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Limited Company Contractors FAQ - August 2022

Here are the most frequently asked questions we've received from Limited company contractors in August 2022, with answers from the experts at Orange Genie Accountancy:

How do I pay myself?

If you have just set up your Limited Company, your accountant may have already asked for a copy of your P45 in order to provide you with some tax planning advice, this affects the way in which you withdraw money from the company and how it is categorised in the accounts. There are four different ways to withdraw money from the company, this could be in the form of a salary, dividends, reimbursable expenses or as a directors loan. If you are unsure, you should get in contact with your accountant to discuss the most tax efficient option for you. 

I’m due to re-mortgage and as a contractor I am not getting the best deals, what are my options?

You can discuss your current mortgage deal or get guidance on a new application and compare deals in the whole market and exclusive deals with our partners CMME (Contractor Mortgages Made Easy). As a contractor it is likely you take home a small salary and top-up your income with dividends, this doesn’t help when a mortgage broker or bank want to look at your payslips to determine the level of lending they can give you. CMME look at your contract, the day rate that you are on, for contractors this can be more than £250 per day which will bring up much better mortgage deals to choose from. Use the link provided to book a consultation directly, or speak to your accountant for more details.

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