March is the final month in the current financial year and as the clock strikes midnight on 5th April 2015, you could lose out on many tax savings that you should be enjoying. Now is the time to make sure you’ve done everything you can to ensure you make the most of the tax efficiencies available to you.
Don’t leave it too late. Make sure you’re up to speed…or that your accountant is. If they’re not doing the best by you, you face a real risk of missing out, which means your wallet will be lighter than it should be. But there’s time to take action. With some careful planning you can still maximise your opportunities.
Have you topped up your pension and ISA? What about other tax favoured investments? Are you up to date with dividends and the paperwork? Is you Will current? Have you reviewed your tax code and considered making Inheritance Tax gifts? These, and more, are all things that are your right, as a contractor, to make the most of. The list is long but your accountant must be hot on these topics – after all, that’s what you pay them for isn’t it?
If you’re worried you’ve been let down by your current accountant or have bravely tried to do everything yourself, download our new guide for freelancers and contractors: Are you ready for the 2014/15 tax yearend? It has been compiled for you by our specialist contractor accountants and contains a helpful checklist of some of the more common considerations you should have made, as well as more comprehensive guidance to set you on the right track. Plus there are a few of the less common tax exemptions to consider that may apply to you. You’ll also find some useful free downloads and links to help make your life just a little bit easier.
There’s so much you can do, particularly if you have a Limited Company, and nothing beats the help of an expert. As an InTouch client you receive clear guidance with all of your yearend preparation as part of your all inclusive monthly fee of £98 + VAT. We don’t think it’s fair to offer different levels of service depending on what you can afford. So we offer excellent service to everyone for the same price. That means we can get on with doing the important stuff that matters to you and you can get on with what you’re best at: contracting.
Our clients enjoy a winning combination of unlimited advice from their specialist contractor accountant and access to our easy-to-use portal, meaning they know where they are at all times. It’s unlikely that you’ll get this up-to-the-minute information from a traditional accountant. Call us on 01202 912 464 to chat through your circumstances and get more for your money.
If you currently work under an Umbrella, now is the right time to look into the benefits of being Limited, especially if contracting is a long-term option for you. You can be your own boss, take home more pay and improve your prospects of securing future contracts by carrying a reputable Limited Company status. You won’t be subject to paying monthly fees or a percentage of your salary to the Umbrella company for doing some administration for you. Furthermore, the current scrutiny on how Umbrellas operate and the likely clamp down on travel and subsistence claims (see our recent blog Travel and subsistence: it’s robbery) means there has never been a better time to go Limited for knowledge-based contractors earning well above the National Minimum Wage. If maximising your take home pay is high on your to-do list then don’t waste another moment. Spend a few seconds using our free take home pay calculator and see just how much better off you could be.
If you’re still not sure, our guide Limited Company, Umbrella or Sole Trader: which is the right choice for you? compares the different trading models available to you and helps you weigh up the advantages and disadvantages depending on your personal situation.
Contact us for a no obligation discussion to chat through what is the best for your circumstances. 80% of our clients are IT contractors so we know what we’re talking about. We’re not here to force you into making a decision; we’re here to help you shed light on your options and keep your best interests at heart. After all, it’s what we do for our clients every day. But if you do decide going Limited is right for you, we’ll set your company up for free within 24 hours and waive your first two months’ accountancy fees, saving you nearly £200. It’ll then cost just £98 + VAT each month – often the tax savings realised with the advice of a contractor accountant outweigh the costs as professional fees are tax deductible.
-minute information from a traditional accountant. Call us on 01202 912 464 to chat through your circumstances and get more for your money.
Why not switch to Intouch and start the 2015/16 financial year on the right track? We can save you time and money - use our calculator to find out how much. Why not switch to Intouch and start the 2015/16 financial year on the right track? We can save you time and money - use our calculator to find out how much.