Freelancers & Contractors...
Below are our articles on the subject of Freelancers & Contractors. If you can't see what you are looking for our other categories are displayed on the left under 'Our Quick Links'...
A Step-by-step Guide to Completing Your Self Assessment
Completing your Self Assessment tax return need not be time consuming - but you must keep accurate records throughout the year....
Allowable Expenses and Deductions
This article looks at some of the instances in which business costs can be counted as allowable expenses and offset against tax....
Appointing an Executor for Your Will
This article looks at some factors to be considered when choosing an executor for your will, and the responsibilities they will take on....
Approved and Unapproved Schemes
This article looks at some of the options available to company owners and directors who wish to investigate approved and unapproved pension schemes....
Are DVLA Car Tax Rates Fair?
Car tax is a contentious subject, and its fairness is frequently disputed. However, drivers are taxed in several ways - DVLA car tax is potentially the least of it....
Are Social Security Benefits Taxable?
This article looks at the ways in which different types of Social Security Benefits are taxed in the UK....
Auto Enrolment: How Will it Affect Me?
Auto-enrolment, which comes into effect from 2012, will see many more employees across the UK provided with automatic access to occupational pension schemes....
Benefits in Kind
This article looks at the tax characteristics of 'benefits in kind' offered to employees....
Can I Appeal Against a Council Tax Valuation?
If you believe that your Council Tax valuation or Council Tax bill are incorrect, you can challenge them or appeal against a decision. Find out how here....
Can I Claim Council Tax Relief?
Helping you understand what Council Tax rebates you are entitled to depending on the circumstances of the other adults living in your home....
Can Tax Allowance Be Claimed on Work Clothes?
Some employers require workers to provide their own equipment and clothing. While this can be expensive, there is some tax relief available....
Can we Set up a Childcare Voucher Scheme?
The childcare voucher scheme represents a potentially significant saving for parents who work, regardless of the nature of their employment....
Child Tax Credits Explained
Child Tax Credits are something many parents are still unaware they are eligible for, so find out if you are eligible and what other financial assistance you could be entitled to here....
Child Trust Funds
The basic characteristics of the government's Child Trust Funds, a tax-efficient savings vehicle for children....
Childcare Voucher Scheme
The Childcare Voucher Scheme provides parents with a tax-efficient method of paying for childcare. Find out more here....
Children's Bonus Bond
This article looks at the Children's Bonus Bond, a tax efficient way of investing for a child....
Choosing a Tax Accountant
Hiring an accountant can seem expensive. However, if you choose the right one you can save a significant amount of money and time....
Choosing Inheritance Tax Planning Advice
Inheritance tax planning and general inheritance planning should be considered by all those who wish to see their assets dealt with in a reasonable manner after their death....
Claiming Tax Relief on Mileage
This article looks at the various opportunities for claiming tax relief on mileage incurred through employment, and the way in which this relief can be applied for....
Company Car Tax Liability and Rules
Company car tax is a complex area, particularly now that tax liabilities are calculated with regard to CO2 emissions. You should ensure that you understand your company car tax liabilities....
Company Liquidations and Companies in Administration
Examining the rules surrounding corporation tax for liquidated companies and companies in administration....
Council Tax & Empty Properties
A look at what different taxes you may be required to pay if you own or are about to sell a property that has been empty....
Council Tax Exemptions and Deductions
Not everyone has to pay Council Tax. Here are some of the circumstances in which individuals may be eligible for a Council Tax exemption or reduction....
Cut Your IHT Bill With a Discounted Gift Trust
Discretionary Gift Trusts are a useful way of cutting Inheritance Tax while retaining some income from your assets....
Cutting Your Corporation Tax Liability Through Bonuses
Find out how bonuses can be used to limit a company's corporation tax liability, and whether this is the most tax efficient way of removing surplus profits....
Cutting Your Corporation Tax Liability Through Expenses
Find out some of the ways in which corporation tax liabilities can be minimised through the effective use of expenses....
