Is the directors' salary classed as an expense?
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No, it's classed as salary (clue is in the name...)"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank... -
It's classed as an expense in that it's deducted from turnover to calculate profit. It will therefore reduce the company's liability to corporation tax.
CraigComment
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Time to find an accountant me thinks.'CUK forum personality of 2011 - Winner - Yes really!!!!
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OopsOriginally posted by Craig at Nixon Williams View Post
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"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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I would love to know why the OP is asking this.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Because he knows the price of everything and the cost of nothing so its trying to do things himself without an accountant to save himself a £1000 or so.Originally posted by northernladuk View Post
My advice to the OP would be to get an accountant. If you don't know what you are doing that £1000 will save you a world of pain down the line...
Yes personally I don't use one but thats because I've spent years as a contractor and know what I'm doing...merely at clientco for the entertainmentComment
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I already have an accountant. It's just that my FreeAgent Balance Sheet report was showing the salary in the asset column. This is what raised the question. It's all sorted now though
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Yep, that'll do it.Originally posted by Dharmesh View PostI already have an accountant. It's just that my FreeAgent Balance Sheet report was showing the salary in the asset column. This is what raised the question. It's all sorted now though
"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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