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Saving more on VAT and corporation tax

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  • Ch0pper
    replied
    Corporation Tax Notification

    Good Evening


    I apologise in advance if this question turns out to be quite basic, but I do need to find out the answer, I have searched here but haven't found an answer so here goes:

    My Accountant works for the same firm my LC is registered with and has been with me for almost the duration (three years) since I set the LC up. I do the VAT returns every quarter as usual and am fully paid up on that, so that isn't my issue.

    I have been chasing my Accountant on and off for approximately the last 18 months for a statement of CT for 2015, 2016 and now for 2017 so that I can pay it and have done with it, I have the money in a separate account so I am not trying to minimise or avoid anything here (I have read the thread and have noted the understandably low tolerance for shade).

    Whenever I get anything by mail from HMRC I file it so I was astonished last Friday to see my Accountant send me copies of CT advice slips from HMRC that I had never laid eyes on before, covering 2015 and 2016 (despite my asking him for this on several occasions as detailed above, and being told 'we will use the CIS to minimise the CT bill if that's what you choose' so I figured I would rather make one payment rather than overpaying and waiting for a refund of CIS.

    SO after all that, my question is this:

    Do HMRC notify the individual LC owner at their home address of the size of the bill etc. or do they merely send the CT statements/payment demands to the registered company address (i.e. my Accountant's place of business)?

    I find it difficult to believe that HMRC, if their policy is to notify the individual LC owner at their home address, would fail to do so not once but twice (and maybe a third time this year) in my case. So my inclination is to believe that my accountant is a useless sack of tulip who will be dumped from a great height in the very near future. HMRC want to charge me several £100 as a result of late/failure to pay CT for the previous two years. A fine which I lay completely at his door as I have the means to pay the outstanding tax bill.

    I have been asking him on and off for the past 18 months about this CT issue and have not had a satisfactory answer from him, if it turns out that I am being fined for an issue not of my own making there will shortly be one less useless accountant to worry about

    Any advice will be welcome

    TIA

    Leave a comment:


  • TheFaQQer
    replied
    Originally posted by WTFH View Post
    If I had a pound for every request to move this thread, I'd have £1.20 right now. Tax free.
    If you send it to me, I'll loan it back to you and you'll pay no tax. My fee for this service is £2.50 per transaction. PM me for details.

    Leave a comment:


  • Mordac
    replied
    Originally posted by WTFH View Post
    Where do you think it is?

    If I had a pound for every request to move this thread, I'd have £1.20 right now. Tax free.
    Remember, only 90% of it is tax-free...

    Leave a comment:


  • SlipTheJab
    replied
    Yes you can OP, give me all your money and I will give you 91% of it back, better than 90%! HTHBIDI

    Leave a comment:


  • greenlake
    replied
    Originally posted by abc111 View Post
    nah! he's too busy to advise me in details! i have him as he's cheaper...
    You should find yourself a new accountant as soon as possible.

    Originally posted by abc111 View Post
    there are accountants who claim that they will make sure that you take away 90% of your income...
    These accountants will definitely make sure they take away more than 90% of your income....

    Leave a comment:


  • Scruff
    replied
    My advice is leave this forum and join in a more intelligent discussion group. One where the only knobs are on the doors.

    Leave a comment:


  • WTFH
    replied
    Originally posted by abc111 View Post
    Ok then what to do?
    just last time ...if you could reply i will consider it as an advise...
    OK, my advice: you can't "save money on VAT"
    You charge your client VAT at 20%.
    You pay that 20% to HMRC.

    Put it like this: If you invoice for £100+VAT = £120, then the client pays £100+VAT = £120.
    £120 sits in your business bank account.
    When you submit your quarterly VAT return to HMRC, you pay them the £20, leaving £100 in your business account, which is your company money.
    I'm not talking about CT, expenses, NIC, personal taxes, etc, just VAT at this stage.

    So, I've been good enough to give you factual advice. Please answer the following simple questions which may help us give you further advice:
    Have you been doing your VAT returns and paying the VAT to HMRC, or have you been considering that "your money"?
    Who was your "chartered accountant"?
    Who is currently doing your company accounts?
    Who is doing your personal accounts?

    Leave a comment:


  • WTFH
    replied
    Saving more on VAT and corporation tax

    Originally posted by Scruff View Post
    Please, please "General"...
    Where do you think it is?

    If I had a pound for every request to move this thread, I'd have £1.20 right now. Tax free.

    Leave a comment:


  • Lance
    replied
    Originally posted by chopper View Post
    I suspect if you too had already spent your VAT and CT money, you'd be looking for ways to minimise your liability to HMRC.
    and if the cash has already been spent then any 90% schemes aren't going to help as it's too late.
    It's OK though. It's a limited company so has limited liabilities......

    Apart from the OP could lose his house, all his possessions. Might not need a house though as prison is a possibility.

    Leave a comment:


  • SueEllen
    replied
    Originally posted by chopper View Post
    I suspect if you too had already spent your VAT and CT money, you'd be looking for ways to minimise your liability to HMRC.
    The only advice I can give is pay the VAT immediately and sort out an agreement about the CT.

    Leave a comment:

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