Cutting Your Tax Bill If You Are A Lower Paid Worker
Discover what extra tax relief is available to those in low-paid jobs who receive benefits....
Cutting Your Tax Bill If You Are Training Or In Education
This article looks at some of the key ways in which those in training and education can minimise their tax liabilities....
Cutting Your Tax Bill on Mileage Allowances
If you have to travel a lot for work, you can claim for mileage allowance. Find out what mileage allowance relief is available to you....
Cutting Your Tax Bill on Your Mobile Phone
This article looks at some of the ways in which you can reduce the tax bill on your mobile phone as an employee, a self-employed individual, or an employer....
Deferring Capital Gains
This article looks at the way in which Capital Gains Tax liabilities can be mitigated by deferring gains....
Defined Benefit Schemes
This article looks at the basic characteristics of defined benefit pension schemes, and some of the reasons for their falling availability....
Defined Contribution Schemes
We examine the basic characteristics of defined contribution pension schemes, and their advantages and disadvantages in comparison to defined benefit schemes....
Distribution of the Estate
Find out how intestacy laws govern the distribution of estates after an individual's death....
Do You have to Declare Investment on Premium Bonds?
Premium Bonds are subject to very favourable tax treatment. However, depending on the nature of your tax affairs, some liability may still arise....
Employee Interest Free Loans
This article looks at the tax treatment of interest-free and low interest loans offered to employees....
Excluded Property From Inheritance Tax
Understanding the rules surrounding excluded property and Inheritance Tax, and how to take advantage of numerous exemptions, exclusions and relief packages....
Exempt and Potentially Exempt Transfers
Exploring the characteristics of exempt and potentially exempt transfers, and their usefulness in Inheritance Tax planning....
Finding Professional Tax Planning Advice
When seeking financial information, it is important that your advisor is impartial and reputable....
Fixed Interest and Index Linked National Savings
This article looks at the differences between Index Linked and Fixed Interest Savings Certificates....
Getting Personal Help With Your Tax Affairs
Many people would prefer to have personal, impartial tax advice. Thankfully, such advice is available for free through various channels....
Group Personal Pensions
Find out about Group Personal Pensions and their benefits and in comparison to traditional personal pensions and stakeholder schemes....
Higher Tax Bracket: Can I Claim Tax Relief on Pension
Pension tax allowances are normally granted automatically. However, if you are a higher rate taxpayer paying into a personal fund you will need to apply for a rebate....
How Can I Reduce My Self Assessment Bill?
You can reduce your Self Assessment tax bill using a combination of allowable expenses, capital losses and prompt payment....
How do I Claim A Tax Refund?
Many people are entitled to a tax refund but aren't aware of it. If you have only worked for part of the year, you may be entitled to such a refund....
How I Paid My Tax as a Student: A Case Study
Students pay tax in the same way as everyone else. This case study illustrates the potential tax problems faced by students working part time....
How is Stamp Duty Calculated and Collected?
Stamp Duty is perhaps one of the most archaic forms of taxation still in existence in the UK. Find out how the various types of Stamp Duty are levied....
How to Avoid Stamp Duty
Here we take a look at some of the ways in which individuals can minimise their Stamp Duty liabilities....
How To Claim Back Overpaid Tax
Exploring the methods by which you can make a repayment claim if you have paid too much tax....
How Will My Second Job Be Taxed?
It is a common misconception that second jobs are taxed at a higher rate. However, you should be aware of the potential changes to your tax code, and the different treatment of your personal allowance...
I Couldn't Pay My Self Assessment: A Case Study
A looming tax bill can be a stressful prospect. It is vital that you understand the Self Assessment process in order to avoid a nasty surprise, as one reader discovered....
I Got My Tax Demand Written Off: A Case Study
Thousands of taxpayers have received demands for underpaid tax. But, if you can show that HMRC has acted improperly, an extra statutory concession means you may not have to pay....
I Was Investigated Under IR35: A Case Study
An investigation under IR35 is a significant risk for contractors and freelancers. Losing a case can result in a huge retrospective tax bill....
