Saving more on VAT and corporation tax Saving more on VAT and corporation tax - Page 2
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  1. #11

    Contractor Among Contractors

    chopper is NOT a disguised employee


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    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.

  2. #12

    Fingers like lightning

    missinggreenfields has more data than eek

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    Quote Originally Posted by OwlHoot View Post
    How about lottery tickets?
    Absolutely - they count as an investment

  3. #13

    My post count is Majestic

    northernladuk is always on top

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    Don't forget about the hookers and coke habit.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  4. #14

    Still gathering requirements...

    abc111 has no reputation


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    Default 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.

  5. #15

    I live on CUK

    SueEllen is a fount of knowledge

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    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.
    "You’re just a bad memory who doesn’t know when to go away" JR

  6. #16

    Godlike

    barrydidit is a fount of knowledge

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    Not much has changed since you last asked.

  7. #17

    Contractor Among Contractors

    chopper is NOT a disguised employee


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    Quote Originally Posted by abc111 View Post
    Hi
    i am limited company and on flat rate scheme 20%
    I hope you're not using 20% as your FRS rate. If you're a contractor then you'll be using the 13.5% FRS rate. If you have much in the way of expenses (and expenses are the only way to reduce your CT and VAT bills) then you're best on standard VAT, not Flat Rate VAT.

    and pay around 20% for corporation tax.
    I can save you 1% right there. Use 19% as your CT rate.

    how to save paying less in terms of VAT and corporation tax...how to run the accounts?
    May it isn't your VAT and CT bills that are the problem, but maybe you are spending beyond your means?

    There is no way to save money on VAT without outright fraud. Sorry. You collect VAT on HMRC's behalf, and you add 20% to your invoices to cover this. You don't get to keep this money.

    Legitimate business expenses will help reduce your CT bill, i.e. expenses that your business legitimately incurs.

    Being a contractor is already a more efficient way in terms of tax. Anything else saved will become tax evasion.

  8. #18

    More fingers than teeth

    greenlake has reached the peak. Play again?

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    Quote Originally Posted by abc111 View Post
    how to save paying less in terms of VAT and corporation tax...how to run the accounts?

  9. #19

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    Quote Originally Posted by abc111 View Post
    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.
    Seek divine intervention.

  10. #20

    More fingers than teeth

    zeitghost is a fount of knowledge


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    Quote Originally Posted by barrydidit View Post
    Not much has changed since you last asked.
    And he/she/it is still a limited company 11 months later.

    How curious.

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