HMRC define PAYE (pay as you earn) as “the system that HM Revenue & Customs (HMRC) uses to collect Income Tax and National Insurance contributions (NICs) from employees’ pay as they earn it”.
Contractors PAYE Tax Guide
Reply
Rise in Compensation claims for Whiplash
Since the announcement of the Governments intentions to ban personal injury referral fees back in September 2011 there has been a rise in press coverage in the personal injury market. One statistic that’s has been brought to light is – In the last decade whiplash claims have risen from two in ten to four in ten for every road accident.
Do you need an accountant as a freelancer?
As a freelancer you will be responsible for keeping your books in order and submitting numerous documents to HM Revenues and Customs.
Most probably you will be juggling a full time job and taking on freelance projects in your spare time. The last thing you have time for is getting your books in order and filling out forms for the taxman!
Contractor Tax Explained
Any contractor accountant will tell you that trading through your own Limited Company is the most tax efficient way of Contracting; this means you pay two types of taxes. 1) Limited Company Taxes and 2) Personal Taxes.
What Limited Company Taxes do you have to pay?
Contractors – How do you choose an accountant?
The freedom, control and enjoyment that you get from becoming your own boss are some of the influencing factors that have lead to an increase in people choosing to operate through their own limited company. Other factor could be contractors, consultants and freelancers can command much higher daily rates of pay, which surely can be expected as they miss out on benefits such as sick pay and holiday.
Once you’ve set up your limited company, you will need to appoint a good accountant. They should make running your own limited company simple advise on you on:
- Tax deadlines
- Making sure your tax submission is accurate
- Ensure your operating as tax efficiently as possible.