Introduction to the tax system

An overview of how the tax system operates, including self assessment, corporation tax, inheritance tax and the taxation of earnings from self employment.

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The tax system for the self employed

If you start working for yourself, you must register with HMRC within the first three full months of self employment in order to avoid a penalty for failure notification.

The tax system for partnerships

If you form a partnership, you must register it separately with HMRC even if the partners have previously been self employed. If the partners are new to business, they must also register individually. Registration for both partnerships and individual partners is now done online.

The tax system for companies

This looks at how your taxable profits are calculated and when corporation tax is payable.

An introduction to VAT

Detailed guidance on the operation of VAT, VAT schemes and essential VAT information.

PAYE and NI

Real Time Information is now in operation. But why pay more tax and NI contributions than you need to?

An introduction to IR35

For many years, people leaving jobs to become self-employed were advised to instead set up one man companies to provide their services; offering the security of a limited liability company and significant national insurance savings. We offer a brief introduction into IR35.

In the construction industry

There are special tax rules affecting the construction industry, which are designed to ensure that tax is paid by workers in the sector whether they are employed or self employed.

Vehicle mileage rates for the self employed

The use of mileage rates is an optional alternative to keeping detailed records of actual expenditure.

An introduction to tax planning

Tax planning is the legal process of arranging your affairs to minimise a tax liability. Tax planning is a core component of our services.

Claiming tax deductible expenses when employed

Very few expenses are tax-deductible from earnings from employment, though a number of settled tax cases have confirmed that the scope is wider than previously thought.

An introduction to self assessment

It is a fundamental part of the self assessment system that responsibility lies with you, the taxpayer, to file tax returns and pay the correct amount of tax, and before the payment deadline - you must not wait for HMRC to ask.

Inheritance tax planning

Planning to minimise the liability to IHT is a team effort involving you and your professional adviser. Take a look at your tax planning options.

Domicile

Domicile is the country you regard as your natural home. You can only have one domicile at any time. Your domicile can be of origin, choice or dependency. The most common type is domicile of origin.

Residence

Residence is determined by a number of factors including how many days you spend in the UK, where you work and where you have homes. A person may be resident for tax purposes in more than one country in which case their status may be determined by tax treaties between the two countries.

Child Tax Credit and Working Tax Credit

These tax credits replaced Working Families' Tax Credit, Disabled Person's Tax Credit and Children's Tax Credit and the child-related elements of Income Support and Jobseeker's Allowance. These are likely to operate until 2020 for existing claimants.

Tax and the company car

The tax liability on company cars continues to increase. We look at in depth at the tax cost of your company vehicle.

Stamp and property taxes

Stamp duty land tax (SDLT in England, Wales and Northern Ireland) and Land and Buildings Transaction Tax (LBTT in Scotland) on residential property is charged at different rates depending on the portion of the purchase price that falls within a certain rate band.

Key dates and deadlines

This is a summary of the key filing and payment dates.

SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, Limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 15,000 clients.

We are the only national specialist firm of contractor accountants with offices nationwide. SJD Accountancy has more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

  • Unlimited face to face meetings. This is a unique service only SJD Accountancy offers - unlimited face to face meetings across the UK - tax is complicated and sometimes only a meeting will do.
  • UK's Largest contractor accountants with more qualified staff. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant* face to face.
  • Money back service guarantee. All your telephone calls and emails will be answered the same day or we will make a full refund of that months fee.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market, including: Best Accountant for Contractors, Accountant of the Year and Best Professional Service Team to name just a few.
  • All inclusive low cost fixed fee accountancy package which includes completion of accounts*, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, your own dedicated accountant* and all company returns for a fixed fee of £120 plus VAT per month.

If you have any questions about contracting or would like any further advice please call our new client services helpdesk on 01442 275789 or email: janice@sjdaccountancy.com. Our new client services helpdesk is open Monday to Friday (8am to 6pm).

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again.

Form your own Limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure. 

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*If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. All accountants are part or fully qualified.