Running your Company

Running your own limited company can seem daunting at the beginning however with help from a good specialist contractor accountant, you shouldn’t have anything to worry about. In this section Ashley shares a number of guides on topics her clients tend to ask her about on a day to day basis.

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

A Guide to Expenses

Business expenses are costs incurred “wholly, necessarily and exclusively” in the course of running your business. Claiming these costs means that no tax will be paid on the amount spent.

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Switching Accountants

There are a lot of accountancy firms out there – some more suitable for contractors than others. Although it can seem like a big step, switching needn’t be a tricky process. If any of the below apply, it might be worth looking to make the switch!

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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.

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Business Bank Accounts

Once you have formed you’re limited company, the next step is to setup a business bank account, so you can be paid for the work you carry out.

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Working inside IR35

Worried about your IR35 status? Our handy print-out checklist will help you review your contract at-a-glance. Tick off the boxes and count them up at the end.

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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.

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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!

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Limited and Umbrella Take Home Pay

Operating through an Umbrella company or as Director of your own Limited company is one of the first choices any professional contractor will make. This article will focus on what you can expect out of your take-home pay between the two options.

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