Monthly Archives: April 2012

Umbrella Company Expenses

With an Umbrella Company you can normally look to reclaim the cost of certain business related expenses that are incurred further to a contract. Expenses may include; Travel, Subsistence, Hotel / B&B Expenses, Professional training, Postage & Stationary etc. Expenses reduce your taxable income and boost retention!

Managed Service Companies (MSC)

If you’re planning to work as a professional Contractor you need to make sure that you’re not using a ‘Managed Service Company’, otherwise you could find that you face a large Income Tax and National Insurance bill down the line.

Section 660a

Section 660a is generally considered to be old news right now however it was a hot topic under the old Labour Government who threatening to bring in new ‘Income Shifting’ legislation to make it more difficult for family businesses to split profits between family members in order to gain a tax advantage

Limited Company Timesheets, Invoices & Payments

If you run a Contractor Limited Company it will normally be your responsibility to deal with Timesheets, Client Invoices and Payments. As part of genuinely ‘running a business’ you should demonstrate that you have full responsibility for these actions together with managing the Limited Company Bank Account.