Guys,
Accounting is by far my weak point, and I've just had to ditch my current accountant (terrible service, unanswered e-mails, calls) so I've no-one to ask.
I've got no income at the moment, and nothing on the horizon, so it looks like my company will make a loss for the first time this year if I keep taking my salary. But there's a fair five figure sum in the company, so taking salary for a year or two won't be a problem.
But my questions are :
if my company makes a loss, there's nothing wrong with that is there. Doesn't it just mean no corp tax to pay?
And is that Ok, to keep paying a salary, even though there's no turnover?
ta
Michelle
Accounting is by far my weak point, and I've just had to ditch my current accountant (terrible service, unanswered e-mails, calls) so I've no-one to ask.
I've got no income at the moment, and nothing on the horizon, so it looks like my company will make a loss for the first time this year if I keep taking my salary. But there's a fair five figure sum in the company, so taking salary for a year or two won't be a problem.
But my questions are :
if my company makes a loss, there's nothing wrong with that is there. Doesn't it just mean no corp tax to pay?
And is that Ok, to keep paying a salary, even though there's no turnover?
ta
Michelle
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