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Saving more on VAT and corporation tax

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    #51
    Originally posted by abc111 View Post
    he's a straight arrow wouldn't give me the answers i am looking for : )
    Because the answers you are looking for are called tax evasion, which is illegal.

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      #52
      Originally posted by abc111 View Post
      what i can or cannot consider as useful expenses...i work from home..
      £4 a week 'Use of home as an office' which your company can pay you, no tax from you, tax relief for your Limited Company. Saves nearly £50 a year in corporation tax.

      That is it. You might be able to reclaim your mobile phone bill if the contract is in your company's name.

      Fact is, your company provides you. It doesn't have particularly high costs, which is why your corporation tax bill will be 'high'.

      If you're a contractor, use a contractor specialist accountant - Gorilla is who I use. And don't spend all the money you get paid by your client, it isn't all yours to spend. Rule of thumb: allow about 1/3 of what you get in from the client to pay VAT and corp tax. And pay your self assessment tax out of your money, not your company's money.
      Last edited by Contractor UK; 30 December 2020, 16:00.
      Taking a break from contracting

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        #53
        Originally posted by abc111 View Post
        he's a straight arrow wouldn't give me the answers i am looking for : )


        I suppose this clown realises that Hector reads these boards?

        Nah.

        Silly question.

        Of course not.
        Last edited by zeitghost; 12 September 2017, 08:27.

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          #54
          Max out your pension payments. That will reduce your corp tax.

          You'll be old before you know it.

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            #55
            Originally posted by zeitghost View Post


            I suppose this clown realises that Hector reads these boards?

            Nah.

            Silly question.

            Of course not.
            You imply that this is genuine. I suspect it's not.
            Best Forum Advisor 2014
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              #56
              Originally posted by abc111 View Post
              he's a straight arrow wouldn't give me the answers i am looking for : )
              if he's straight then he's told you that paying from your company into a pension is a perfectly legitimate tax avoidance method. If he's not told you that then:..

              1) He's tulip. Get rid.
              2) You're making this up and are a sockie
              3) You've spent all the money, cannot afford the tax bill, are totally f***ed and your accountant has given up on you.
              See You Next Tuesday

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                #57
                What answers are you looking for?
                {emotionless greeting}

                Three Word Slogan

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                  #58
                  I'm sorry to be a dunce, but what is a "sockie" ?!

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                    #59
                    Originally posted by mattfx View Post
                    I'm sorry to be a dunce, but what is a "sockie" ?!
                    See You Next Tuesday

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                      #60
                      Originally posted by WTFH View Post
                      What answers are you looking for?
                      Thread lock time?
                      "You’re just a bad memory who doesn’t know when to go away" JR

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