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Recent content by notforgoogle
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VAT Savings on expenses
Hi all I have just started contracting and am about to go out and get a pricey new laptop as a business expense. Is it worth me getting it from: 1) Airport (tax free) 2) From the US where its going to be cheaper 3) Doesnt matter as regardless of the cost it will lower my corp tax bill. I...- notforgoogle
- Thread
- Replies: 5
- Forum: Business / Contracts
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Expenses - how much will the item cost me?
Hi all I am about to start purchasing things for my business. I have decided that as I am on the flat rate scheme I might as well get a computer + equipment which is > 2k in value (would have spent around this amount anyway)... 1) If I spend more than 2K then I will recoup the VAT and then 21%...- notforgoogle
- Thread
- Replies: 3
- Forum: Accounting / Legal
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Flat Rate VAT Scheme
Thanks for the quick response - an example: Net profits (after expenses etc) are £100,000 (a nice round number) Corporation tax would be charged at 21% on this so I would be due to pay £21,000 in taxes... But if I claimed say £10,000 in total expenses then the tax I would be liable to pay...- notforgoogle
- Post #4
- Forum: Accounting / Legal
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Flat Rate VAT Scheme
Am new to contracting to forgive me for asking basic questions :emb I am going to be going onto the flat rate VAT scheme and understood this to mean: when I claim an expense I will not be claming the VAT portion of the expense. However due to giving this portion up I will be paying approx...- notforgoogle
- Thread
- Replies: 6
- Forum: Accounting / Legal
