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Minimising the risk of an HMRC investigation
Contractors can minimise the risk of being investigated by HMRC by taking simple yet effective measures, explains Abbott Moore’s James Abbott.
�accurate tax returns can be based,” says Abbott. Contracting businesses failing to maintain adequate records f�
Category: Articles: Tax Issues | Wed, 27 Nov 2013

Contractor guide to the General Anti-Abuse Rule (GAAR)
Contractors should take into account the General Anti-Abuse Rule (GAAR) when making tax-planning decisions, says James Abbott of Abbott Moore.
�houldn’t be a target. GAAR may become a threat to contracting in 5-10 years But Abbott’s concern is that HMRC h�
Category: Articles: Tax Issues | Thu, 11 Apr 2013

How National Insurance Contributions (NICs) are calculated
Contractors may be liable to pay National Insurance Contributions (NICs). Calculating how much should be paid depends on the nature of their earnings.
�agency payroll and those on fixed-term employment contracts do. Unlike income tax, NICs are only applied to a� �cy payroll and those on fixed-term employment contract pay NICs Class 1 NICs rates for the 2013/14 tax y�
Category: Articles: Tax Issues | Thu, 02 May 2013

Retrospective tax-reducing strategies for contractors who overpaid in previous years
Contractors can adopt tax strategies that may reduce their tax liability arising from previous financial years, says Abbott Moore’s James Abbott.
�d those who might have temporarily stepped out of contracting to work on a fixed-term employment contract . Abb� �of contracting to work on a fixed-term employment contract . Abbott explains: “As is the case with all contr�
Category: Articles: Tax Issues | Tue, 14 May 2013

Contractor guide to what information their accountants should share with HMRC
Contractors receiving HMRC information requests should seek professional assistance and not tackle them alone, says James Abbott of Abbott Moore.
�inspector knocking on the door when they are out contracting.” But Abbott confirms he has rarely seen HMRC res�
Category: Articles: Tax Issues | Sun, 02 Sept 2012

Contractor guide to answering the self-assessment tax return service company question
Contractors should answer the tax return’s service company question as leaving it out can bring unwelcome attention, warns ClearSky’s Daniel Mepham.
�can demonstrate that IR35 does not apply to their contract can close an IR35 review before it gets off the g�
Category: Articles: Tax Issues | Wed, 16 Jan 2013

Moving buy-to-let properties into a company - issues to consider
Contractors might be able to mitigate the impact of buy-to-let tax changes by putting rental income into a company, says James Abbott of Abbott Moore.
�o have to find.” Contractors urged not to combine contracting and rental income For contractors who receive suf�
Category: Articles: Tax Issues | Wed, 25 May 2016

Marginal tax rates explained - how much tax you pay
You pay very different marginal tax rates depending on your earnings and business/personal circumstances.
�However, if the spouse has their own income from contracting or other sources, they may also fall into the sam�
Category: Articles: Tax Issues | Wed, 15 Sept 2021

Contractor tax: limited company and personal taxes explained
Depending on how you structure your finances and your status will depend on the type and level of taxes you need to pay.
�is registered for VAT (which the vast majority of contracting companies are), then you will need to charge VAT� �through PAYE (on the low salary). On IR35 exempt contracts, you will receive dividends. The dividends are ta� �If you decide to contract via your own limited company the amount of tax yo�
Category: Articles: Tax Issues | Fri, 09 Feb 2018

Contractors’ guide to VAT
VAT is a contractor’s best friend if treated right, or worst enemy unless care is taken to keep to the rules. Here’s how to keep the VAT-man happy.
�Contractors who work through their own contracting limited company can potentially save a significan� �y that is not registered for VAT and only used on contracts with clients who cannot reclaim VAT, so that the� �VAT registration a disadvantage? Contractors who contract directly with their clients, rather than an agenc�
Category: Articles: Tax Issues | Wed, 07 Mar 2018