Tax

How to borrow money from your Limited Company and the associated tax risks
Blog
You may find that from time to time you’ll need to borrow money from your Limited Company, so how do you go about doing so, what are the risks and is there anything you need to be aware of? In this blog we explore all that, to help you understand the process and associated risks before taking money from your company. How does it work? Regardless of the loan period or amount being borrowed, the [...]
Top tips on how to reduce your energy consumption when working from home
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The cost of living is at an all-time high, and if you’re contracting or freelancing from home your costs will be even higher than those of an office dweller. So how can you reduce your spend when working from home? In this blog we explore the top 7 things you can do to keep more of your hard earned contractor and freelancer pay. Look at ways to reduce your bills These might seem like obvious [...]
A freelancer and contractor’s guide to tax planning for 2022/23
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Tax planning for 2022/23 To get the most from a Limited Company, it’s worth looking ahead to the coming year and planning accordingly. But what does this mean for contractors, and what do you need to look out for? In this blog, we provide advice on how to draw money from a Company as tax-efficiently as possible. The three ways to be tax-efficient in 2022/23 1. Use the optimum salary levels for the 2022/23 tax year [...]
The Spring Statement 2022 – what it holds for freelancers and contractors
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In this blog our MD, Daniel Mepham, shares his thoughts from the March 2022 Spring Statement. A much anticipated Spring Statement was delivered on March 23rd by Chancellor, Rishi Sunak against a backdrop of war in Ukraine, post pandemic super spending and an ever increasing rate of inflation. With that in mind I was expecting some headline grabbing announcements. I’ve highlighted below some of the key points, but if you want to see the full [...]
A Limited Company Contractor’s year-end tax checklist
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The current tax year ends 5 April 2022, so now is the time to take stock of any unused allowances in order to reduce your tax bill. In this blog we explore the top ten things to consider to ensure your Limited Company is working as hard as it possibly can. Use your £20,000 ISA allowance If you’re married or have a partner, ensure they’ve also used their £20,000 ISA allowance If you have any [...]
How much tax can you expect to pay with an electric car?
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Electric cars have never been so popular, and with the recently announced tax band changes now is the perfect time to consider purchasing one. So what are your options and are there any attractive tax benefits? In this blog we explore just that, to give you an idea of how much tax you can expect to pay. Company cars Purchasing a company car through your Limited Company was once an enviable perk, but over time [...]
Taxevo’s tips on how to save money as a freelancer
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When you’re busy freelancing and focusing on bringing the money in, you might not be aware of things you’re doing (or not doing) that could mean the money is then slipping back out. In this blog we look at the top ways in which you can save money as a freelancer. Time is money Being self-employed means that every second of yours is precious, and if a client wants any of that time then they [...]
Treating yourself and staff to a summer social – what you can claim as a business expense
Blog
The sun is shining, almost everything is open again and it finally feels like summer, hooray! You’ve worked hard throughout the pandemic and now that we’re all allowed to socialise again, it’s a good time to get out and enjoy everything that’s available to you. So whether you’re contracting or freelancing alone or you have employees, you’re able to claim some of the cost from HMRC. But before you go ahead and order the champagne [...]
What tax will you pay if you’re freelancing on the side?
Blog
Whilst the COVID-19 pandemic has caused an unprecedented amount of economical upset across the world, for a few it has given them the opportunity to explore the world of freelancing and what it can offer in terms of a profitable side-gig to their normal 9-5. But how can you freelance freely without getting into trouble with the taxman? In this blog we show you what tax you can expect to pay when freelancing on the [...]
Your tax year-end checklist
Blog
Ensure you make the most of your tax-saving opportunities before April 5th. The end of this tax year is almost upon us, so now is the time to act and ensure you’ve done everything you can to reduce your tax bill. In this blog we look at the top ten ideas to consider to ensure your money work as hard as possible for you. Make use of your £20,000 ISA allowance. Ensure your partner or [...]