Tax Credits - What are they and what should I know?
In this blog piece, we give you insight into tax credits, how they are allocated, and the other important factors that you should consider. When you start contracting there can be a lot of new terminologies thrown at you that can be hard to understand and wrap your head around. If you have previously been employed in permanent employment, managing your tax is something that you probably didn't have to think about. As a contractor, you need to be more proactive about this. A helpful place to start is understanding the basics, this means that when you outsource our accounting to a place like Icon Accounting , you feel more empowered in the conversations you have and can have all your questions ready. What are tax credits? Legally you are required to pay tax on the income you earn, tax credits are deductions in the amount of tax that you pay. The amount of tax credits you are owed is different depending on your circumstances. Your tax credits are calculated annually and are d...