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Saving more on VAT and corporation tax

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  • barrydidit
    replied
    Not much has changed since you last asked.

    Leave a comment:


  • SueEllen
    replied
    Ask your accountant.

    That's what they are there for.

    Oh and you are not a limited company. You are a director of one as the company is a separate legal entity from yourself.

    Leave a comment:


  • abc111
    replied
    Saving more on VAT and corporation tax

    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.

    Leave a comment:


  • northernladuk
    replied
    Don't forget about the hookers and coke habit.

    Leave a comment:


  • missinggreenfields
    replied
    Originally posted by OwlHoot View Post
    How about lottery tickets?
    Absolutely - they count as an investment

    Leave a comment:


  • chopper
    replied
    Nearly forgot, there are some wonderful schemes out there which let you keep 90% of your billable earnings, most contractors are daft enough to not bother with them.

    You should use one of these wonderful schemes. Search google for "it contractors 90% take home" and let the money flow in*.


    * Ensure you buy some lube with your extra cash.

    Leave a comment:


  • chopper
    replied
    Originally posted by abc111 View Post
    hi
    i am a limited company and trying to find out ways to save the tax and maximise the take -home payment. Please would users suggest how to achieve it. my chartered accountant is cheap but somewhat useless.
    I would like to included items such as :
    car
    home
    electrical fixtures and services installation
    laptop and printer
    diesel/ fuel

    please suggest
    thanks.
    Generally speaking, if your company pays for things which are not wholly and exclusively for the business of that company, you will be taxed on the benefit-in-kind - so full whack tax and Class 1A NICs. Can be inefficient.

    Company cars are *usually* less efficient than just paying for them yourself, as the BIK tax will be high. You can get 45p/mile tax free if using your own car. Unless you do millions of miles, or something. If your company pays for private fuel, HMRC will come and bugger you silly, and you'll pay more tax on the Car Fuel BIK.

    If the laptop/printer are genuinely for business, then you can put it through.

    You can have £4/week tax free for using your home as an office. Electrical fixtures and services - not a chance. Or rather, two chances - fat and slim.

    Leave a comment:


  • OwlHoot
    replied
    Originally posted by VectraMan View Post

    How about:
    holidays
    clothes
    food
    school fees
    TV
    entertainment
    beer
    gifts
    All very sound suggestions - Keep those ideas coming ..

    How about lottery tickets?

    Leave a comment:


  • SlipTheJab
    replied
    Also make any relatives/friends/strangers/lovers directors of your Ltd if they don't work. You can then use their tax allowance to take all that lurvley loot out tax free, give them 2% for their trouble, it's a win win situation

    Leave a comment:


  • DiscoStu
    replied
    Just put anything you like through, as long as you've got receipts it'll be fine

    Leave a comment:

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