Claiming Travel Expenses: What is the 24 Month Rule?
There was a time when contractors couldn't claim travel from work to home for a ‘temporary’ workplace. They were like any other permanent staff member - unable to claim back the cost of travel. Along came new legislation in 1998, which allowed travel to become claimable for contractors as long as the work place didn't last any longer than 24 months.
Capital Gains Tax: When do you pay it?
It's always great when you make a profit on a valuable item or asset. In accountancy terms this is called a 'Capital Gain'. Tax is paid on the amount you 'gain' on the asset or item. depending on what it is you're making a profit on and if the gain over the tax year is £11,000 or more.
In the Know: How do I pay off my student loan as a contractor?
Student loans are the one sore point of spending three plus years studying hard at University. Paying it back is also a drawn out process, with 9% of a permanent employee’s salary going to the student loan company once you earn over £16,910 (£21,000 if your course starts in September 2012).
In the know: Can I claim food as an expense?
We all need to eat, and buying it can be quite expensive, especially if you’re away from home.
In the Know: Can I claim food as an expense?
We all need to eat, and buying it can be quite expensive, especially if you’re away from home.
Five of the best: Advantages of a contractor paying themselves through dividends
This article explores five of the biggest benefits of paying yourself in dividends through a limited company (with a focus on contractors).
Five of the Best: Advantages of a contractor paying themselves through Dividends
We’re all about tax efficiency here at Churchill Knight. Umbrella or limited company options both have advantages; however the main reason for choosing to work as a contractor through a limited company is that the taxable benefits outweigh the simplicity of working through an umbrella company.
In the know: What is a P11D form and does it affect me?
HMRC is well-known to have time-consuming and sometimes complicated forms that you are required to fill out as a limited company director. The P11D is one of these; essentially, a P11D reports the benefits paid out to a company’s employees. These items are known as ‘benefits in kind’ and as a contractor with a limited company, you may at some point need to fill out a P11D form.
Budget 2014: How it’s affected contractors and recruiters
Heckled and cat called throughout his hour long Budget announcement, the Chancellor George Osborne called this year’s budget “A budget for building a resilient economy.
In the Know: What is a P11D form and does it affect me?
HMRC is well-known to have time-consuming and sometimes complicated forms that you are required to fill out as a limited company director. The P11D is one of these; essentially, a P11D reports the benefits paid out to a company’s employees. These items are known as ‘benefits in kind’ and as a contractor with a limited company, you may at some point need to fill out a P11D form.