Saving more on VAT and corporation tax

[SueEllen]

does not help the discussion -does it?

Some people find praying helps them feel better....

[stek]

Come to Ireland, CT is 13%.

No dividends tho....

[abc111]

And he/she/it is still a limited company 11 months later.

How curious.

..other priorities perhaps...!!

[abc111]

Seek divine intervention.

does not help the discussion -does it?

[greenlake]

Seek divine intervention.

[barrydidit]

And he/she/it is still a limited company 11 months later.

How curious.

The forthcoming anniversary might well have concentrated a little mind on the conundrum of paying their dues.

[zeitghost]

Not much has changed since you last asked.

And he/she/it is still a limited company 11 months later.

How curious.

[jamesbrown]

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.

[greenlake]

how to save paying less in terms of VAT and corporation tax...how to run the accounts?

[chopper]

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.