IT contractors and Capital Gains Tax (CGT)
If you make money from the disposal of assets, you may be liable to pay Capital Gains Tax on the proceeds. How to calculate your CGT liability at the end of the tax year.
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.
How to avoid declaring an unlawful / illegal dividend
What happens if your company declares a dividend only to discover that there were insufficient profits at the time to justify such a payment to its shareholders?
Self-Assessment – how do payments on account work?
A key change you must become accustomed to as a contractor is that tax will no longer be deducted at source. Therefore, you’ll need to set aside money to pay this in your tax return, which is where ‘payments on account’ come into play.
Can I pay my husband/wife a salary from my limited company?
If you work via a limited company, you may have considered paying your spouse a salary. An accounting expert tells us what the tax and payroll implications would be.
What are ‘capital allowances’ and how do they work?
When you buy certain things (assets) for your business, such as computer equipment, your company can claim 'capital allowances' on the value of these assets - and deduct the value from your profits before tax is calculated.
Will your new accountant charge to form a limited company?
Most accountants can set up a limited company on your behalf, either for free if you're appointing them as your accountant, or for a fixed fee.
Are contractors better off using the Flat Rate VAT scheme?
Are limited company contractors generally better off registering for the Flat Rate VAT scheme, or the standard VAT scheme? Includes details of the Limited Cost Trader exclusion.
How do you register your limited company for corporation tax?
If you have set up a limited company for your contracting business, how do you register to pay corporation tax?
Making Tax Digital for VAT – is your limited company affected?
The main aim of Making Tax Digital (MTD) is to simplify tax reporting for businesses. MTD for VAT was rolled out on 1st April 2019 for VAT-registered limited companies which have taxable turnover above the £85,000 registration threshold.