Income Tax and Pensioners
Pension income, whether it is from the state, private or employer’s pension scheme, is subject to Income Tax. Find out how your pension is taxed here....
Income Tax and Students
Explaining the way students' income is taxed in the UK, including the maximum income that can be earned before tax is paid....
Individual Savings Accounts (ISAs)
In April 1999, the Individual Savings Account, or ISA, was established in the UK. This product was designed by the government, and replaced the PEP and TESSA. The ISA is a tax-free savings product, th...
Insurance Policies and IHT Bills
This article looks at the ways in which insurance policies can be used to pay off inheritance tax bills, with reference to the new government rules....
Investment Enterprise and Efficiency
This article looks at the Enterprise Investment Scheme, a tax efficient way of investing in small British businesses....
Is it Worth Taking A Part-Time Job on A Pension?
Working while retired can have significant tax implications, and it is important that these are understood in order to work out whether it is worth taking the extra income....
I've Got an HMRC Tax Demand: What Do I Do?
If you receive a tax demand for underpaid tax from HMRC, do not panic - you might not have to pay it....
Junior ISAs: Tax Free Way to Save for Your Child
The Junior ISA was touted as a replacement for the Child Trust Fund - but what is it, and is it as good a deal as its predecessor?...
Liability for Tax
This article looks at the rules regarding individuals' liability for Inheritance Tax, and some ways in which this can be mitigated....
Making Your Own Will
This article gives some advice to those considering writing their own will....
Minimising My Tax as a Small Business Owner: A Case Study
Keeping your small business tax bill down is vitally important for the smooth running of your company. This case study will give you some ideas about how to achieve this....
Negligible Value Claim Relief
The process by which you can offset some capital losses against previously earned income....
Opting Out of State Earning Related Pensions
A look at some of the arguments for and against opting out of the State Second Pension (and previously SERPS)....
Paying for Training Can I Claim Tax Allowance?
Tax relief is sometimes available on expenses incurred through training. However, there are many cases in which HMRC will refuse to grant relief....
Paying Our Pension Income Tax: A Case Study
Pensioners pay tax like everyone else if their income exceeds their personal allowance. We take a look at how one pensioner is affected by tax....
Payment of Pensions
This article looks at the ways in which pensions are paid, and the frequency with which payments are made....
Pension Provisions for Dependants
This article looks at the range of options available when an individual dies during the term of their pension....
Pension Tax Relief
This article looks at the key elements of tax relief available for pension funds....
Pensions And Changing Employment
Exploring the different options for your pension when you change employment, including moving from a personal to an occupational scheme....
Periods of Accounts
This article looks at the definition of 'periods of accounts' and 'accounting periods' for tax purposes....
Personal Allowances and Allowable Interest
The range of Income Tax personal allowances available, and some of the instances in which tax relief can be claimed against allowable interest payments....
Personal Pension Schemes
This article looks at the basic characteristics of personal pensions, and the tax relief available in relation to them....
Preparing Your VAT Return
Preparing and completing your VAT return need not be difficult - but your record keeping must be efficient. Here's how to submit your VAT return without any stress....
Questionnaire: Does My Contract Fall Inside IR35?
Ensuring that contracts fall outside IR35 is a basic concern for all contractors, but it is sometimes difficult to determine the status of an individual contract. Answer these questions to find out if...
Questionnaire: Limited Company or Umbrella?
The choice between a limited company and an umbrella company is one of the most important decisions facing a contractor....
Revising Your Will
Most people are aware of the importance of making a will, but how many know that keeping this document updated is just as significant as the initial writing?...
Self Assessment Tax
Find out the basics of self-assessment tax, who might be affected by it, and what the penalties are for late submission of tax returns....
Self-Assessment Deadlines: A Handy Guide
Self-Assessment taxpayers must adhere to a range of deadlines throughout the year, from filing their tax return to making their tax payments....
Shares - Can I Claim Back Tax?
The sale of shares may attract Capital Gains Tax. This is frequently calculated by the broker, but confusion may arise when it comes to reclaiming overpaid tax....
Should I be Paid Mileage Allowance?
