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Limited Companies - News and Views
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Income splitting under attack
Tax director John Whiting and his team have been looking at ways to prevent income splitting, which is used by husbands and wives to split the income produced by a family business, as he deems the tax saving made ‘unfair’. John and his team at the Office of Tax Simplification (OTS) has stated that they will [...] -
When Prevention is Better than the Cure. Late Payment and Ltd Company Contractors
Freelance contractors who work through their own Ltd Companies are frequently faced with a major problem: late payments. A large proportion of small businesses in the UK fail in their first year not because of unprofitability but because of cash flow difficulties. And this is hugely exacerbated by clients who fail to settle their fees [...] -
Surge in Ltd Company Contractors in Design and Digital Industry
With a plethora of economic forecasts being issued from numerous quarters, ranging in tone from the gloomy to the downright grim, it’s always heartening to come across the occasional news item that brings with it a glimmer of hope. Ltd company contractors working in the design and digital may draw some seasonal cheer from a [...] -
New Tax Avoidance Clampdown Launched by Treasury
Ltd Company contractors in particular may wish to seek advice from a qualified contractor accountant in the wake of a new announcement from the Treasury. It seems that a new clampdown on tax avoidance is about to take effect. David Gauke, the Exchequer Secretary to the Treasury, has revealed a raft of changes to the legislation, [...] -
Surviving Stormy Seas – Get Yourself a Lifeboat Called “Ltd Company”
Last week, we reported on the PCG’s optimistic take on the recent public spending cuts announced by the Chancellor in the coalition’s Comprehensive Review of Spending. The public sector will still require skilled personnel to fulfil its functions and the PCG believes that the UK’s contractor workforce is well placed to deliver the necessary resources [...] -
10 advantages to setting up a Limited Company
If you’re considering shifting from permanent employment to contracting, the first decision you will probably make is whether to operate as a sole trader or set up a Limited Company. Scott Brown from 1st Contact Accounting gives his top 10 reasons in favour of the latter. 1. “The liability benefit” Probably the biggest benefit to going the [...] -
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 [...] -
Taking the Plunge Moving from Umbrella Company Employee to Ltd Company Director
As an umbrella company contractor, you’ve already proven that you have the mettle to execute bold transitions: you’ve walked away from the comfort zone of permanent salaried employment to venture in to the more exciting but less predictable world of freelance contracting. Can you make another similar transition? A good number of umbrella company contractors do [...]