Company Accounts

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Angel557
Posted by
Platinum Member

17 Nov 07 #6899 by Angel557

Topic started by Angel557

Reading the ex's company accounts , i can't understand what all these facts and figures mean,

Profit on ordinary Activities ater taxation and Equity dividends paid is this what he paid himself from the company ?

What are Admininistrative expenses ?

Fiona
Platinum Member

19 Nov 07 #7074 by Fiona

Reply from Fiona

Don't know if this helps or muddies the water further;

Profit on ordinary Activities ater taxation - the excess of revenues over costs

Directors dividends - a tax efficient way for directors to pay themselves when there are sufficient cumulative profits after allowing for any corporation tax

Administrative expenses - the costs involved in bureaucratic tasks such as keeping records, billing, book keeping, word processing

Angel557
Posted by
Platinum Member

19 Nov 07 #7077 by Angel557

Reply from Angel557

He must be having a laugh £14,000 for expenses he does it all from his lap top and sends an invoice once a week 34 p stamp, he's a 1 man band , i used to do his book keeping before he got a pc i never even got 10p for doing it grrr.

Fiona
Platinum Member

19 Nov 07 #7078 by Fiona

Reply from Fiona

It must be a top notch laptop then!

Mike789
Senior Member

19 Nov 07 #7080 by Mike789

Reply from Mike789

In order to see what he is claiming for you need to see his profit and loss account. He is not required to file these at Com House.

Mike

Specialdad
Platinum Member

20 Nov 07 #7092 by Specialdad

Reply from Specialdad

It is best to grab hold of the sales figure and take off say 10% for expenses which is what the Revenue would allow under IR35 legislation.

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