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

Personal Tax - Limited Company

Business Structure Review

If you choose to freelance through a Limited Company then your personal finances are separate to your company’s finances - you and your company are separate legal entities, therefore you as a director have to prepare a personal self-assessment tax return each year.

The basics if you freelance through a Limited Company

Your personal tax return will give HMRC details of the amount of money you paid yourself as a salary and how much you received in dividends from your company.

You must also include details of:

- Any other investments (stocks and shares) you may hold
- How much interest you received on your savings
- If you made any money from foreign investments
- Money received from renting out any property.

There are some reliefs which will reduce your tax liability. If you made pension contributions during the year or gave money to charity, these both have to be declared on your return as well.

The personal tax year runs from 6 April to 5 April which will probably be different to your company’s financial year.

Your Self Assesment tax return is usually due at HMRC on 31 January following the end of the tax year, for example 6 April 2010 - 5 April 2011 would be due with HMRC before 31 January 2012.

The 123 Way includes the completion of your tax return through our online client pages of our website. You must complete this by 31 August each year to guarantee submission in time for the January deadline.

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.