The taxation of mileage allowance is complex. Though the taxman will offer tax relief up to a certain amount, there is no minimum rate at which an employer should offer reimbursement. Find out more he...
Should I Register My Business for VAT?
VAT registration is amongst the most important steps in the financial life of a business. You may choose voluntary registration, or be forced into compulsory registration....
Small Self-Administered Pension Schemes
This article looks at the characteristics of Small Self-Administered Pension Schemes, or SSASs, and their tax implications....
Sold Collectible Item: Am I Liable For Capital Gains Tax?
Capital Gains Tax (CGT) is frequently overlooked. However, if you are selling assets like collectible items, you may well be liable for a CGT bill....
Stamp Duty and Land Tax
Find out the basic characteristics of stamp duty land tax (SDLT), how it is levied and the ways in which it can be paid....
Stamp Duty on Shares
When investing in shares, there are two types of Stamp Duty. This article looks both options and when they apply....
Students: Why the P38s Form is Vital
Students who only work during the holidays, and will earn less than the personal allowance over the course of a year, can avoid tax by completing form P38S....
Tax Charges on Income
This article looks at the definition of 'charges on income', and its corporation tax implications....
Tax Efficient Alternatives to the Child Trust Fund
The Child Trust Fund provided a tax-efficient way to save for a child's future. So what are the alternatives now that the CTF has gone?...
Tax Efficient Savings
Here we take a look at a range of tax-efficient savings schemes available in order to help minimise your tax bill....
Tax Implications Of Owning an Investment Property
A look at what tax implications there are for owning a second or investment home, and how much you will need to pay....
Tax on Bank and Building Society Accounts
This article looks at the way in which savings income is taxed, and methods for making payments or receiving refunds....
Tax on Buying Shares
This article looks at the ways in which the purchase of stocks and shares is taxed....
Tax on Foreign Savings and Other Investment Income
This article looks at the system that governs taxation of income derived from overseas savings and investments....
Tax on PPI Repayments: What Do I Need to Do?
PPI has become one of the biggest consumer scandals in recent memory - but the repayments have led to unexpected tax bills for many....
Tax on Sale of Shares
Taking a look at the way in which shares are subject to Capital Gains Tax, the way in which this is calculated, and the rate at which it occurs....
Tax on the Sale
VAT thresholds and rates can be difficult to understand - but it is vital that business owners know what they must charge and what they are paying....
Tax on UK Dividends
This article looks at the way in which Income Tax is levied on UK dividends....
Tax Relief on Goods and Services
This article looks at types of tax relief available against goods and services...
Tax Repayment Claims
Think you've paid too much tax? Find out how you go about making a claim for tax repayment....
Tax Tips for Contractors
Dealing with your own tax affairs can be an unpleasant task. However, by following some simple tips you can save yourself time and money....
The Basics of VAT
Find out the basic characteristics of VAT, or Value Added Tax, what goods might be exempt from VAT, and the way in which it affects your day to day life....
The Financial Impact of IR35: A Case Study
IR35 can increase your tax bills for contractors and freelancers, as this reader found to his cost. He later remedied the situation by forming a limited company....
The Top 10 Reasons for Failing IR35
IR35 can cost contractors and freelancers as much as 25% of their take home pay. Find out the top 10 reasons for failing HM Revenue & Custom's IR35 test....
The Universal Credit: What Will it Mean for Me?
The Universal tax Credit could signal a major overhaul of the benefits system. But what does it mean for you - and will you receive the same amount?...
Top 10 Self Assessment Tips
The Self Assessment process can be a daunting one, particularly if you are carrying it out for the first time. Here are some top tips to make it easier to fill in your tax return....
Top 10 Tax Saving Tips
Cutting your tax bill need not take a huge amount of work. Following these simple tips could save you thousands....
Top 5 Problems With PAYE Income Tax
PAYE is the means by which the majority of tax payers make payments. But the PAYE system is chronically prone to problems and errors as this article reveals....
