Accountants For IT Contractors

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Accountants For IT Contractors
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smart opportunities and future pitfalls.
IT contracting is an attractive option for
professionals with valuable skills. Working on
contract, payment is hourly or by the project.
Youll also have the flexibility to arrange your
schedule around your life. Of course, paying the
right tax is still very much essential. In order
to stay on track, you may benefit from specialist
accountants for IT contractors.
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Accountants for IT contractors
We can advise on pertinent issues and business
structure. For example, the most tax efficient
model is to set up a limited company. However,
this comes with a number of specific tax
liabilities.
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Corporation tax
Corporation tax is levied on profit. In other
words, its levied on whatevers left over when
expenses and salary have been taken. This
includes profits from investments and capital
gains. IT contractors have their own unique
deadlines for corporation tax returns to HMRC.
Often, this differs from the regular tax return
deadline.
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Tax on dividends
Running a limited company allows you to pay most
of your income in dividends. Ultimately, this
helps to lower your tax bill. However, you still
need to record these on your tax return. As
specialist accountants for IT contractors, we can
help you get this right.
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Income tax and National Insurance Contributions
(NIC)
Income tax and NIC are payable on salary deducted
from turnover. As your own company director and
employee, youll only be paying yourself. Even
so, you need to set up a PAYE system for
payroll. VAT After a certain threshold, youll
be expected to register for VAT. After that,
youll need to charge this tax on invoices and
submit quarterly returns.
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For more update , visit us
https//www.plusminusaccountants.uk/accountants-fo
r-it-contractors