The October deadline for filing paper self-assessment tax returns has passed and HM Revenue & Customs are now looking at how they can make sure the 31 January deadline for online filing runs as smoothly as possible.

Are you thinking of setting up a limited company? Here’s a simple, step by step guide to forming a limited company in the UK.

With the PBR set for 9 December, it will be interesting to see what changes the Chancellor makes to help struggling contractors, operating either via their own limited company or through umbrella companies.

If you are setting up your own company, it is an absolute necessity to have a bank account for it. This ensures that company and personal money are kept entirely separately.

If you are one of those who have decided they are caught by IR35, you are no doubt aware that your options regarding taxes paid are fairly limited. 95% of your gross, less some allowable expenses, is the rule. However, there is a way to remove some (or even all) of your gross from the clutches of IR35.

It seems slightly paradoxical that while freelancers frequently earn more than their permanently-employed colleagues, they routinely have issues trying to obtain mortgages. This problem arises when you try to demonstrate to the mortgage provider that you can actually afford it.

Director’s and Officer’s Insurance is a policy that covers the legal representation and related costs that may be incurred by an officer of a company as a result of things including (but not limited to)

If you’ve been salting all of your money away in offshore accounts, or hold undeclared funds, you only have one week left in which to notify HMRC if you want to qualify for the discounts offered under the New Disclosure Opportunity (NDO).

The quick answer is that it doesn’t in the slightest and has no impact on your take-home. Any company that repays business expenses to its employees has to account for how that money is spent and how the associated VAT has been dealt with. The usual way to do this is via some kind of proof of purchase, usually in the form of a VAT receipt or payment slip.

Umbrella companies have been around in one form or another for a while, but only really came to prominence with the advent of IR35 in 2000. The idea is that if, under IR35, you are going to be paying taxes at the same level as a permanent employee, why have the additional hassle of running your own company, or of being employed by the agency with the limitations on finding work that implies.

So having decided to go with an umbrella company, the next problem is to choose one. There are many to choose from and you need to do some research.

Professional Indemnity (PI) Insurance is a policy that will protect you from claims for damages against your company from your clients. Such claims are made for various reasons but typically are…