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Saving more on VAT and corporation tax

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  • chopper
    replied
    Originally posted by SueEllen View Post
    It's not the answer the poster wants.
    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.

    Leave a comment:


  • SueEllen
    replied
    Originally posted by ladymuck View Post
    Here endeth the music news
    It's not the answer the poster wants.

    Leave a comment:


  • ladymuck
    replied
    Originally posted by chopper View Post
    By running a 'scheme' which later turn out to be illegal and so HMRC come for the rest of their money. See the 'HMRC Scheme Enquiries' forum linked above. It'll be your arse on the line, not your "accountant's" arse when HMRC come knocking.

    90% take home is evasion.



    Expert opinion... The only expenses you can claim for relief against tax are expenses incurred wholly and exclusively for the purpose of the business. If you don't incur the expense, then you cannot claim tax relief.

    Forget VAT. You add 20% onto your invoice and hand that over to HMRC in full. You don't get to keep it.

    To reiterate, to save money on Corporation Tax, you first have to spend the money for a legitimate business purpose (e.g. your mobile phone contract in your company's name, legitimate travel expenses required for that business, legitimate capital expenses, e.g. computer equipment that your business requires, or your accountant's fee for preparing your company's accounts and tax advice he provides, £216 a year for use of home as an office).

    If you don't incur the legitimate expense in the first place, you cannot claim tax relief. 19% of £0 expenses is £0 tax saved.

    If you are thinking you can put your mortgage costs in, the cost of a new kitchen, your weekly shopping bills, your utility bills - then no you can't.
    Here endeth the music news

    Leave a comment:


  • chopper
    replied
    Originally posted by abc111 View Post
    there are accountants who claim that they will make sure that you take away 90% of your income...how do they do it!
    By running a 'scheme' which later turn out to be illegal and so HMRC come for the rest of their money. See the 'HMRC Scheme Enquiries' forum linked above. It'll be your arse on the line, not your "accountant's" arse when HMRC come knocking.

    90% take home is evasion.

    what project activities you can claim as expenses -excluding travel, dining and lodging etc.
    for example, if you are working on a project and get paid hourly then what activities you can put down that won't attract VAT and tax... i.e. expenses...

    expert opinion please no nonsense...
    Expert opinion... The only expenses you can claim for relief against tax are expenses incurred wholly and exclusively for the purpose of the business. If you don't incur the expense, then you cannot claim tax relief.

    Forget VAT. You add 20% onto your invoice and hand that over to HMRC in full. You don't get to keep it.

    To reiterate, to save money on Corporation Tax, you first have to spend the money for a legitimate business purpose (e.g. your mobile phone contract in your company's name, legitimate travel expenses required for that business, legitimate capital expenses, e.g. computer equipment that your business requires, or your accountant's fee for preparing your company's accounts and tax advice he provides, £216 a year for use of home as an office).

    If you don't incur the legitimate expense in the first place, you cannot claim tax relief. 19% of £0 expenses is £0 tax saved.

    If you are thinking you can put your mortgage costs in, the cost of a new kitchen, your weekly shopping bills, your utility bills - then no you can't.

    Leave a comment:


  • SueEllen
    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...
    See Lady Muck's answer above

    Leave a comment:


  • abc111
    replied
    Originally posted by WTFH View Post
    You've made it clear you don't want our expert opinion, so why should anyone bother dispensing it to you. You're looking for people to agree with you. Agreeing with what you've said would contradict the years of experience many of us have and the knowledge/expertise we possess.
    Ok then what to do?
    just last time ...if you could reply i will consider it as an advise...

    Leave a comment:


  • Scruff
    replied
    Please, please "General"...

    Leave a comment:


  • WTFH
    replied
    Originally posted by abc111 View Post
    there are accountants who claim that they will make sure that you take away 90% of your income...how do they do it!

    what project activities you can claim as expenses -excluding travel, dining and lodging etc.
    for example, if you are working on a project and get paid hourly then what activities you can put down that won't attract VAT and tax... i.e. expenses...

    expert opinion please no nonsense...
    You've made it clear you don't want our expert opinion, so why should anyone bother dispensing it to you. You're looking for people to agree with you. Agreeing with what you've said would contradict the years of experience many of us have and the knowledge/expertise we possess.

    Leave a comment:


  • zeitghost
    replied
    Expert opinion: you are a crusty sock puppet and no mistake.

    No hu-man can possibly be this dense and still know how to breathe.

    Carry on.

    The fines should wake you up a bit.

    Leave a comment:


  • abc111
    replied
    there are accountants who claim that they will make sure that you take away 90% of your income...how do they do it!

    what project activities you can claim as expenses -excluding travel, dining and lodging etc.
    for example, if you are working on a project and get paid hourly then what activities you can put down that won't attract VAT and tax... i.e. expenses...

    expert opinion please no nonsense...

    Leave a comment:

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