The old phrase ‘tax doesn’t have to be taxing’ is true, as long as you appoint a good accountant. As a contractor it is recommended you appoint a specialist contractor accountant, as they will have a more in-depth knowledge of contractor specific tax legislation.
In this section James will introduce you to the tax legislation that is likely to affect you and give you a basic understanding of what you need to be aware of. Don’t worry this is what you appoint Dolan Accountancy for!
If you would like to appoint Dolan Accountancy as your accountants, please visit our become a client page or if you have any questions about contracting please call us on 01442 795100 or email Jaime.firstname.lastname@example.org.
Flat Rate VAT SchemeVAT is tax paid on the majority of goods and services in the UK. To charge and reclaim VAT the company needs to opt into a VAT scheme. In 2018, if a company’s taxable turnover is above £85,000 registration is compulsory. What is the Flat Rate VAT scheme? In a nutshell if you register for Read More... Read MORE
What is a P11D?
A form that needs to be sent off on an annual basis, a P11D will be filled out by limited company contractors and is used to report employee benefits.Read MORE
Can I do my own Accounts?
Preparing and submitting your own accounts can be easy – as long as you know what you’re doing! If not then there are plenty of accountants out there who can help and they don’t have to be expensive, you just need to ensure you find the right one for you.Read MORE
Thanks to recent changes, contractors are now able to partake in the new Tax Free Childcare scheme. This means that the government will top up a childcare account with 20% – so for every £8 paid in, you will receive an additional £2 for free.Read MORE
What is a Self Assessment Tax Return?
A self-assessment tax return is a summary of your personal income, capital gains, tax allowances and overall tax liability for the tax year. This runs from the 6th to the 5th of April the following year – regardless of your Limited Company year end, if you operate one.Read MORE
How to Pay Less Tax as a Contractor
Everybody is required to pay their taxes – there is no foolproof way to avoid your fair share, without the taxman eventually catching up with you and we certainly wouldn’t recommend it. However, there are many subtleties to the UK taxation system and we are of the opinion that nobody should pay more tax than they are required to.Read MORE
Offshore Tax Avoidance Schemes
Hearing you could take home 90-95% of your contract rate, can seem really appealing. Though in reality these are just tax avoidance schemes.
Did you know, if you are caught using one of these schemes, you will have to pay back all of the unpaid tax, as well as a very hefty fine!
Should I set up a Limited Company?
Being a sole trader is the most common way to operate a fledgling business. However, as a freelance business grows, it’s likely you’ll be better-served setting up a Limited company. This quick guide gives a run-down of the benefits of doing so.Read MORE