One question that comes up a lot with contractors is: “What’s the best way to pay myself?” The answer is often a mix of salary and dividends, organised in a specific way to maximise take-home pay whilst staying on the right side of...
Resources – Contractor and Small Business Guides
Setting up a limited company, dealing with IR35 or just wanting to ensure you’re operating most tax efficiently? Whatever your needs, our guides are here to help.”
IR35 Explained – Inside vs Outside IR35 for Contractors
IR35 Explained – Inside or Outside IR35 for Contractors If you’re a contractor, few pieces of legislation are as important to understand as IR35. The rules determine whether HMRC views you as genuinely self-employed or as a “disguised...
How to Set Your Contractor Rate
One of the questions we’re most frequently asked by contractors is: “What should I be charging?” And whilst there’s no one-size-fits-all answer, setting the right rate is much more involved than simply picking a number out of thin...
VAT
Contractors and small businesses often ask the question should they register for VAT. VAT can be one of the trickier areas of business to get your head around but with some clear guidance on the options, you will find that VAT registration...
What Expenses Can I Claim For?
One of the simplest ways to slash your tax bill as a contractor is to ensure you are claiming all allowable business expenses. But where does one end and the other begin? What are “allowable expenses”? As a general rule, an expense...
Next steps when setting up a limited company
Top 5 tips when setting up a limited company It’s a great feeling when you’ve decided to set up your own limited company, but it’s important not to forget to take care of a few essential things. Not only does it make life a lot easier and...
Should you make your Spouse a shareholder?
Should you make your spouse a shareholder? One of the most frequently asked tax planning questions we get from owner-directors of limited companies is whether or not to make their spouse a shareholder. Done right it can be one of the...
Your First Contract: Tips for Getting Hired Fast
Finding your first contract can seem daunting as a new contractor. You want to get hired fast and start earning! Fortunately, with the right strategy, it’s easier than ever to find a contract. The UK contracting market is booming, with high demand for IT, finance and...
Why you need an accountant who understands contractors
Why an accountant who specialises in contractors? Contracting isn’t the same as a traditional business, with IR35, VAT schemes and dividend planning needing specialist support. Generic accountants may charge you more and give poorer advice. An accountant that...
The Contractor’s Guide to Claimable Expenses
Why should you care about expenses? Allowable expenses lower your Ltd company’s profits subject to corporation tax, and you’ll save 19–25% in tax. In other words, claiming £5,000 in business expenses could save you £950–£1,250 in tax. Many new contractors miss out,...
Should I use an umbrella company or my own limited company?
The decision to work through an umbrella or a limited company is the first step for new contractors to take. It’s also the most important one to make as your chosen setup has implications for your income, admin, and tax planning. In this guide, we’ll highlight some of...
Jumping Ship: From Employee to Contractor
Why Become a Contractor? Trading in your office job for a contracting career is a huge decision, but it can be life changing. As a contractor, you can charge a much higher “day rate” than an employee might earn as a salary. Contractors can earn 20–50% more than an...
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