buy-to-let-property-investment-update With many of our contractor clients also choosing to invest in buy-to-let property, AJN have prepared a Buy-to-Let Update providing details around five key changing factors, and summarising both the current challenges, as well as the remaining opportunities for each.

contractor-tax-important-dates-16-17 The new tax year commenced on 6 April 2016, so this month it's important to familiarise yourself with what has changed and how you can benefit from the new contractor tax opportunities. AJN Accountants, as specialist contractor accountants, can provide bespoke tax planning for the 16/17 tax year to ensure you minimise your tax and maximise your contractor take home pay.

take-home-more-this-year-by-saving-tax It's only natural to want to take home at least a little more income year on year, and "pay-rises" of whatever kind are always welcome when contracts are renegotiated or the business profit exceeds that of the prior year. However, independently of increasing your income, fine tuning your financial position by ensuring you are maximising all known tax-breaks, can often leave a little more in your back pocket, with no extra work.

budget-2016Today's Budget announcement did not bring too many surprises, or big changes, relevant to contractors and freelancers. Much of the speculation around pensions did not come to light this time around, and the bill is still underway regarding Elective Resolutions, and winding up limited companies tax-effectively.

possible-changes-to-pension-tax-relief

Pension tax relief is one of the most valuable tax breaks available and every individual who is a UK resident, under age 75, can benefit. The government encourages this saving as a means to support retirement planning in a country with a growing older population, and subsequently pays part of your contributions in the form of tax relief.

contractors-freelancers-face-pension-choices Pensions are a particular area of tax planning that is ever-changing. In 2015, a couple of key announcements were made that will affect pension planning for contractors and freelancers in 2016, including a decrease in the Lifetime Allowance, and, a tapering of the annual pension allowance for high earners.

limited-company-best-to-save-tax As all contractors will now be aware, from April 2016, dividends will be taxed differently, and the limited company "owner director" will highly likely pay more tax than they do currently. The question many contractors and freelancers are asking is, "does it still pay to be limited, taking everything into account?".

contractors-cash-reserves-act-now Along with the changes to contractor dividend tax rules, that come into force from April 2016, the government are making plans to restrict any loopholes that could be used to avoid this extra tax, by targeting Member's Voluntary Liquidations (MVL's). Contractors need to be aware of the new rules to MVL's and there's a small window of opportunity to act before April 2016.