Oh the warm south coast is so nice........

[bigpaul]

(2 April 2014, 16:30)Devonian Wrote:

(2 April 2014, 16:02)bigpaul Wrote: only if you pay taxes, you are supposed to own your own company, I'm sure you put as much as you can on "business expenses" so lessening your tax liability.

Ahhhh, but if its a Ltd company, then it is the companies money, not yours and as soon as you want to take the money out, the tax man wants his share.

So first of all the company pays VAT on the products/services it buys; it then charges VAT (on behalf of the Government) on the sales it makes; the company then has to pay additional corporation tax on the profits it makes AND then if there is any money left (bearing in mind it has already been taxed), it will be taxed again as income if it is drawn out of the company by the shareholders/directors etc!

But yes there are ways of lessening the tax, but the Government still gets more than its fair share.

yep I did the VAT returns, also PAYE and NI returns when I worked for a LTD company. I was really thinking about the time I was self employed, I never paid tax and I put as much as I could against business expenses-quite legally I hasten to add- so I never paid tax, its also handy if your paid in cash too!!!!