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Tax Tips for Contractors

Tax Tips for Contractors

All Limited Company contractors will have to deal with tax at some point. We have put together a list of useful tax tips to help contractors come to terms with the subject quickly. 1). Make sure you are claiming for all expenses relating to your business activity-...

Umbrella vs Limited

Umbrella vs Limited

Umbrella vs Limited Whether to operate through a limited company or an umbrella company is one of the most important decisions a contractor must make. Two main factors to think about when making this decision are Time and Money. Money – In short operating through a...

Survey Competition

Survey Competition

Take the BI Accountancy survey for a chance to win! We invite all contractors to answer our quick and simple survey. 7 questions regarding contracting and the current accountancy service you receive. In return you'll be entered into our draw to win an iPhone 6. The...

General Election

General Election

We're asking all contractors who will you be voting for come May 7th. With this years election being closer than ever, it looks like we will be in for another coalition. As always each party is putting up a strong case for your vote, but which party do you think...

Corporation Tax

Corporation Tax

What is Corporation Tax? Corporation Tax is the tax payable by a company on its taxable profit in the company’s accounting year. Currently the corporation tax rate is 20%. The calculation of the amount of corporation tax due is quite complex. You first need to work...

Expenses Guide

Expenses Guide

What expenses can i claim for? This is a question as contractor accountants that we hear a lot! Expenses should only be claimed if they are wholly and exclusively for the purpose of the business. Expenses will vary dependant on factors such as location, sector type...

IR35

IR35

An introduction to IR35 IR35 is tax legislation first introduced in 2000, which affects freelance contractors. IR35 is more properly known as the 'Intermediaries Legislation'. Since April 2000 contractors have had to determine whether or not each contract could be...

Self Assessment

Self Assessment

What is Self Assessment? Self Assessment is a way in which HMRC assess all of your income. Self Assessment or Tax return as it is referred to simply lists all the income which an individual has received in the tax year. A tax year runs from 6th April to 5th April. A...

VAT

VAT

What is VAT? Value added tax or VAT as it is known  is a tax payable on goods or services which a VAT registered business provides. The standard VAT rate is currently 20%. You must register for VAT if you have sales of over £82,000. VAT flat rate scheme The VAT flat...

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