Contractor Tax

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.thorpe@dolanaccountancy.com.

 

 

The pages

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.

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A Contractor’s guide to VAT

VAT, or Value Added Tax, is an additional tax on anything you sell – both services and goods. It’s charged at a standard rate of 20% on top of your invoice values;.

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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.

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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.

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What is VAT?

Do I have to register for VAT? If your turnover exceeds £85,000, or you expect it to exceed £85,000 in the next 30 days, you must register for VAT. Once registered for VAT, you need to begin charging VAT on all goods and services you sell. This applies as soon as you register – you Read More...

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Childcare Costs

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.

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The Benefits of Contracting

The reasons they give us are different. One constant is the financial benefit – contract rates can easily double that of a permanent employee, and the tax advantages of operating through a Limited company mean that you’ll take home even more of that increased income. Carving out a career as a professional freelancer or contractor Read More...

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Flat Rate VAT Scheme

VAT 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...

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