Originally posted by harrison
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Reply to: Company Cash Reserve
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Previously on "Company Cash Reserve"
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Originally posted by harrison View PostI 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
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Originally posted by harrison View PostI 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.
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Originally posted by JamJarST View PostIt is amazing the number of people who go into business for themselves without even a basic understanding isn't it!!
Seriously though, the Dummy series on almost any topic and many basic reference books are a must.
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Originally posted by JamJarST View PostIt is amazing the number of people who go into business for themselves without even a basic understanding isn't it!!
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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.
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Originally posted by tractor View PostI 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....
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Originally posted by tractor View PostI 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....
Leave a comment:
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Originally posted by harrison View PostI 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
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Originally posted by Craig@InTouch View PostJust 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 would like to make a suggestion:
Accounting for Dummies
Maybe mods could sticky it lol....Last edited by tractor; 30 March 2012, 14:27.
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Originally posted by harrison View PostUmm, seems I need to get the accountant earning her keep!:
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Originally posted by Notascooby View Post1st you don't pay further Corp Tax on Divs (that's what Craig and others have been trying to say.
2nd Leaving EVERYTHING in the business account may actually be less tax efficient than removing your Income Tax allownace - use it or lose it.
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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
Leave a comment:
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Originally posted by Craig@InTouch View PostJust 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.
Leave a comment:
-
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.
Leave a comment:
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