Corporation tax deduction for VAT

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TheCyclingProgrammer replied

12 April 2016, 16:48
Gross amount goes down as an expense in the books when on the FRS.
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northernladuk replied

12 April 2016, 16:34
Originally posted by LondonManc View Post

Have you even got an accountant would have been what I was expecting from you.

Yeah but some young pretenders beat me to it. Thought I try the pedantry route to help educate the OP.
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LondonManc replied

12 April 2016, 16:28
Originally posted by northernladuk View Post

It is but that isn't what he asked and I'll bet he doesn't understand it well enough to ask that one.
Anyway... It was a better reply than the one I wanted to put so am quite pleased with myself actually.

Have you even got an accountant would have been what I was expecting from you.
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northernladuk replied

12 April 2016, 16:10
Originally posted by LondonManc View Post

Not necessarily. "If I buy it for business use, what can I claim back from my company?" is a perfectly legitimate question, just worded different. We love you being a twunt, just not a pedantic one.

It is but that isn't what he asked and I'll bet he doesn't understand it well enough to ask that one.
Anyway... It was a better reply than the one I wanted to put so am quite pleased with myself actually.
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LondonManc replied

12 April 2016, 16:02
Originally posted by northernladuk View Post

Don't you mean if your business buys the phone surely?

Not necessarily. "If I buy it for business use, what can I claim back from my company?" is a perfectly legitimate question, just worded different. We love you being a twunt, just not a pedantic one.
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northernladuk replied

12 April 2016, 15:46
If I buy a pay as you go phone for £500, can I claim the full £500 as a corporation tax deduction or can I only claim the pre vat amount as a deduction as I am on VAT flat rate scheme?

Don't you mean if your business buys the phone surely?
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Kenny@MyAccountantFriend replied

12 April 2016, 15:38
The 500 would be an expense for the company in full when on the frs for vat.

This then decreases the company profit and the amount of corporation tax you pay.

It would not decrease your corporation tax by 500 it would decrease by 20% of this as this is the rate of CT paid on profits currently.
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SlipTheJab replied

12 April 2016, 15:11
Have you asked NLUKs accountant?
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Eirikur replied

12 April 2016, 14:27
Did you ask your accountant?™

Last edited by Eirikur; 12 April 2016, 14:31.
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LondonManc replied

12 April 2016, 14:08
Have you asked your accountant?
Leave a comment:
Leeb73 started a topic Corporation tax deduction for VAT

12 April 2016, 12:59
Corporation tax deduction for VAT

Hi,

I have formed a ltd company and am on the flat rate VAT scheme.

If I buy a pay as you go phone for £500, can I claim the full £500 as a corporation tax deduction or can I only claim the pre vat amount as a deduction as I am on VAT flat rate scheme?

Any answers would be welcome.

Thanks

Lee
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