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Are my Profit and Loss Figures supposed to be net of vat?
Legacy_user
Posts: 0 Newbie
I am trying to work out my profit for the last 3 months. I am VAT registered. Are the figures eg sales and purchases supposed to be Net and not including VAT?
eg example A gross(including VAT)
sales £10000
purchases £6000
profit £4000
or example B net(excluding VAT)
sales
£8333
purchases £5000
profit £3333
Which one is the correct way to get a figure for profit to put on my tax return?
I should really hire an accountant/bookkeeper
eg example A gross(including VAT)
sales £10000
purchases £6000
profit £4000
or example B net(excluding VAT)
sales
£8333
purchases £5000
profit £3333
Which one is the correct way to get a figure for profit to put on my tax return?
I should really hire an accountant/bookkeeper
0
Comments
-
It's example B
- assuming you are on the standard VAT rating. 0 -
yes, great thanks, so less income tax This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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