If you freelance or contract through your own Limited Company you will probably be aware that your company will need to pay corporation tax on its profits and certain expenses, provided they are incurred within the accounting year in question will attract a corporate tax deduction.
If your company year end is approaching what should you do?
Look at providing a pension to yourself or any staff you may have. Choose a contractor specialist IFA such as contractorfinancials.com to look into this for you.
It is vital to keep your skills up to date and the majority of courses, providing they are relevant to your trade are allowable for tax, check with your accountant for tax deductability.
Often a freelancer or contractor will miss putting through an expense that would be allowable for tax, something perhaps they had incurred for themselves such as travel and subsistence and not put through the company. Don’t let this happen to you.
Make sure that all claims are put through your limited company and reimbursement is made.
If your computer or mobile phone is past its best and your business would benefit from a replacement consider purchasing assets, as most assets are tax deductable expenses.
Freelancer Accounting is a leading provider 0f accountancy and tax services to contractors and freelancers in London and the South East. Freelancer Accounting is regulated by the Association of Chartered Certified Accountants (ACCA) and is accredited by the Professional Contractors Group (PCG).