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Articles Tagged 'Limited Company'

Budget 2018

Thursday 01st November 2018

Budget 2018 - the top 3 items for freelance contractors

Tags: Corporation Tax, Dividends, HMRC, Income Tax, IR35, Limited Company, Salary

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Tax efficient salary and dividends in 2018-19

Wednesday 29th August 2018

What is the most tax efficient withdrawal of money from your company in the 2018-19 tax year (6 April 2018 to 5 April 2019).

Tags: Dividends, Income Tax, Limited Company, Salary, Self Assessment, PAYE

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Pension contributions directly from your limited company

Wednesday 29th August 2018

Making pension contributions directly from your limited company can be very tax efficient.

Tags: Limited Company, Pensions, Income Tax, Corporation Tax

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Information and data protection

Tuesday 16th February 2016

Information means everything to you. If you want to understand why your business is doing so well or maybe not where you want it to be then the information from our bookkeeping system is the key. There are also some important laws regarding information or data and its protection.

Tags: Limited Company

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Dates for Ltd Companies

Tuesday 16th February 2016

Lots of important dates to be aware of - good to keep referring back to.

Tags: Limited Company, Corporation Tax, VAT

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Accountant's reference

Friday 16th October 2015

​Recently we have had a few clients that have moved to 123 Contracting from other accountancy firms, require references for renting a new flat or starting a new contract with a new client. Each of these client's was shocked to hear that we do not charge an additional fee for providing these references.

Tags: Limited Company

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Pensions - company contributions

Thursday 16th July 2015

When it comes to making pension contributions you have two choices; 1. make them personally from your savings or income or 2. have your Limited Company make contributions directly to your personal pension.

Tags: Expenses, Pensions, Limited Company

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Director's loans and tax

Thursday 16th July 2015

​We get lots of questions on overdrawn directors loans, as the devil is in the detail and the timings, we thought it would make an interesting short article:

Tags: Limited Company, Income Tax, Corporation Tax

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​Going Limited - what is the time scale for the process?

Tuesday 16th June 2015

Step 1: We set up your Limited Company by filing the incorporation application with Companies House (we do this for free).

Tags: Companies House, Limited Company, HMRC

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Registered Office and Director's Service Address

Friday 15th May 2015

​In recent months we have seen a large rise in the number of clients enquiring about how they can decrease the amount of personal data that is in the public domain.

Tags: Company Secretarial, Limited Company

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Dealing with overseas clients

Friday 15th May 2015

​If you take on a client that is based outside of the UK they may insist on paying you in their local currency - Euros, Dollars etc. what is the best way to receive this money so you don't end up loosing a chunk of it in the exchange rate and associated fees?

Tags: Limited Company

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The 2015-16 tax year.

Thursday 16th April 2015

Headline tax rates and thresholds for the tax year 6 April 2015 to 5 April 2016.

Tags: Corporation Tax, Dividends, HMRC, Income Tax, Limited Company, National Insurance, Pensions, VAT

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Mortgage advice for freelance contractors - READ THIS!

Sunday 15th March 2015

​In January we published an article about the issues with trying to secure a mortgage when you are a freelance contractor. This article got great feedback and we and our specialist mortgage advisers were able to assist a number of client who had been told by high street banks they could not borrow.

Tags: Mortgages, Limited Company

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Making the jump to freelance contracting in 2015

Monday 16th February 2015

​Have you been thinking about making the jump to freelancing for the last few years but are a little scared of what might happen if you do?

Tags: Limited Company

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Switching from an Umbrella Company to your own Limited Company

Monday 16th February 2015

​So you've been freelance contracting for a couple of months now, dipping your toe in the water using an Umbrella Company and have realised that you really enjoy freelancing and want to move forwards with it. The answer is to switch from the Umbrella Company to your own Limited Company.

Tags: Limited Company

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Taking on an employee - the tax reliefs

Sunday 30th November 2014

Taking on an employee might seem very daunting but there are some great tax reliefs which make it cheaper than you may have thought.

Tags: Limited Company, National Insurance, PAYE, Salary

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Switching from sole trader to limited company

Saturday 15th November 2014

There are a number of reasons why someone might start freelancing as a sole trader but why should you think about switching to a limited company?

Tags: Limited Company

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Donating to charity and sponsorship

Monday 13th October 2014

Charitable donations made from your Ltd Company to a registered charity are always a tax deductible payment. The charity enjoys 100% of the donation and your company enjoys 20% Corporation tax relief.

Tags: Expenses, Limited Company, Corporation Tax

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Pensions - use your company to make the contributions

Sunday 17th August 2014

When it comes to making pension contributions you have two choices; 1. make them personally from your savings or income or 2. have your Limited Company make contributions directly to your personal pension.

Tags: Pensions, Corporation Tax, Limited Company

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Trend towards part time employment and part time freelancing before going full time freelance

Sunday 17th August 2014

​Over the past few months we have seen a growing trend in new clients partially moving from permanent employment to freelance contracting.

