IR35 and Off-Payroll Explained

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Limited Companies: Page 1

How contractors can close down their limited companies
If a contractor changes career path or decides for another reason that their limited company is no longer needed, they can choose to close it down.

10 easy steps to set up a limited company and start contracting
You have several options in setting up a limited company, but it's all easy enough, and most accountants will handle it all for you. Here's how.

What is a ‘personal service company’?
Many contractors who work for clients through their own limited companies frequently find their business referred to as a ‘personal service company’.

Dividends and contracting: calculation, payment and taxation
You may take dividends from your limited company whenever you are certain that there are after-tax profits to be divided up. Here's how you calculate them.

How to change your accountant – 4 steps for getting a better deal
Changing your accountant can be a thorny subject, but sometimes it must be done. Find out how to change your accountant with minimum fuss, here.

Taking salary and dividends – best tax strategies
Contractors can tax efficiently extract earnings from their contractor limited companies by paying themselves a low salary and the rest as dividends.

Contractor guide to splitting dividends
Splitting dividends with a spouse to maximise contracting income used to be the norm, but the Arctic Systems case changed the rules.

Moving from a limited company to an umbrella: reasons and practicalities.
Had enough of running your limited company? Find out why some contractors prefer to use an umbrella.

How to prepare an invoice - examples and templates
How to prepare an invoice. Examples and templates.

6 tips for choosing an accountant for your limited company
Decided to use a limited company for your contracting? Then you'll need a specialist accountant. Here are 6 tips on how to find and choose one.

PSC register: reporting requirements for limited company contractors
Limited company contractors are required to maintain information on people with significant control over the company, according to recent legislation.

Penalties incurred for late filing of forms
Running a limited company for contracting means you need to file certain forms each year, or else you could face sizeable penalties costing thousands.

How to close your company and extract the profits – paying only 10% tax
Considering closing down your limited company? Securing a Members’ Voluntary Liquidation may be the most efficient way to extract funds. Find out how.

How to account for assets and depreciation in your accounts
Depreciation explained and what you need to provide your accountant with to prepare correct records. Just a few simple steps to follow.

10 questions to ask a specialist contractor accountant
You should ask these 10 questions to check whether an accountant is a contracting expert before signing up.

Limited company or umbrella – how to choose the best payment option
Key differences explained. Learn the pros and cons of each payment option and decide which one is best for starting your contracting career.

10 tips for choosing the best contractor accountant
Once you've decided to trade using your own limited company, then choosing a contractor accountant is the next step.

Contractor guide to calculating taxes payable on dividends
Explains how contractors can calculate tax payable on dividends received from their limited company updated for April 2016 after Dividend Tax changes.

Backdating dividend payments to a previous tax year is asking for trouble
Proper tax planning negates the need to backdate dividends, which is illegal and attracts unwanted attention from HMRC, says Intouch’s Duncan Strike.

10 facts you need to know about company dividends
Ltd company contractors find that sharing profits through dividends is more tax-efficient. Here’s everything you need to know about company dividends.

Increased dividend taxes – time to dis-incorporate?
Ltd Co contractors considering dis-incorporating to avoid dividend tax may find they're better off staying as they are, says Duncan Strike of Intouch.

How to protect your business bank account savings with FSCS
Contractors qualify as small businesses under Financial Services Compensation Scheme rules so business bank account cash up to £85,000 is protected.

Dormant company accounts – filing example
Contractors who have a dormant limited company must continue to file basic company information, including abbreviated accounts, with Companies House.

What is Corporation Tax?
Corporation tax is the tax payable on the taxable profits generated by a limited company and other types of organisations and it is collected by HMRC.

Extracting profits tax efficiently from a limited company
Contractors can choose from a range of strategies to extract profits tax efficiently from their limited company, explains Abbott Moore’s James Abbott.

Contracting and the national minimum wage (NMW)
Limited company contractor directors are not affected by the national minimum wage, but umbrella contractors employed by their service provider are.

Contractor guide to dividends and dividend tax credits
Contractors pay themselves via a combination of low salary and dividends, but calculating how much income tax to pay on dividends can be complicated.

Online contractor accountancy increasingly mainstream, fuelled by new contractors
Online contractor accountancy is becoming increasingly mainstream, fuelled by a steady stream of new contractors, says inniAccounts’ James Poyser.

Declaring dividends before invoices have been issued or paid
Contractors can declare a dividend before invoices are paid, or before sending the invoice, but there are pitfalls, says Abbott Moore’s James Abbott.

Tax issues of acquiring quality and antique assets
Contractors considering buying high quality or antique assets for their limited companies may discover its more tax efficient to buy it personally.

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