Good question.
Just completed my accounts for my last financial year. My turnover was £45,000 odd, wages and salaries were nearly 25k, i had 1500 in accountancy bills and around £7,800 left in profits which was a nice bonus to enjoy. Been using ot for fun stuff like treating the kids, hobbies and you know stuff that counts.
Here have a look at my profit and loss statement.
It’s intresting to see others make up of expenditures your accountants costs seam quite high at around £1500 I pay £400 a year , does he do all your wage slips etc in that or just end of years accounts? Ime not good with the figures side of things I leave that to the wife and accountant but your profit compared to what you earn seams low .? There doesn’t seam to be a water bill there or is that included in the use of home charges ? Also is it wise to be disclosing this on a public forum where anyone can look at these figures —- just concerned for you with showing this to everyone
Water bill is under water production costs.
Yes we pay for payroll services, me and the wife both get a monthly fixed salary, and pay any tax due on PAYE on playslips
Use of home charges is a percentage of my private rent at my place of residence, i do not claim electric gas or anything else for simplicity. Eventually when i get a commercial premises, this will not be claimed anymore as the company will have direct rent and rates to pay.
Profits are treated completely differently in LTD company accounts. I could for example take all my money as wages, and have zero profits, but that would be stupid.
My costs are for Payroll services, taxation advice, accountancy services, and business advice. £1500 a year is fairly typical for LTD company chartered accounts.
Nope not concerned at all about this going on a public forum, the accounts are available to anyone who wants to read them anyway when i file at companies house. I will however be removing the file in 24 hours.