Saving more on VAT and corporation tax

[Lance]

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.

[TheFaQQer]

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.

[SeededLoaf]

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

You'll be old before you know it.

[zeitghost]

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.

[chopper]

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.

[ladymuck]

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.

[abc111]

Ask your accountant.

he's a straight arrow wouldn't give me the answers i am looking for : )

[SueEllen]

what i can or cannot consider as useful expenses...i work from home..

Ask your accountant.

[barrydidit]

what i can or cannot consider as useful expenses...i work from home..

Have you thought about renting some goldfish? It worked wonders for Peter Ridsdale.

[kaiser78]

Indeed. It takes hours & hours to keep receipts and enter them on a spreadsheet.

Quite enervating really.



This has got to be a sockie, there's no other reasonable explanation.

Isn't this the reason why one has their spouse as a co-director in their limited company set up ? Nothing to do with income shifting of course.