The Childcare Voucher Scheme and Tax-Free Childcare for limited company contractors
As a Director of a limited company you are able to claim a percentage of the costs of childcare as an expense through the government’s Childcare Voucher Scheme. The scheme allows you to claim up to £55 per week or £243 per month towards childcare costs incurred.
Social Media: The Modern Marketing Tool for Contractors
In a recent Social Media Survey sent to our clients, over 60% of the Contractors asked currently use Facebook and LinkedIn for personal use, but have they ever considered how social media could help their position as a Contractor professionally.
In the Know: High Income Child Benefit Charge
As of January 2013 the Government changed the rules regarding high earners and the possible charge arising on the Child Benefit that they receive. Child Benefit has always been paid out to individuals of all levels of income however, post the start of 2013 high earners now have to pay an extra tax charge on Child Benefits received throughout the year.
Insurance for Contractors: Do you have your back covered?
For some Contractors business insurance is a requirement from their Agency or a contract condition however, for others it comes as a choice as to whether or not to purchase it. As a Contractor (especially for those entering the contracting world for the first time) it may be a confusing topic as to whether or not to take out insurance if you do have the choice, and if so, which insurance?
On the Road: Claiming Mileage through your Limited Company
One of the most popular and utilised expenses that Contractors running Limited Companies claim for is mileage. The basic rule being that mileage can be claimed back when you are travelling to and from a temporary place of work.
Payments on Account: Do you need to make them?
Payments on Account crop up and are calculated within one’s Self Assessment (otherwise known as a Personal Tax Return). Payments on Account are advanced payments towards your personal tax liability for the following tax year and at times, Directors of Limited Companies are required to make these payments.
Self-Assessments: It’s that time of year again!
The deadline will soon be fast approaching to have your Self-Assessment (otherwise known as a Personal Tax Return) completed and submitted to the HMRC for the tax year 2013/2014.
In the Know: Directors of Limited Companies filing Self Assessments
A Self-assessment form ultimately details the calculation of one’s own taxable liability, otherwise known as a Personal Tax Return. If you are a company director you are required by law to complete and submit a self-assessment annually to HMRC stating your income, capital gains and any tax allowances or reliefs, i.e. expenses.
How to Claim Entrepreneur’s Tax Relief
Entrepreneurs’ Relief is available on a capital distribution (not exceeding £25,000) received arising on a winding up, which is received no later than three years following the date on which the company ceased to be a trading company, where...
Top Ten Reasons why Working as a Contractor is Better Than Permanent
Up until less than a decade ago, permanent roles were arguably the most prominent way of working. However, contracting roles are becoming ever more popular and there are now estimated to be 600,000 contractors (operating via a limited company) in the UK.