Call us on

0845 834 0269

Head Office

0203 318 3024

info@123contracting.co.uk

The information every
freelance contractor
needs to know!

What is included as standard for a fixed fee of £65.00 + vat per month:

Full Contracting health check - is your business performing as best it could - we'll ensure it is.

If you're new to freelance contracting, we'll ensure you start trading in the right way.

Then you can sit back and relax, your ongoing HMRC & Companies House compliance will be taken care of.

The 123 Way - simple & stress-free.

The 123 Way

The 123 Guides

Corporation Tax

Business Structure Review

Corporation Tax is the tax due on company profits. Once the accounting profit is worked out for a company, it is then turned into the taxable profit by adding back certain expenses that are not tax deductable and taking out certain capital allowances that act as tax reliefs and reduce the company's tax bill. This is a quite a complex process as there are literally thousands or rules regarding what you can and can not claim as tax deductable.

Corporation Tax process

Corporation Tax Registration

A Limited Company has to register for Corporation Tax with HMRC. You must fill out the appropriate form and file it with you local tax office.

Corporation Tax Rates

Corporation Tax is currently 20% for small companies, this has just been reduced from 21%.

Corporation Tax Responsibilities

A Limited Company must submit a Corporation Tax return each year. This is due 12 months after its company’s year end. So if the first company year end is 31 May 2010 then it will be due before 31 May 2011.

You also have to pay your Corporation Tax. This is due within 9 months and 1 day of the company year end. Using the example above you would need to pay this by 1 March 2011.

Corporation Tax is very important; there are a number of fines and penalties if you make any mistakes.

The 123 Way includes the working out of your company's taxable profit and the preparation and submission of your Corporation Tax Return and all supporting computations.

Running a Limited Company

Director's Responsibilities

Company Bank Account

Payroll

Salary

Dividends

Limited Company Accounts

Corporation Tax

VAT - The Basics

VAT - The Choices

123 Income Illustrator

The 123 Income Illustrator shows you what you can expect to take home from a given contract.

It also compares the differences between freelance contracting through your own Limited Company, through an Umbrella Company, as a Sole Trader or if you were to return to full time employment.

The123 Income Illustrator

Invoicing

Expenses

Expenses - Detailed Guide P1

Expenses - Detailed Guide P2

IR35

IR35 - Detailed Guide P1

IR35 - Detailed Guide P2

Company Secretarial

123 Referral

We run a simple referral programme where for every client you refer to The 123 Way we will give you £123.00

For more information check out the link below:

123 Referral

Personal Tax

Importance of Information

Important Dates

Being a Sole Trader

Calculators

FAQs

Disclaimer:
This information is for general information only. No responsibility is taken for any action taken or refrained from in consequence of its contents. Always seek professional advice before acting.