How does one benefit from Claiming expenses from his Ltd. Company

[Ruprect]

Thought had better answer before the evil regulars see this post

There is a flaw in your cunning plan:



So how will you pay your corporation tax? Corporation tax is a tax on company profits. Dividends are not included in company outgoings so are still part of your profit and will be taxed as such.

This is where expenses come in. Legitimate company expenses (mobile phone line rent and calls, computer equipment, internet connection, books, training courses, plasma tv and ipod if you believe some on here) are all expenses that reduce your profit and therefore reduce the amount of tax you pay

Obviously some of the expenses can be things that you may have bought as an individual out of money you have already been taxed on so it is a saving.

HTH.

LCD monitor and portable backup storage device.

[SueEllen]

Hi guys,

Hope you all doing well. I am starting to work as a contractor from next month and I have decided to go Ltd after a lot of research.

However I have a simple query regarding claiming expenses. It might sound stupid but thats because i have no knowledge of how accounting and tax works.

One of the best things you can do is find yourself an accountant.

There are some floating around this board i.e. NixonWilliams, SJD Accountancy. Some of those mentioned* have information either directly on their websites or on pdfs which you can download from their websites.

*Hint- do a google search with the accountancy firm's name in to get to their website.

[MrRobin]

Does any kind person have a spreadsheet that calculates this all for you if you plug in the numbers?

Thanks,
Rang

There are plenty of these online like this one ere