Business start up
Are you ready to turn your idea into a business? Careful planning, research and preparation is required at this early stage, so here’s a few steps on starting and setting up. Agency (PAYE) is similar to the Umbrella solution but not as tax efficient. The Agency, normally a recruitment agency, will calculate your tax and […]
Business expenses
We discuss which business expenses are allowable. If you’re diligent you can end up saving yourself a pretty large chunk of money. So, what can you can claim for? Contracting through your own Limited Company allows each of the company’s employees to claim reasonable expenses. A company can claim from a long list of expenses, […]
Fee protection service
Professional fee protection is included in our fixed monthly service. Find out more about what this covers, why we include it and more importantly – why you need it to contract confidently. If HMRC raise an enquiry into your tax affairs or challenge your IR35 status (which we expect them to do more and more) […]
Expenses
What are business expenses? A Limited Company gets tax relief for the business expenses it incurs. This means the income on which the Limited Company pays Corporation Tax is reduced by genuine business expenses and tax is calculated on the remaining profit, called taxable profit. An expense is treated as a business expense when it’s […]
All you need to know about submitting your Self Assessment tax return
Many people don’t like to hear the ‘C’ word mentioned until at least December. However, if you’re self-employed, now’s the time to start thinking about the festive period, particularly with regards to submitting your Self-Assessment tax return (SATR). Here’s all you need to know: What is a SATR? Self Assessment tax return or SATR […]
Financial Services for Contractors
Planning your personal finances as a contractor Contracting offers many opportunities in terms of earnings potential and flexibility but also potential financial pitfalls. You’ll no longer have access to a company employee benefits package and optimising your take home pay and savings can be more complex when you’re a contractor. When it comes to mortgages, […]
Dividends and salary: getting the balance right
If you’re considering setting up your own contracting firm by trading under a Limited Company, then taking a mix of salary and dividends is the most tax-efficient way to take income from the business. Due to the implications associated with drawing a £Nil salary, many contractors choose to pay themselves a modest salary, topped up […]
Demystifying dividends: a beginner’s guide
For many full-time contractors, the opportunity to earn a higher take home pay after tax is among their main reasons for making the move. That, along with the freedom and enjoyment that comes with owning their own business. If you’ve decided to set up a Limited Company, you want to be certain it’s created in […]
Insurance guide
You’ve worked hard to become self-employed, either as a freelancer or Limited Company contractor, so you want to be sure everything is protected. When you buy insurance, it’s a promise that if something catastrophic happens to you or your business, your provider will help you to make it right again. In this guide we’ll explain […]
A handy guide to contractor insurance
If you’re just starting out in contracting, you’ll no doubt have a long checklist of things you need to do before you can reach out to clients. One of these tasks will be taking out quality insurance for your new Limited Company. We understand that the world of insurance can feel like a minefield, so […]