Understanding key tax dates is essential for contractors and freelancers operating through limited companies in the UK. Missing a deadline can lead to penalties, cash flow issues, and unnecessary stress, especially when dealing with contract work tax and HMRC compliance. Whether you’re planning for the start date of the new tax year, checking when the end of the tax year falls, or wondering about corporation tax and dividend deadlines, this guide has you covered. We’ll also clarify common misconceptions around phrases like “when do you pay tax when self employed” and explain how tax works differently for limited company contractors. Let’s start with a clear overview of the key dates you need to know.   Table of Contents: Key UK Tax Dates Contractors Must Know When Is the Start and End of the UK Tax Year? Key Dates for Corporation Tax for Contractors Self Assessment Tax Return Dates for [...]

Issuing accurate and compliant limited company invoices is essential for contractors and freelancers operating through UK limited companies. A properly structured invoice not only helps you get paid promptly but also ensures you meet HMRC and VAT invoice requirements, reducing the risk of errors, disputes, or penalties. In this in-depth guide, Nexus Accounting explains exactly what an invoice is, what it should include, and what a professional limited company invoice looks like in the UK. Whether you invoice monthly, per project, or per milestone, getting the details right is critical for financial control and compliance nationwide. Let’s break down the essential elements every limited company invoice should include.   Table of Contents: What Is an Invoice and Why It Matters for Limited Companies Your Limited Company’s Legal Name and Address A Unique Invoice Number Invoice Date and Tax Point Client Details and Billing Information Clear Description of Services Supplied [...]

Setting up a limited company as a medical professional can be one of the most effective ways to manage income, tax efficiency and long-term financial growth. This guide is designed specifically for UK-based clinicians, including limited company locum doctors, locum vets, private healthcare professionals and vet nurses, who want to operate through a compliant and well-structured company. With increasing numbers of medical professionals moving into locum, private or contract-based work, understanding how limited company structures work, and how to set them up correctly, has never been more important. With support from a specialist accountant for private healthcare, you can avoid common pitfalls and ensure full HMRC compliance from day one. This article explains the entire process, from deciding whether a limited company is right for you, through to registration, tax responsibilities and ongoing compliance, so you can focus on clinical work while your finances remain under control. Below, you’ll [...]

If you run a UK limited company as a freelancer or contractor, deciding between a salary or dividends is one of the most important tax decisions you’ll make. The choice directly affects how much income tax, National Insurance, and overall take-home pay you receive each year. This guide from Nexus Accounting explains the dividend versus salary debate clearly and practically for limited company directors across the UK. We’ll break down the tax implications, benefits, risks, and common mistakes so you can pay yourself efficiently and compliantly. Before diving into the details, here’s a quick overview of what we’ll cover. Table of Contents: What Is a Salary for Limited Company Directors? What Are Dividends and How Do They Work? Salary Versus Dividend: What’s the Difference? Income Tax Rate for Dividends Explained How Contractors Typically Combine Salary and Dividends When Paying a Higher Salary Makes Sense Common Mistakes When Choosing Salary [...]