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Contractor Accountants - News and Views
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Thinking of Trading as a Ltd Company? Get Yourself a Business Account
Any contractor thinking of setting up their own Ltd Company needs to be clear about one fundamental point: keep your business finances wholly separate from your personal finances, preferably not just in separate accounts but in separate banks. If things get tough, banks can resort to a ‘right of set-off’ to freeze both your personal [...] -
Contractor Question – How Do I Form a Ltd Company?
Contractor Question – How Do I Form a Ltd Company?… Contractor Expert David Hughes from Accountants 4 Contractors replies… There are several options available when forming a company and the easiest typically tends to be to use an Accountant to take care of the process and all paperwork for you. You can however form a company directly [...] -
Contractor Accountants: What to Look For
With a new government promising a major overhaul of tax regulations, the jobbing IT contractor is in the midst of uncertain, although hopefully beneficial times. All the more reason to make sure that your accounts are in good order. Here are some guidelines which may serve you well in your quest to find a good [...] -
What Accomodation Expenses Can I Claim?
Accommodation expenses can be a tax deductible expense for some Professional Contractors and Freelancers. There are two aspects for a director to consider when deciding if a claim for accommodation is allowable against the profits of the company for corporation tax purposes:- Any expense must fall within the “wholly and necessarily” test for [...] -
Make The Most Of Your Income As A Contractor
The UK tax legislation surrounding contractors seems to get more and more convoluted every year. The aim of the HMRC is to remove the tax advantages from contractors who are selling their services via partnerships, under umbrella or managed service companies. The view of those lovely people at the Revenue is that contractors are, in effect, [...] -
How would you know if you were outside IR35?
For Professional Contractors and Freelancers, the IR35 legislation can be a minefield. If you were to get your IR35 status wrong; you could be liable to pay HMRC many thousands of pounds in unpaid tax and potential penalties. But, with the ever increasing case law, how can you have peace of mind that [...]