Tags: Limited Company

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Contractor’s can beat off the challenges presented by the property market

Monday 14th July 2014

Daily headlines are suggestive of an imminent interest rate rise to ease the accelerating housing market, and to also calm down the fear that the UK economy “could be more vulnerable to income and interest rate shocks” as more households increase their level of debt.

Tags: Limited Company, Mortgages

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Buy to Let the ‘best investment’ of the last 18 years

Monday 16th June 2014

​There has been a steady increase in Contractors investing in a Buy to Let property or indeed a portfolio of properties since their introduction in 1996. According to recent research a Buy to Let is actually the best investment in 18 years.

Tags: Mortgages, Limited Company

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VAT and charging clients for expenses

Tuesday 13th May 2014

If you are VAT registered then you need to keep in mind the rules on VAT for expenses charged to a client.

Tags: Expenses, HMRC, Limited Company, VAT

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Found your dream house this Spring? Secure your Contractor Mortgage today

Tuesday 13th May 2014

If you were actively looking at new properties over the bank holiday weekends or made the decision to make that next move, the time has never been better to sell your property. The market has not been as buoyant for years and the tide has clearly turned.

Tags: Mortgages, Limited Company

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Pensions 2014-15

Wednesday 16th April 2014

Exciting times to come in the 2014-15 tax year for pension investment………

Tags: Corporation Tax, HMRC, Income Tax, Limited Company, Pensions

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Claiming the cost of lunch

Wednesday 16th April 2014

The cost of lunch can be claimed when you are working at a temporary workplace.

Tags: Expenses, Limited Company

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Buying a company van

Thursday 10th April 2014

Company vans are taxed very differently to company cars and can be more tax efficient, below are the two options if you are thinking about buying a van.

Tags: Corporation Tax, Expenses, Limited Company

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Choosing a Contractor Accountant

Sunday 16th March 2014

​Choosing a Contractor Accountant can be a difficult process - what should you look for, what are the main differences between the different specialist firms and why should I choose one firm over another?

Tags: Limited Company

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IR35 Guide

Sunday 16th March 2014

IR35 is now a well-known term in the contracting world, the tax legislation having been a hindrance to limited company professionals for over a decade. The term ‘IR35’ is the name given to the ‘Intermediaries Legislation’, a tax law introduced by HMRC targeting professionals who work through personal service companies (PSCs) as a way to avoid paying as much tax.

Tags: Dividends, HMRC, Income Tax, Insurance, IR35, Limited Company, National Insurance, PAYE, Salary

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Contractor Insurance Guide

Sunday 16th March 2014

Insurance is an effective form of protection for almost all areas of business, contracting being no different. Working as a contractor comes with the responsibilities and professional duties that a business owner/shareholder faces, therefore having the correct insurance in place gives added value and stability.

Tags: Limited Company, Insurance, IR35

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Introduction to Sponsorship

Sunday 16th March 2014

​Sponsorship is a tricky area with a number of potential pitfalls. Just like a huge number of expense claims you have to look at any potential sponsorship expense with common sense to understand how your limited company would receive tax relief.

Tags: Expenses, HMRC, Corporation Tax, Limited Company

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Changes to P11D's might come very soon

Wednesday 12th February 2014

​P11D's are the form that is filed for the vast majority of freelance contractors telling HMRC how much you have received in benefits and expenses such as private health insurance or travel expenses.

Tags: HMRC, Limited Company, PAYE

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PCG Chairman talks to House of Lords Select Committee

Friday 10th January 2014

​The Chairman of the PCG (the membership organisation for freelancers) met with a House of Lords Select Committee towards the end of December to answer questions on freelance contracting and IR35.

Tags: HMRC, IR35, Limited Company

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Directors Loans - Quick Guide

Thursday 12th December 2013

​We get lots of questions on overdrawn directors loans, as the devil is in the detail and the timings, we thought it would make an interesting short article:

Tags: Corporation Tax, HMRC, Income Tax, Limited Company

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Autumn Statement - not aimed at contractors

Wednesday 11th December 2013

In the Autumn Statement George Osborne stated that HMRC would be asked to target those that are falsely classed as being self-employed.

Tags: HMRC, Limited Company, IR35

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Putting your spouse short term contract through your Ltd Company

Thursday 14th November 2013

​So you are a freelance contractor working through your own Limited Company and your spouse has just been offered a short term contract, would it make sense to put this through your company?

Tags: Limited Company, Salary, Income Tax

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Over 1.7 million 'one man band' contractors in the UK

Wednesday 13th November 2013

​Insurance company LV has released a survey into the contractor and small business market stating that there are now over 1.7 million contractors working in contracting jobs.

Tags: Insurance, Limited Company

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Travel expenses - Temporary Workplace Rules

Tuesday 12th November 2013

​Travel costs are an allowable expense as long as they are for the following: - Travelling that must be undertaken to perform your business duties. - Not journeys which, are ordinary commuting or private travel.

