Alan
Ok you found cheeper Expenses, doesnt mean mine is wrong.
My overheads brought me more respect and a much increase turnover,
Clothing with your name on is allowable.
Do i want a second hand van? no
Telephone ? I have about 20 business calls a day, always have done.
Advertising has heped my business enormously, as well as attending trade shows and training courses, these are a fundamental part of any business.
As for the rest of the expenses, I reckon most people here with a £50k turnover will recognise those expenses.
Yes you can do it on the cheap, but the difference in expense to turnover ratio, will grow as your business grows.
Reckon up your expenses and they still come to a fair amount.
As for employee costs, no matter what i dont reckon many one man bands turnover £40k so employee costs would be an expense.
I have just dragged out one of my old profit & Loss accounts and it shows £40,121 turnover, Net profit for year before depreciation £25,398, , Employee costs were £6,886
If I remember rightly there is no way i could of done that turnover without employee help,
These are actual figures not guesstimats.