What are my personal taxation concerns?
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Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
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For contractors who decided to register as self employed, you are generally advised that your contracts should be outside IR35. Only a small amount of your Income Tax liability will be deducted through PAYE. Aside from the Income Tax, you are also liable to pay a monthly Employee's NIC.
Even if you opted for a limited company you are still responsible for paying for your personal taxes in addition to your limited company's taxes.
It is your responsibility to provide accurate information on your income and expenditure each year, via a Self Assessment tax return. Tax returns are normally sent out in April each year. HMRC can compute for how much tax you need to pay but you need to submit your tax return by September 30. Otherwise you will have to calculate the tax yourself and submit your tax return by January 31.
If you have to send a Self Assessment tax return, you can now do it online. Register here
You should also take specific advice about your personal circumstances from your Accountant.
See Also
How to choose an accountant
IR35
Recommended Links
HMRC
Even if you opted for a limited company you are still responsible for paying for your personal taxes in addition to your limited company's taxes.
It is your responsibility to provide accurate information on your income and expenditure each year, via a Self Assessment tax return. Tax returns are normally sent out in April each year. HMRC can compute for how much tax you need to pay but you need to submit your tax return by September 30. Otherwise you will have to calculate the tax yourself and submit your tax return by January 31.
If you have to send a Self Assessment tax return, you can now do it online. Register here
You should also take specific advice about your personal circumstances from your Accountant.
See Also
How to choose an accountant
IR35
Recommended Links
HMRC