Guide to benefits in kind and the P11D form for contractors
If you are an employer, you need to file an annual P11D form for employees who received any benefits in kind from the company during the previous tax year. Read more
As a contractor, you must pay tax on the profits you generate from your contract work. I
If you are an umbrella worker, you are an ’employee’, and your umbrella company will calculate and deduct and tax from your income. You won’t have to submit any additional paperwork unless you have any untaxed income outside of your umbrella earnings.
As a limited company contractor, you are responsible for calculating the tax your business owes and paying any liabilities to HMRC on time.
Most limited contractors outsource these tasks to their accountants, however, you should be aware of how business tax works in practice.
Here are some of our most popular limited company tax guides.
If you are an employer, you need to file an annual P11D form for employees who received any benefits in kind from the company during the previous tax year. Read more
You might have heard your accountant mention a “director’s loan account” in your limited company. What does this mean, and should you be concerned about it? Read more
At what stage do limited company contractors have to register for VAT? Read more
The different ways contractor companies can account for VAT – the ‘standard’ VAT accounting, flat rate VAT, annual accounting, and the cash accounting schemes. Read more
A reader asks if he needs to inform the authorities if he wants to pay his wife a small salary for ‘administrative’ work done for his company. Read more
Use our salary and dividend tax calculator to work out how much additional tax you will have to pay on dividends drawn down from your limited company. Read more
As a limited company director, what is the most tax-efficient salary to pay yourself in the 2023/24 tax year, and any other employees? Read more
Your company may be able to reclaim up to £5,000 of Employers’ National Insurance Contributions (NICs) from HMRC each year, thanks to the Employment Allowance. Read more
A concise guide to the taxes you will encounter as a limited company contractor – Corporation Tax, VAT, National Insurance, Income and Dividend Tax. Read more
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. Read more