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: VAT Flat Rate Scheme
Top Tax Tips: VAT Flat Rate Scheme The majority of contractors choose to become VAT registered, even if they are not yet earning the threshold amount for registration, as it can give a very professional impression to prospective clients. HMRC offers several types of VAT accounting schemes which are suited to different sizes and types […]
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 […]
New contractor guide to Corporation Tax
New contractor guide to Corporation Tax Corporation Tax is a levy on taxable profits which is applicable to active Limited Companies incorporated in the UK. If you’re a contractor who has recently set up as a Limited Company it’s helpful to be aware of how this tax works and how it applies to your own […]
New contractors’ guide to Tax Return Deadlines
New contractors’ guide to Tax Return Deadlines With the 31st of January deadline for online self-assessment fast approaching, it is important that all new Limited Company contractors are aware of all personal and company tax return deadlines. Filing all personal and company tax information required and making payment to HMRC within their specified deadlines is […]
New contractors’ guide to VAT
New contractors’ guide to VAT One area that new Limited Company contractors need to think about from the start is the on-going tax liabilities of their company. Getting it wrong can potentially result in hefty financial penalties or worse, so it’s advisable to consult an experienced contractor accountant to get the best advice for 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 […]
PPR (Principal Private Residence) – the tax implications of selling property
PPR (Principal Private Residence) – the tax implications of selling property If you own any property at all – whether you’re letting it out or living in it yourself – it’s useful to understand the basics of how Capital Gains Tax (CGT) works and what might be applicable if you decide to sell it. Capital […]
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 […]