Recent legislation regarding auto-enrolment into workplace pensions for employees has been brought in by the Government to encourage workers to put aside for their future. This legislation states that employer’s with workers that fall under the following criteria must automatically enrol them into a workplace pension scheme.
As a Director of a limited company you are able to claim a percentage of the costs of childcare as an expense through the government’s Childcare Voucher Scheme. The scheme allows you to claim up to £55 per week or £243 per month towards childcare costs incurred.
In a recent Social Media Survey sent to our clients, over 60% of the Contractors asked currently use Facebook and LinkedIn for personal use, but have they ever considered how social media could help their position as a Contractor professionally.
As of January 2013 the Government changed the rules regarding high earners and the possible charge arising on the Child Benefit that they receive. Child Benefit has always been paid out to individuals of all levels of income however, post the start of 2013 high earners now have to pay an extra tax charge on Child Benefits received throughout the year.
For some Contractors business insurance is a requirement from their Agency or a contract condition however, for others it comes as a choice as to whether or not to purchase it. As a Contractor (especially for those entering the contracting world for the first time) it may be a confusing topic as to whether or not to take out insurance if you do have the choice, and if so, which insurance?
One of the most popular and utilised expenses that Contractors running Limited Companies claim for is mileage. The basic rule being that mileage can be claimed back when you are travelling to and from a temporary place of work.
Payments on Account crop up and are calculated within one’s Self Assessment (otherwise known as a Personal Tax Return). Payments on Account are advanced payments towards your personal tax liability for the following tax year and at times, Directors of Limited Companies are required to make these payments.
The deadline will soon be fast approaching to have your Self-Assessment (otherwise known as a Personal Tax Return) completed and submitted to the HMRC for the tax year 2013/2014.
A Self-assessment form ultimately details the calculation of one’s own taxable liability, otherwise known as a Personal Tax Return. If you are a company director you are required by law to complete and submit a self-assessment annually to HMRC stating your income, capital gains and any tax allowances or reliefs, i.e. expenses.
Entrepreneurs’ Relief is available on a capital distribution (not exceeding £25,000) received arising on a winding up, which is received no later than three years following the date on which the company ceased to be a trading company, where…