talk you through the process and answer your questions as you go… Company Incorporation: Forming a new company for you to trade through Steps Involved Select company name and check availability Check internet domain […]
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 […]
VAT! Could you be paying too much?
Could you be paying too much? The benefits and burdens for contractors of the flat rate VAT scheme Could you be paying too much VAT? Welcome to another edition of our regular ebriefs, designed to keep you up to date with issues affecting contractors and freelancers – helping you to make the right decisions, every […]
Working from home
[widget id=”bcn_widget-3″] Contractors’ guide to using your home as an office Working from Home? – Don’t forget the home office as tax-deductible expenses. Setting up a Limited Company generally involves functions that occur away from the client’s premises. Many administrative jobs, planning, report writing and preparation are most likely performed from home. Other companies […]
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 […]
How do I start up as a contractor?
How do I start up as a Contractor? Your step by step guide to getting your contracting business off to a successful start Keeping one step ahead, from the start Starting up as a contractor is an exciting, but often confusing time. It’s therefore important that you identify the key issues that should be considered […]