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Tax & Accounting Articles

Tax / Statutory deadlines for limited company contractors
Limited company contractors should be aware of some key tax and statutory filing deadlines.
(Jun 1, 2009 in Tax / Accounting )

Things to avoid when choosing a contractor accountant
For limited company contractors, the professional person you are most likely to seek advice from is your accountant. We look at the five things you want to avoid when choosing a contractor accountancy firm.
(May 11, 2009 in Tax / Accounting )

P35 'service company' question for limited company contractors
The 'service company' question on the 2009/10 P35 employer annual return could cause limited company contractors some confusion this year.
(Apr 16, 2009 in Tax / Accounting )

File your P35 online this year and receive a tax-free cash sum from HMRC
If you are a limited company contractor, you can claim a modest tax-free sum by filing your employer annual return (P35) online this year - even if your accountant files on your behalf.
(Apr 16, 2009 in Tax / Accounting )

Income Tax, National Insurance (NIC), Dividend Tax rates - 2009/10
The latest income tax rates, taxable bands, dividend tax, and National Insurance (NIC) rates for the 2009/10 tax year.
(Apr 5, 2009 in Tax / Accounting )

Corporation tax for contractor companies - 2009/10
Corporation tax rates for the 2009/10 tax year remain unchanged from 2008/9. IT contractor companies will continue to pay 21% on their profits.
(Apr 5, 2009 in Tax / Accounting )

Limited company contractors - salary vs. dividends
If you are a limited company contractor, how do your choose the right combination of salary and dividends to maximise your tax savings?
(Apr 1, 2009 in Tax / Accounting )

New HMRC penalties regime from April 2009
Contractors should be aware of the tough new HMRC penalty regime which comes into play from 1st April and applies to errors made on tax returns and related documents.
(Mar 27, 2009 in Tax / Accounting )

VAT staff hire concession abolition could hit agencies
Many recruitment agencies will be dreading the withdrawal of the VAT Staff Hire Concession from 1st April 2009, as the costs to non-VAT registered clients of hiring temporary workers will increase significantly.

(Mar 25, 2009 in Tax / Accounting )

IT contractor accountants - typical duties
If you are a limited company contractor, you will need to hire a specialist accountant to handle your affairs. What can you expect them to provide for their monthly fee?
(Mar 20, 2009 in Tax / Accounting )

Key payroll forms for limited company contractors
Form-filling and filing is an everyday part of working as an IT contractor via a limited company. A summary of the key payroll forms - P45, P60, P11D, P35 and self assessment.
(Mar 19, 2009 in Tax / Accounting )

IT contractors and the flat rate VAT scheme
Overview of the Flat Rate VAT Scheme for IT Contractors.
(Mar 19, 2009 in Tax / Accounting )

IT contractors and company car taxation
There are some important tax considerations to bear in mind when deciding whether to buy a company car, or claim a mileage allowance for business use of your own car.
(Mar 13, 2009 in Tax / Accounting )

VAT accounting methods for limited company contractors
The different ways contractor companies can account for VAT - the 'standard' VAT accounting, flat rate VAT, annual accounting, and the cash accounting schemes.
(Mar 10, 2009 in Tax / Accounting )

Limited company dividends - how much tax to pay?
If you are a limited company shareholder, how do you calculate the personal tax payable on dividends you receive?
(Mar 9, 2009 in Tax / Accounting )

Value Added Tax - VAT guide for IT contractors
Value Added Tax guide for IT Contractors. When you should register for VAT, and how to deal with VAT administration.
(Feb 17, 2009 in Tax / Accounting )

IT contractor expenses - what can you claim for?
IT contractors are allowed to claim back expenses they have incurred during their business duties. This article looks at some of the most common expenses you might incur as a contractor.
(Feb 11, 2009 in Tax / Accounting )

Key accounting dates for IT contractors
Some of the key accounting dates for IT contractor companies, including PAYE/NIC and P11D deadlines.
(Jan 29, 2009 in Tax / Accounting )

IT Contractors should remember 31st Jan tax return deadline
It's time to get those tax returns in again! IT contractors should ensure they submit their forms online and pay any tax owed by the 31st January deadline.
(Jan 5, 2009 in Tax / Accounting )

IT contractor guide to Corporation Tax
An overview of Corporation Tax and how it applies to IT contractors working via their own limited companies.
(Dec 1, 2008 in Tax / Accounting )

2008 Pre-Budget Report - the main points
In a massively political Pre-Budget Report, the Chancellor delivered his expected cut in VAT, introduced a headline grabbing income tax hike for big earners and deferred another 1p hike in the small companies' corporation tax rate. Income shifting legislation has been delayed once more and there will be no action on the travel expenses tax relief issue.
(Nov 24, 2008 in Tax / Accounting )

Are your VAT invoice numbers unique and sequential?
Some contractors might be unaware of new rules which came into play in October 2007 which mean that VAT registered businesses must use unique and sequential numbers for their invoices.
(Oct 30, 2008 in Tax / Accounting )

Claiming tax relief if you work from home
Small business owners are being urged to claim all the tax relief they are entitled to from HMRC.

