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Contractor Guides to Tax & Accountants
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Latest Tax Updates
Contractor accountant warns over illegal dividend declarations
A leading contractor accountant looks at the rise in illegal dividends reported in recent months, and how limited company contractors should take care when making dividend declarations
(Aug 24, 2010 in Tax / Accounting )
Limited company directors warned over illegal dividends
A leading accountant says that the number of company directors taking illegal dividends or loans has risen at a rapid rate.
(Aug 2, 2010 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?
(Jul 14, 2010 in Tax / Accounting )
IT contractors and Capital Gains Tax (CGT)
Following the Emergency Budget, many contractors will be aware that the higher CGT rate has risen to 28%, effective from 23rd June 2010.
(Jul 13, 2010 in Tax / Accounting )
What is entrepreneurs' relief?
If you sell all or part of your business, or its assets after trading as ceased, you may be able to claim entrepreneurs' relief on the proceeds and pay 10% instead of the standard CGT rate.
(Jul 9, 2010 in Tax / Accounting )
What can contractors expect from the 'emergency budget'?
The most eagerly anticipated Budget in decades is likely to contain significant changes to most areas of business and personal taxation. What can contractors expect on June 22nd?
(Jun 1, 2010 in Tax / Accounting )
Online accounting for contractors - what to look out for
As more and more contractors turn to web-based software to manage their accounts, we look at things to consider when choosing an online accountancy provider.
(May 26, 2010 in Tax / Accounting )
Coalition government - the tax consequences for contractors
What are the likely tax consequences for contractors and small businesses following the creation of a Conservative / Liberal Democrat coalition government?
(May 12, 2010 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 once again this year.
(Apr 4, 2010 in Tax / Accounting )
How much should limited company contractors set aside for income tax?
For contractors deriving dividend income from their limited companies, how much income tax should they put aside?
(Mar 30, 2010 in Tax / Accounting )
Changes for VAT registered contractors from 1st April 2010
Any contractors registered for VAT should be aware of a number of changes to the VAT system, which take effect from 1st April 2010.
(Mar 30, 2010 in Tax / Accounting )
Income tax rates and taxable bands - 2010/11 tax year
The income tax rates and bands for the 2010-11 tax year, including the new 50% rate, the gradual personal allowance removal if you earn over six figures, and the new 42.5% dividend tax band.
(Mar 25, 2010 in Tax / Accounting )
Contractor tax records - how long should you keep them for?
HMRC has released a new guide explaining which tax and accounting records contractors should keep, and how long they should keep them for.
(Feb 23, 2010 in Tax / Accounting )
BN66 - an overview of the offshore tax avoidance rules
In March 2008, the Chancellor announced a crackdown on the 'abuse' of loopholes in the double taxation treaties which exist between the UK and other countries. An overview of BN66 in light of the recent Huitson/Montpelier High Court case.
(Jan 29, 2010 in Tax / Accounting )
Contractors urged to file tax returns online by Sunday 31st January
HMRC has reminded taxpayers that they need to complete their annual self assessment tax returns online by 31st of January, to avoid paying a penalty.
(Jan 12, 2010 in Tax / Accounting )
VAT changes for limited company contractors in 2010
Alongside the return to the old rates of VAT from 1st January, most contractors will also have to get used to filing their returns online from 1st April 2010.
(Jan 4, 2010 in Tax / Accounting )
Contractors urged to plan income strategy before April 2010 tax hikes
Higher earning contractors are being urged to consider tax planning moves in advance of new higher rates of income tax which take effect from 6th April 2010.
(Dec 4, 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.
(Nov 24, 2009 in Tax / Accounting )
Contractor limited companies - paying your spouse a salary
If you run a contractor limited company and would like to pay your spouse a salary, you need to consider several factors before setting up the payroll.
(Oct 29, 2009 in Tax / Accounting )
HMRC forms used by limited company contractors
A summary of the most commonly used HMRC forms used by limited company contractors and their accountants.
(Oct 26, 2009 in Tax / Accounting )
Tax deadline reminder for contractors
If you want to keep tabs on all your personal and business tax deadlines, you might like to download a handy PDF summary.
(Oct 20, 2009 in Tax / Accounting )
Limited company contractors and Corporation Tax
If you set up a limited company, you need to inform HMRC of its existence, and register to pay Corporation Tax on company profits.
(Sep 15, 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?
(Sep 1, 2009 in Tax / Accounting )
Limited or umbrella company - income comparison
A useful tool to calculate your post-tax income, depending on your choice of business structure - limited company, umbrella company, or PAYE via a recruitment agency.
(Jul 15, 2009 in Tax / Accounting )
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 )
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 )
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 )
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 )
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 )
