Saving more on VAT and corporation tax

[barrydidit]

Not much has changed since you last asked.

[SueEllen]

Ask your accountant.

That's what they are there for.

Oh and you are not a limited company. You are a director of one as the company is a separate legal entity from yourself.

[abc111]

Saving more on VAT and corporation tax

Hi
i am limited company and on flat rate scheme 20% and pay around 20% for corporation tax. how to save paying less in terms of VAT and corporation tax...how to run the accounts?

thanks.

[northernladuk]

Don't forget about the hookers and coke habit.

[missinggreenfields]

How about lottery tickets?

Absolutely - they count as an investment

[chopper]

Nearly forgot, there are some wonderful schemes out there which let you keep 90% of your billable earnings, most contractors are daft enough to not bother with them.

You should use one of these wonderful schemes. Search google for "it contractors 90% take home" and let the money flow in*.


* Ensure you buy some lube with your extra cash.

[chopper]

hi
i am a limited company and trying to find out ways to save the tax and maximise the take -home payment. Please would users suggest how to achieve it. my chartered accountant is cheap but somewhat useless.
I would like to included items such as :
car
home
electrical fixtures and services installation
laptop and printer
diesel/ fuel

please suggest
thanks.

Generally speaking, if your company pays for things which are not wholly and exclusively for the business of that company, you will be taxed on the benefit-in-kind - so full whack tax and Class 1A NICs. Can be inefficient.

Company cars are *usually* less efficient than just paying for them yourself, as the BIK tax will be high. You can get 45p/mile tax free if using your own car. Unless you do millions of miles, or something. If your company pays for private fuel, HMRC will come and bugger you silly, and you'll pay more tax on the Car Fuel BIK.

If the laptop/printer are genuinely for business, then you can put it through.

You can have £4/week tax free for using your home as an office. Electrical fixtures and services - not a chance. Or rather, two chances - fat and slim.

[OwlHoot]

How about:
holidays
clothes
food
school fees
TV
entertainment
beer
gifts

All very sound suggestions - Keep those ideas coming ..

How about lottery tickets?

[SlipTheJab]

Also make any relatives/friends/strangers/lovers directors of your Ltd if they don't work. You can then use their tax allowance to take all that lurvley loot out tax free, give them 2% for their trouble, it's a win win situation

[DiscoStu]

Just put anything you like through, as long as you've got receipts it'll be fine