IT Contractor Tax Limited Company Accounts Accounting

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

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.

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?

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.

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.

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?

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.

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?

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.

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?

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.

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.

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.

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.

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.