(Oct 30, 2008 in Tax / Accounting )

IT contractors - when should you register for VAT?
IT contractors must register for VAT if their annual turnover reaches the current VAT registration threshold. This article looks at the benefits of becoming VAT registered.
(Sep 3, 2008 in Tax / Accounting )

Self Assessment - Paper deadline moved forward to 31st Oct 2008
Contractors who want to submit a paper return should know that the deadline for submission has been moved forward this year to 31st October 2008.
(Aug 22, 2008 in Tax / Accounting )

HMRC announces income tax changes for 2008/9 tax year
The personal allowance and higher rate tax bands for the 2008/9 tax year have been changed in an attempt to make up for the abolition of the initial tax band following Budget 2008.
(Aug 5, 2008 in Tax / Accounting )

Offshore arrangements for IT Contractors
A look at companies who offer offshore arrangements for IT Contractors, and why you should be careful before signing up to an offshore scheme.
(Jul 30, 2008 in Tax / Accounting )

Tax simplification would do away with the need for IR35, MSC's and Income Shifting
The CIOT calls for NIC's and income tax to be aligned, to simplify the small business tax system, and do away with the need for IR35, managed service companies, and much "income shifting".
(Jul 21, 2008 in Tax / Accounting )

National Insurance (NI) guide for IT contractors
National Insurance guide for IT contractors, including current NIC rates.
(May 21, 2008 in Tax / Accounting )

Tax band changes as Government attempts to put right the 10% tax band mess
The Government has attempted to put right the 10% tax band fiasco by fiddling with the income tax bands to ensure that high earners do not benefit from an increase in the personal allowance.
(May 15, 2008 in Tax / Accounting )

IT Contractor Accounting - How legislation has forced changes
A leading IT contractor accountancy firm tells us how accounting practices have been forced to change in the face of shifting tax legislation.
(May 13, 2008 in Tax / Accounting )

Tax pitfalls for owner managed companies in 2008
An interesting article has been published which looks at the mounting tax pitfalls which exist for owner managed companies.
(May 9, 2008 in Tax / Accounting )

Joy for contractors as Self Assessment form-filling to become less of an ordeal
Good news for any IT Contractors who fill in their own Self Assessment forms each year - the process is set to become a lot easier following a revamp of the current form.
(Apr 14, 2008 in Tax / Accounting )

Tax Rates + Allowances: 2008-9
Key tax tables including: Income tax rates and allowances, Corporation tax, Inheritance tax, Stamp Duty, National Insurance for the 2008-9 Tax Year
(Mar 25, 2008 in Tax / Accounting )

Budget 2008 - How IT Contractors are affected
How Budget 2008 will affect IT Contractors - Income Shifting delay, Rogue Umbrella Company announcement, CGT taper relief abolition, and changes to Income Tax and National Insurance rates.
(Mar 14, 2008 in Tax / Accounting )

Osborne calls for Corporation Tax cut
Ahead of the Budget on Wednesday, the Shadow Chancellor has called for a cut in the main corporation tax rate.
(Mar 10, 2008 in Tax / Accounting )

IT contractor accountants - how to choose one
Selecting the right contractor accountant to use is an essential part of the process of starting out in the contracting world. Here are some top tips.
(Mar 6, 2008 in Tax / Accounting )

Government releases draft "entrepreneurs' relief" legislation
Draft legislation for the Government's capital gains tax "entrepreneurs' relief" concession has been published.
(Feb 28, 2008 in Tax / Accounting )

Year-end IT Contractor tax saving guide
A useful year-end tax saving guide for contractors - including the recent CGT changes, inheritance tax, income shifting and information on the non-domicile rules.
(Feb 21, 2008 in Tax / Accounting )

Chancellor delivers Capital Gains Tax u-turn
The Chancellor has published his latest changes to the CGT regime. Now, individuals will pay 10% CGT on business asset sales up to GBP1m over a lifetime. The 18% rate will kick-in on all sales above this threshold.
(Jan 24, 2008 in Tax / Accounting )

Top Self Assessment tax tips
With the January 31st 2008 self assessment tax return deadline getting ever closer, here are some tips to help complete your return and submit it on time.
(Jan 10, 2008 in Tax / Accounting )

CGT Taper Relief abolition creates UK business backlash
The proposed abolition of the CGT taper relief regime has created a massive backlash from UK businesses who will face a 80% tax hike when they sell their companies.
(Nov 6, 2007 in Tax / Accounting )

IT contractor expenses - most contractors are confused!
The results of a major online poll shows than most IT contractors are still confused about expense claims.
(Oct 29, 2007 in Tax / Accounting )

Compensation for VAT registration delays?
The ICAEW has called for action to be taken over the severe delays in the VAT Registration system - many contractors are thought to have been caught up in the delays.
(Aug 12, 2007 in Tax / Accounting )

Tax Rates & Allowances: 2007-8
Key tax tables including: Income tax rates and allowances, Corporation tax, Inheritance tax, Stamp Duty, National Insurance for the 2007-8 Tax Year
(Mar 27, 2007 in Tax / Accounting )

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