Top Tips For Cutting Your Inheritance Tax Liability
This article looks at some basic ways in which individuals can minimise their inheritance tax liability....
Umbrella Companies: A Quick Start Guide
Umbrella companies can help contractors and freelancers simplify their tax arrangements - but they have some disadvantages, and are not right for everyone....
Understanding Pension Contributions
This article looks at the ways in which a company's corporation tax liabilities can be cut through the use of tax relief on pension contributions....
Understanding Premium Bonds
This article looks at the characteristics of Premium Bonds as an investment vehicle, and the tax incentives offered on them....
Understanding Stakeholder Pensions
This article looks at the basic characteristics of stakeholder pensions, and investigates the type of individual to which these schemes are best suited....
Understanding Tax Relief
This article looks at the criteria that must be fulfilled in order for a pension scheme to be eligible for full tax relief....
VAT Registration is Costing Me Money: A Case Study
Registering for VAT is a big step for any business, and one that can have both positive and negative effects on your financial health. One small business owner explains her experience of VAT registrat...
What Are Business Rates and Will I Have to Pay?
Business rates are charged on buildings used for business purposes. They are calculated by looking at the rateable value of the premises, and each premises will incur a different charge....
What Does Road Tax Pay For?
Road and car tax can represent a significant expenditure. But much of this money pays for infrastructure projects like bridge building and road widening....
What Does the VAT Rise Mean for Me?
VAT rose from 17.5% to 20% in January 2011. The increase impacts on everyone, from consumers to business owners....
What Happens if You Die Without Making a Will?
If you die without making a will, intestacy laws will dictate the way in which your financial affairs are handled - and this might not be according to your wishes....
What If I Cannot Pay My Self Assessment Tax?
If you cannot pay your Self Assessment tax bill, you should contact HMRC immediately to make a proposal for a new payment arrangement....
What If I Can't Pay My Council Tax?
If you cannot pay your Council Tax it is vital that you contact the Council at the earliest possible opportunity to arrange a new payment plan....
What Is A Close Company And How Does It Work?
This article looks at the definition of a close company, and what are the tax implications for such a business....
What is a Will?
Often known as a Last Will and Testament, a will is one of the most important documents that you will ever write. This article explains the purpose of a will....
What is Corporation Tax?
We explain the basic characteristics of corporation tax, and the implications for affected organisations....
What is Council Tax?
The basic characteristics of the Council Tax regime, including the way in which it is calculated....
What is Income Tax?
This article looks at some of the basic characteristics of the UK income tax system....
What is Inheritance Tax?
This article looks at the details of Inheritance Tax, including who it affects and some of the exceptions....
What is Investment Income?
Investment income is any income that is derived from what is known as an ‘investment vehicle’, such as a savings account, shares or property. Find out how your investment income is taxed....
What is IR35?
IR35 should be at the forefront of every contractor's mind when they negotiate and agree to a new contract....
What is My Tax Code?
Your tax code is a short series of numbers and letters and is used by whoever pays your income in order to ascertain how much tax you should be paying....
What is My Tax Spent On?
Determining how your tax is spent can be difficult. In reality, tax payments make possible the functioning of the state....
What is Small Business Rate Relief?
Small business rate relief reduces the business rates charged to small businesses with premises below a certain rateable value....
What is Stamp Duty?
This article looks at the basic characteristics of each of the different types of Stamp Duty....
What is the Cycle to Work Scheme and How is it Taxed?
The Cycle to Work Scheme (C2W) provides tax incentives to employers encouraging their employees to cycle to work, while helping to lower carbon emissions and increase fitness....
What is the Payment on Account and How Can I Reduce It?
The payment on account is a Self Assessment tax payment due twice a year. It is sometimes possible to reduce the payment on account - but this is often a bad idea....
What You Need To Know About Expenses Payments
Find out everything you need to know about expenses payments and their tax implications....
Why Join a Pension Scheme?
We take a look at some of the major reasons why individuals should consider joining a pension scheme....
Why Should You Make a Will?
Writing a will is one of the most important things you will do in your life, and will also ensure you minimise your tax liabilities....