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tax

  1. I

    Subsistence Allowance question

    Hi Folks, Sorry if this has been asked before but new to the whole contracting business, I have a UK LLC that I use to invoice my client at the end of every month for the IT work I do. The client is a UK based and registered company but all the work I carry out for the client takes place in...
  2. E

    Swedish Tax Changes for UK based Contractors

    From 1st January 2021 the rule to determine where we pay tax drops from 183 days in Sweden to about 20! We will have to pay Swedish tax on any income that we earn in Sweden. This article is old but gives you a flavour. Swedish proposal on how to distinguish employment relationship I'm trying...
  3. S

    Alpha Republic - please advise or review

    Hi, I am a healthcare professional that is very new to the contracting gig. My next assignment is happy for me to be paid via umbrella company, thus presumably saving me some money overall. A colleague has advised 'Alpha Republic Limited' to help me with this and states he has had no issue...
  4. R

    Umbrella or Ltd Company

    I'm a UK citizen, currently working in a staff position in Spain with a Spanish company. In a couple of months time, I will be moving back to contracting. I'm looking for advice on whether an Umbrella company or Ltd company is the best route to go down? Details are: I will work remotely, and...
  5. D

    Umbrella employee taking dividends from dormant company

    Hi contractors, need some advise here: 1) Can I take dividends from a dormant company whilst working for an umbrella? 2) If yes, and I take dividends from my dormant company, what tax rate would I be looking at? Will these these be the usual dividends tax rate of 7.5%, 32.5% and 38.1%? Or...
  6. W

    Can Ltd Company Directors Apply for Universal Credit?

    Asking this question as it looks like most threads are focusing on furloughing. Is it a definite that Universal Credit can be claimed as a director and not just self employed? Also, if that's the case, I believe there's a 5 week wait. Would it be feasible to furlough myself in that time or...
  7. M

    Increasing HMRC revenue via IR35 changes is flawed

    I don't get the logic behind HMRC and the IR35 changes. As far as I understand the ultimate objective is to increase the tax revenue to HMRC, based on the assumption contractors are underpaying it, but the figures seem to state the opposite. e.g. I made up a spreadsheet to compare the options...
  8. M

    Umbrella vs. Agency PAYE?

    Hi all, I'm new here, and also new to contracting. I've been offered a 6 month public-sector contract with what seems to me like a fairly mind-boggling day-rate. I've been told by the recruitment agency that I can either be paid PAYE through them, or go through an umbrella company. Both they...
  9. G

    Another "work for equity" thread

    Long-time lurker, first time poster: looking for advice on the best way to structure an equity based deal. First off the bat : yes I am going into this eyes open, I am aware of the risk that I will get a big fat cheque for zero pounds. I'm a freelance web developer: sole-trader, not VAT...
  10. B

    Under taxed by my umbrella, now I have a huge tax bill

    I work in the public sector, paid through an umbrella company (I wont name them yet) which failed to make the correct tax deductions and resulted in a £27,500 tax bill for 2018/19 and because I don’t have that kind of cash sitting around, a likely interest bill between £1,800 and £2,000. It...
    • BobbyCrane
    • Thread
    • tax tax liability umbrella payroll under-taxed unwitting tax avoidance
    • Replies: 61
    • Forum: Umbrella Companies
  11. L

    Working in Poland and withholding tax?

    So after working as a perm for 16 years, I have been offered a contract to work for a company in Poland. The contract says that they will take a 20% local withholding tax and I am guessing I will also have to pay VAT for the UK too, which leaves me worried that it wont be worth it? Anyone else...
    • LPP
    • Thread
    • poland tax withholding
    • Replies: 3
    • Forum: General
  12. P

    Working for a non-profit and taxes

    I have a company in the UK (Ltd) and work for a non-profit organization based in Lichtenstein. The non-profit sends payments to my Ltd in form of grants, they don't require or accept any invoices from my Ltd. I need to create invoices in order to keep record of the received payments anyway...
  13. N

    Expenses and tax question (Self Assessment)

    Hi all, can someone please help me figure out the whole SA shebang? Do you usually start well in advance and have everything ready by the time you file your Self Assessment? How much time would you say you usually need (per month or total)? Is the workload typically manageable? How do you go...
  14. T

    Additional fee for year-end tax filing

    Hi, I started contracting through a limited company in Feb this year. When I signed up with my accountant, they promised that the year-end tax filing and all services would be included in their package and I pay them a monthly amount. Now when filing tax for the year 2018/2019, they are charging...
  15. F

    first year contracting / dividents

    Hi there, I started contracingt just about 7 months ago, and have a question about dividends. I have taken about 2/3 of lower % dividents out, but have money in my bank account saved up for tax, just thinking is it worth taking that money out as dividents, as tax doesn't need to be paid for a...
  16. K

    Buying Equipment in a non-EU country - taxes

    Hello! I have a question. We're a VAT-registered business in the UK. We have a business trip coming to Japan. We want to buy electronics intended for business use (mainly digital cameras) there. They are much cheaper in Japan. We would be bringing them in personal luggage. Probably even open...
  17. 9

    Investment loss impact on Corp tax and VAT

    Hello, I made a bad investment (crypto - no smirking please) last year via my limited and have now cashed out at a loss of £20k. Please could someone advise whether this will have an impact on Corp and VAT tax for the company? Thanks in advance Bb
  18. C

    Planning an MVL - preparation

    Hi, This is my first post, but I did a search and can't find an answer to this question or a similar question already. I've been offered the option to go permie with my current client, but there's a long lead time on it, like it's now January and we're talking about it being in Sept. In the...
  19. A

    New car on PCP or lease - tax question

    Hi there, I'm new to this forum and I am looking into becoming a contractor but not until April next year. But I currently have a car on PCP that ends in April of next year and so I am currently looking for a replacement. Now I am confused whether I should get the new car on a business lease...
  20. T

    Oursourcing training and admin to an EU foreign country business

    Hello, I want to hire/outsource to a foreign self employed person with their business registered in a EU country and the person doing the work from their country. I want the person to help my LTD with some training and some admin work. I am wondering now when I pay for such services to my LTD...

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  1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
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