If you have a CIS-registered limited company, getting gross payment status will allow your company to be paid gross rather than being taxed at source, either at 20% (CIS-registered) or 30% (non-CIS registered).
Contractors often find that one of the benefits of contracting is working from a home office. However, this convenience means that you will inevitably eat into your own electricity and heating that you would otherwise not use when working in a professional workplace. Furthermore, you may need to purchase specialist equipment that would otherwise be provided by an employer. This…
Significant tax changes came into effect on 6th April. Most people will be affected in some way or another, but contractors with their own limited company will need to be able to handle these changes.
The new tax year is only one day away, marking the arrival of several changes to tax legislation that will have an impact on contractors. George Osborne announced the changes during the Summer Budget 2015 and Autumn Statement 2015 in a move to tackle alleged tax avoidance in the contractor industry.