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 James shares a number of guides on topics his 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

How to Write a Contractor CV

Selling yourself to potential clients is a vital part of securing contract work. It simply doesn’t matter how qualified and capable you are – if you can’t get through the door to interview, you’re never going to make it in the contractor marketplace.

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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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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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How to Take Money out of a Limited Company

So you’ve secured your first contract, raised your invoices and the money’s starting to roll in to your company bank account. Great! Now how do you get it out of there?

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Contracting through a Limited Company

The finer details of tax planning are what you hire an accountant for – you are not going to be the one sitting down with a calculator, to work out the optimum way to split your income, across your tax allowances. So what does running your own Limited Company actually involve for you?

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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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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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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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