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

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.

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!

Read MORE

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

Contractor Pensions

Fortunately, you’re able to take advantage of tax breaks when saving for your pension as a contractor, so not only are you providing for yourself when you retire, you’re also keeping more of your hard-earned pay out of the hands of the taxman. This guide will give you all the information you need to start saving for your retirement.

Read MORE

Contractor Tax

It’s said that there are only two certainties in life – death and taxes. And when it comes to tax, it can often seem like a minefield of complex rules, thresholds and deductions from your hard-earned cash.

Read MORE

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...

Read MORE

dav1