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Rent plus a Job
Trebor01
Posts: 234 Forumite
in Cutting tax
Hi, I was until recently simply letting out my house for income and with most of the tax allowance maintenance etc I ended up paying very little tax. I have since then established my own Ltd company (only me in it) and have a job now through an agency and a low but steady income.
What are my best options to pay as little corporation tax vat etc that I can, and how does this work re tax returns, as I used to do a self assessment for my rental property, and my accountant is now looking after my Ltd company accounts.
Any help would be much appreciated.
What are my best options to pay as little corporation tax vat etc that I can, and how does this work re tax returns, as I used to do a self assessment for my rental property, and my accountant is now looking after my Ltd company accounts.
Any help would be much appreciated.
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Comments
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Hi, I was until recently simply letting out my house for income and with most of the tax allowance maintenance etc I ended up paying very little tax. I have since then established my own Ltd company (only me in it) and have a job now through an agency and a low but steady income.
What are my best options to pay as little corporation tax vat etc that I can, and how does this work re tax returns, as I used to do a self assessment for my rental property, and my accountant is now looking after my Ltd company accounts.
Any help would be much appreciated.
Asked and answered
Some people form a ltd as a tax avoidance measure. The idea is that you pay CT at 20% and take dividends thus avoiding IT at 20%,40% & 45% and NI at 12% & 13.8%. The question you should be asking is how can I pay more CT as it is the cheapest option.The only thing that is constant is change.0 -
Hi, I was until recently simply letting out my house for income and with most of the tax allowance maintenance etc I ended up paying very little tax. I have since then established my own Ltd company (only me in it) and have a job now through an agency and a low but steady income.
What are my best options to pay as little corporation tax vat etc that I can, and how does this work re tax returns, as I used to do a self assessment for my rental property, and my accountant is now looking after my Ltd company accounts.
Any help would be much appreciated.
You will still be required to complete a personal tax return, and whilst you employ an accountant for your limited company afairs, you are still ultimately liable to HMRC for correctly filing your Corporation Tax return.0
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