Directors' Salary

[cojak]

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

Yep, that'll do it.

[Dharmesh]

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

[eek]

I would love to know why the OP is asking this.

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.

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...

[northernladuk]

I would love to know why the OP is asking this.

[cojak]

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.

Craig

Oops :

[northernladuk]

Time to find an accountant me thinks.

[Craig at Nixon Williams]

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.

Craig

[cojak]

No, it's classed as salary (clue is in the name...)

[Dharmesh]

Is the directors' salary classed as an expense?