The journey has begun. You have entered self-employment & have decided to set up as a contractor. Contracting is a exciting quest to set out on - you are now your own boss, you set your own hours & you now bring in your own work. 

Exciting times. However, there is a tax-shaped elephant in the room. Being a contractor also means you are now in charge of business taxes, on top of your own personal taxes. Problematic, right? Well not exactly, as you begin to get greater control over your finances, there are various ways which mean you can work more tax efficiently.

We have been providing contractors with sound tax advice on their contracting journey for over twenty years. So we have shared that knowledge in our guides below, answering everything tax-related from the basics of VAT to understanding a self assessment tax return.

Self assessment tax Self assessment tax return

What is a self-assessment tax return?

Income tax is deducted automatically for employees. For the self-employed, you will need to declare your income in a self-assessment tax return to the HMRC.

Self-assessment tax return guide

The self-assessment tax return form can sometimes be difficult to get your head around. We’ve broken down each page here in our guide. 

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Tax return form Tax calendar

Self-assessment tax return form

Do you need help on your self-assessment tax return form? Get in touch with our best advice team by filling in our form to get guidance on your tax paperwork.

Tax calendar

With the penalty for filing your taxes late being fined by the HMRC - it’s important that you are made aware of important dates throughout the calendar year.

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Self assessment service company questions VAT basics

Self assessment service company question

One of the most infamous sections of the self-assessment tax return for contractors. We delve into what makes your limited company a service company. 

VAT: the basics

Do you have an income of over £85,000 coming into your limited company? If so, you may need to register for VAT. We have explained the basics of VAT and how it affects you as a contractor.

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How do I register for VAT Flat Rate VAT Scheme

How do I register for VAT?

If you exceed a certain threshold, you will have to register for VAT. Find out more in our step-by-step guide on how to register for VAT.

Flat-rate VAT scheme guide

Flat-rate VAT schemes were brought in by the government to simplify the VAT system for the self-employed. See if you qualify with our in-depth guide.

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Corporate tax Saving as a Contractor

What is corporation tax?

If you run a limited company, you must pay corporation tax. Discover how to register for corporation tax & what it means for you as a contractor.

How to pay less tax as a contractor

Being self-employed allows you to be more tax efficient as you have greater control over your finances. Read our top tips on how to pay less tax. 

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Tax avoidance Late filing penalties

Serial tax avoidance

We do not endorse the use of aggressive tax avoidance arrangements. With the majority of the available schemes, our belief is that if it sounds too good to be true, it usually is!

What are late filing penalties?

Do you have an income of over £85,000 coming into your limited company? If so, you may need to register for VAT. We have explained the basics of VAT and how it affects you as a contractor.

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Optional remunerations arrangements Frequently asked questions

Optional remuneration arrangements

What are optional remuneration arrangements? Formerly known as salary sacrifice schemes, this was changed in 2017 in order to limit the amount of tax that could be saved by the employee & their organisation. 

Self-assessment tax returns - FAQs

Still have a burning question on self-assessment tax returns? Read out FAQs to see the most asked questions we have that isn't covered in our guides.

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If you have any questions regarding tax, please call our new business team on 01253 362062 or email newbusiness@nixonwilliams.com