Tags: Expenses, Limited Company

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Freelance contractors in great demand

Monday 11th November 2013

​The demand for freelance contractors is at a six year high according to the Report on Jobs by REC (the leading recruitment body) and KPMG (one of the big four accountancy firms).

Tags: Limited Company

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Why we offer prudence

Tuesday 15th October 2013

Our clients are contractors just like you who want a tax efficient but prudent way of working in the UK. This is what we offer.

Tags: Limited Company, HMRC

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Refer a friend or colleague today - look at what you get!

Tuesday 16th July 2013

Why not refer a friend or colleague to 123 Contracting - it's simple and we have a great way to say thank you!

Tags: Limited Company

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123 Extra - Money transfer services

Thursday 04th July 2013

If you've come over to the UK to work as a freelance contractor then more likely than not you're going to want to send some of the money you earn back home.

Tags: Limited Company

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Entertainment - the tax issues

Monday 01st July 2013

This is a bit of strange one for contractors and freelancers but an annual event, usually a Christmas Party, is an allowable business expense for the company as long as the following conditions are met:

Tags: Expenses, HMRC, Limited Company

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123 Extra Partner - IR35 Defence Pack

Friday 28th June 2013

HMRC have now set up four new specialist teams solely tasked with status enquiries. With around 12 inspectors in each team they have the potential to undertake over 1,200 enquiries per year. We are therefore likely to see an increase in the number of IR35 enquiries being undertaken.

Tags: HMRC, IR35, Limited Company

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Contracting - the importance of information

Wednesday 26th June 2013

Information means everything to you. If you want to understand why your business is doing so well or maybe not where you want it to be then the information from our bookkeeping system is the key. There are also some important laws regarding information or data and its protection.

Tags: Companies House, Company Secretarial, Limited Company

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Limited Company Advantages

Tuesday 25th June 2013

If you are contracting for more than 3 months, or it is your aim to contract for the foreseeable future then the limited company route is the best way to go. By contracting through your own limited company you are much more tax efficient, giving you more money in your pocket.

Tags: Limited Company

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Dividends - a simple guide

Monday 24th June 2013

Once a company has worked out it’s profit and the amount of corporation tax that is due, what ever is left can be paid out as a dividend. Dividends are paid to shareholders of Limited Companies.

Tags: Accounts, Companies House, Dividends, HMRC, Income Tax, Limited Company, Company Secretarial, Self Assessment

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Company secretarial - a simple guide

Friday 21st June 2013

A Limited Company has certain secretarial and record keeping duties that must be performed by law. The main one is to keep an up-to-date and complete set of Statutory Books. The Statutory Books contain copies of all the official documents and forms that have been filed for the company.

Tags: Annual Return, Company Secretarial, Companies House, Limited Company

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Important dates for Ltd Companies

Thursday 20th June 2013

Lots of important dates to be aware of - good to keep referring back to. Company Accounts - a company has to file it’s accounts within 9 months of its year end..........

Tags: Accounts, Annual Return, Companies House, Corporation Tax, HMRC, Income Tax, Limited Company, National Insurance, PAYE, VAT, Self Assessment

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Limited Company - Bank accounts

Tuesday 18th June 2013

If you’ve just set up your Limited Company then one of the first things you need to do is open a Company bank account. As a Limited Company is a separate legal entity to you, you can not use your own personal current account to pay in money from clients.

Tags: Limited Company

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Simple guide to Corporation Tax

Friday 14th June 2013

Inland Revenue 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 deductible 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 deductible.

Tags: Corporation Tax, HMRC, Limited Company

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123Books - Bookkeeping that is so easy to use!

Thursday 13th June 2013

If you haven't checked out the Client Area of our new website then now is a great time to do so. We have produced a series on short videos to help you when filling in your 123Books, each video is only a minute or so long and explains how to fill in each tab of the 123Books.

Tags: Limited Company, Accounts

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Guide to - Limited Company Accounts

Wednesday 12th June 2013

A Limited Company must prepare a set of financial accounts each year to submit to various authorities. It is the responsibility of the company directors to ensure this is done and filed within the appropriate deadline. What do Limited Company Accounts contain?

Tags: Accounts, Limited Company, Companies House, HMRC

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Going freelance - where to find your contracts

Thursday 06th June 2013

When starting out most freelance contractors use recruitment agencies to find their first few contracts. Over time you will build up a base of clients who will start coming straight to you. It is always a good idea to ensure your CV, show-reel or portfolio is fully up-to-date - this will really help you to secure that next contract.

Tags: Limited Company

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Ltd Company or Umbrella

Tuesday 04th June 2013

The age old question - Ltd Company or Umbrella? Well the simple fact is that freelance contracting through your own Ltd Company is much more tax efficient than working through an umbrella company. So why do some people still use umbrella companies?

Tags: Limited Company

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Training Expenses

Monday 13th May 2013

Over the last few years many contractors have chosen to boost their chances of winning contracts by investing in themselves. Training expenses fall into two different categories for tax, those that develop your current skills and those that give you new skills - below are the details.

Tags: Expenses, Corporation Tax, Limited Company

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