Company Cash Reserve

[tractor]

...

Just a minor technical point. Retained profit is profit after deducting corporation tax and dividends paid.

Turnover less expenses is net profit. Corporation tax is charged at 20% on net profit. Profit after tax less dividends paid equals retained profit.

CT isn't strictly charge on net profit as there can be some accounting and tax adjustments e.g. capital allowances, to make on net profit but the basic framework is as above.

I did wonder how long it would be before the answer came out

I would like to make a suggestion:

Accounting for Dummies


Maybe mods could sticky it lol....

[JamJarST]

I have employed an accountant but shes not killing herself with pro-activity! Im overseas so its difficult just to knock on her door. I am all over the legit expenses etc.. But I see this matter needs some input from her sooner rather than later.

Cheers

Have you asked her the question? If not I don't see how you can really criticise her, and what exactly do you expect her to be "proactive" about?

[JamJarST]

I did wonder how long it would be before the answer came out

I would like to make a suggestion:

Accounting for Dummies


Maybe mods could sticky it lol....

It is amazing the number of people who go into business for themselves without even a basic understanding isn't it!!

[Craig@Clarity]

I did wonder how long it would be before the answer came out

I would like to make a suggestion:

Accounting for Dummies


Maybe mods could sticky it lol....

It was like an itch I couldn't help but scratch!

[harrison]

I Already asked her the question (over a week ago) alas no response! And its all a learning curve, and self employment happened for me very quickly 'forced'. hence im still playing catch up.

[northernladuk]

It is amazing the number of people who go into business for themselves without even a basic understanding isn't it!!

That is why IR35 ought to include a questionaire to be filled in by the director and if the person doesn't understand his business or his relationship with the client agent they should fail IMO. How can someone not understand these yet demonstrate the are working as a business for IR35. Not as clear cut and not putting that forward as an option but does bear thinking about.

[tractor]

...

It is amazing the number of people who go into business for themselves without even a basic understanding isn't it!!

Absolutely! The first book I ever bought when I moved into IT oh so very many years ago was a Collins-Gem Mathematics Basic Facts book. Kept it with me for years so that I didn't make stupid mistakes. From then on, I only made clever ones

Seriously though, the Dummy series on almost any topic and many basic reference books are a must.

[northernladuk]

I Already asked her the question (over a week ago) alas no response! And its all a learning curve, and self employment happened for me very quickly 'forced'. hence im still playing catch up.

Plenty of good accountants around that advertise and even post on here. Can't get anyone that knows contractors better.

[psychocandy]

I am not currently on a pay role, though I will need to start paying some dividends and salary soon (a small one of course).

Umm, seems I need to get the accountant earning her keep!

Great site by the way, lots of info on subjects that i didnt even know where subjects

Get rid of accountantant

[psychocandy]

I Already asked her the question (over a week ago) alas no response! And its all a learning curve, and self employment happened for me very quickly 'forced'. hence im still playing catch up.

A week and no response. Sod that. Would be gone by now.