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. 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 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. Read more
An overview of the ‘Section 660’ legislation, which aims to clamp down on ‘income shifting’ between spouses. Read more
The issue of splitting limited company shares with a spouse or partner has been the subject of much confusion and debate over the past few years. Read more
Both umbrella and limited company contractors can benefit from significant tax breaks on pension investments. Our guide to salary sacrifice arrangements for contractors Read more
In March 2008, the Chancellor launched a crackdown on the ‘abuse’ of double taxation treaties which exist between the UK and other countries. An overview of BN66. Read more
The ‘service company’ question on the 2009/10 P35 employer annual return could cause limited company contractors some confusion once again this year. Read more
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. Read more