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Expert advice on limited company tax

As a contractor, operating via through limited company can be a very effective way of earning a living. If it is run as a profitable business, you will still need to pay the government it's dues, however, Corporation Tax rates are lower than personal tax rates. A limited company provides a more tax-efficient structure than full-time employment or umbrella arrangements.

A limited company pays Corporation Tax on:

  • Profits from trading and investment (except dividend income, which is taxed differently)
  • Capital gains

We can help you structure your earnings efficiently, making use of the advantages that limited companies and Corporation Tax offer.

Need help with limited company tax? Contact our consultants.

In the UK, Corporation Tax goes hand-in-hand with annual statutory accounts, which must be produced and submitted to HM Revenue & Customs (HMRC). Each company’s financial year is determined by the company directors.

As an example, a company may choose to align its financial year or accounting period with the UK tax year, which ends on 5 April every year. For all intents and purposes this would be 31 March.

To simplify this, the company must produce accounts and a Corporation Tax return for a 12 month period.

 

Read more on limited company tax

 

Set up a limited company today. With our advice and expertise, we can help you to start paying less tax every year.

We have some exciting news
for all our 1st Contact clients...

1st Contact is rebranding to Sable International!

For the last 18 months we've been merging with our big brother, Sable International. By the end of the year, we're going to complete the rebrand.

The accountants, brokers, advisors and caseworkers that you are used to dealing with will not be going anywhere as the entire 1st Contact team will be in the same roles at Sable International. You'll still get that same great service, just under a new name.

We'll be keeping you in the loop as we prepare for the next exciting phase in this rebranding.

If you have any questions, please feel free to contact us directly.

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