Last updated: June 17, 2021 | Tax There are many legal types of tax relief available for all UK registered companies, no matter their size, that could save you thousands on your annual tax bill. You just need to know what they are, when they apply, and how to use them.Despite the Government’s plans to…
Last updated: June 1, 2021 | Limited One of the main attractions of working via your own company is that the liability of shareholders is limited. So, to what extent is the liability of company directors limited?One of the most appealing aspects of running a contracting business through a company is the limited liability it…
Last updated: May 25, 2021 | Tax Capital allowances allow you to claim tax relief on assets you buy for your business. The value of these items can be offset against your company’s profits over time. So how do capital allowances work in practice? Day-to-day expenses vs. capital expenditure The day-to-day expenses you incur running…
Last updated: May 23, 2021 | IR35 With new private sector off-payroll rules set to take effect on 6th April 2021, is working as a sole trader a smart way to ensure your contract work falls outside IR35? What is a sole trader? The most popular type of business structure in the UK is the…
Last updated: May 11, 2021 | News The Government has published guidance on ‘mini umbrella company fraud’ – the widespread practice of setting up multiple companies to employ temporary workers – with the sole aim of abusing the Flat Rate VAT and Employment Allowance schemes.The official guidance explains how the fraud is committed, the impact…
Last updated: May 10, 2021 | Limited If you want to form a new company, alongside the Companies House application itself (IN01), you must also file Articles and a Memorandum of Association. Here, we explain what these documents are, and how to submit them.Whichever method you choose to incorporate a company (directly via Companies House,…
Last updated: May 4, 2021 | Limited There are several ways to set up your own limited company; via an accountant (a popular way), via a company formations agent, or direct with Companies House. Here we look at the typical costs associated with each option.As you can imagine, the more “middlemen” that are involved, the…
With hundreds of prospective accountancy firms to choose from, this table lists the monthly fees charged by some of the UK’s leading specialist accountants. For more details on our partner contractor accountants, please visit our directory. Scroll down for specific information on finding a London / City-based accountant. And we ask – is location really…
Doing your accounts will probably never become your favourite task. But accountancy software may make you less prone to wanting to pull your hair out. Even if you’re not a numbers whiz.Modern online accountancy software is designed with ease of use in mind. It’s also packed with handy time-saving features and can be accessed from…
Are you thinking of winding up your limited company – possibly as a result of retirement, or due to the Off-Payroll (IR35) rules? Perhaps you want to sell all or part of your business to someone else?Your business is a valuable asset. So, inevitably, HMRC will want a slice of the proceeds. Which means capital…
If you’ve decided to close your limited company, a members’ voluntary liquidation is the most tax-efficient way to do it. Here we explain what an MVL is, and how the process works.The catch is that, because it’s expensive, it’s not the right process for everyone. Depending on how much retained profit you have in your…
The profits generated by UK companies of all sizes can be distributed to shareholders as dividends. Limited company professionals, such as contractors and consultants, typically draw down the bulk of their earnings in the form of dividends. This article explains what dividends are, how they are taxed, and how to properly account for them. What…
Last updated: April 3, 2021 | Tax The Employment Allowance reduces the amount of National Insurance employers have to pay by up to £4,000 per year. So, can your limited company benefit from this incentive? Employment Allowance – The Basics The scheme was implemented to help stimulate economic growth and encourage small firms to take…
Working out the most tax-efficient way to draw down income from your company should be a priority for limited company directors. In this article, we explain how to work out the optimum salary
