Originally posted by stek
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Help.... lost...tax....aaaagh contractor/permanent
Collapse
X
-
-
Originally posted by stek View PostEngage an accountant asap, you can't do this this on your own or ask random strangers on a forum.
Get this wrong and Hector (the Tax Inspector) will rip you a new arsehole.
Seriously though, get yourself and accountant. Any accountant worth their salt will save you more money each year through VAT FRS and tax planning than they cost.Have you tried switching it off and back on again??Comment
-
I'd disagree with most of the advice here. I'd say spend a couple days reading everything in the first timers guide and the other guides on the sidebar. THEN find an accountant. You are more likely to find an accountant you'll be happy with if you actually know a little bit of something about what you are doing and what you are looking for, what an accountant should cost, etc, etc, etc.
Then you'll have a much better idea of whether you want the responsibility of a Ltd co or whether you want to go umbrella. Which can be a big factor in choosing an accountant, too.
If you don't want to be bothered with educating yourself on running a contractor business, getting an accountant isn't going to solve your problems, and it is brollie for you.Comment
-
Have to agree with the above. Get a grasp of the basics and use an accountant to confirm the key points and take care of the details.
Its scary how many long term contractors I speak to who have no idea whatsoever.Comment
-
When i changed from permie to contracting I was in credit for the year, as far as tax/ni was concerned - based on my new salary.
So to keep it simple I just paid myself a couple of grand extra each month until the credit was small (looking at my tax dashboard on hmrc website), and then did a quick rough calculation to figure out how much my last month of the year should pay in salary in order to arrive just above a zero credit. I undershot by about 100 quid - so the additional tax was very little.
Obviously I could have just paid my new low salary and got a rebate, but I couldn't be arsed and enjoyed the extra cash.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment