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Saving more on VAT and corporation tax

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    #11
    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.
    Taking a break from contracting

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      #12
      Originally posted by OwlHoot View Post
      How about lottery tickets?
      Absolutely - they count as an investment

      Comment


        #13
        Don't forget about the hookers and coke habit.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

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          #14
          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.

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            #15
            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.
            "You’re just a bad memory who doesn’t know when to go away" JR

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              #16
              Not much has changed since you last asked.

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                #17
                Originally posted by abc111 View Post
                Hi
                i am limited company and on flat rate scheme 20%
                I hope you're not using 20% as your FRS rate. If you're a contractor then you'll be using the 13.5% FRS rate. If you have much in the way of expenses (and expenses are the only way to reduce your CT and VAT bills) then you're best on standard VAT, not Flat Rate VAT.

                and pay around 20% for corporation tax.
                I can save you 1% right there. Use 19% as your CT rate.

                how to save paying less in terms of VAT and corporation tax...how to run the accounts?
                May it isn't your VAT and CT bills that are the problem, but maybe you are spending beyond your means?

                There is no way to save money on VAT without outright fraud. Sorry. You collect VAT on HMRC's behalf, and you add 20% to your invoices to cover this. You don't get to keep this money.

                Legitimate business expenses will help reduce your CT bill, i.e. expenses that your business legitimately incurs.

                Being a contractor is already a more efficient way in terms of tax. Anything else saved will become tax evasion.
                Taking a break from contracting

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                  #18
                  Originally posted by abc111 View Post
                  how to save paying less in terms of VAT and corporation tax...how to run the accounts?

                  Comment


                    #19
                    Originally posted by abc111 View Post
                    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.
                    Seek divine intervention.

                    Comment


                      #20
                      Originally posted by barrydidit View Post
                      Not much has changed since you last asked.
                      And he/she/it is still a limited company 11 months later.

                      How curious.

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