Archive tax planning - ContractingWISE

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A Tax Planning Guide to Dealing with a Recession

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Defining a Recession

The Brexit vote of June 23rd sent shockwaves through the business and political communities of the UK and led to many dire predictions that the economy would, in due time, be slipping into recession. Whilst the ultimate impact of Brexit is still very much in the air – up to and including when Article 50 will in fact be triggered – the risk of a slowdown in the economy seems to be very real.

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What dividends are now safe from April’s allowance changes

What dividends are now safe from April’s allowance changes?

By | Contractor finances, News | No Comments

As of April 6, 2016, new HMRC rules have changed tax on dividends. Dividends payable by personal service companies, where a contractor is their own managing director, will be taxed in a different way.

April allowance changes in brief

  • Recipients of dividends now get a £5,000 personal dividend allowance
  • This is not a tax-free allowance – if your salary and dividends tip you into the higher rate tax bracket, your dividend allowance will be subject to income tax.
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12 ways to spot a good contractor accountant

12 ways to spot a good contractor accountant

By | Already contracting, Articles, Contractor finances, Finance | No Comments

Every contractor struggling with their limited company accounts needs a good accountant – and not just a good accountant, but a good contractor accountant who understands you and your business. But what makes a good contractor accountant?

Here’s our guide:

They specialise in contractors

It may seem obvious, but an accountant who deals with contractors regularly will understand what you do.…

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