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Tax Credit Renewal Form
MoneyMakerDotCom
Posts: 2 Newbie
Hi guys, it states in one of the box's on the Tex Credit Renewal Form that if your Self Employed please enter the Total Profit amount. Does this mean before deductions or after deductions?
Also..... is Gross Profit every penny a business makes without any deductions made? and is Net Profit the amount you end up with when you deduct expenses from the Gross profit?
Gross Profit - Expenses= Net Profit <----and is this what the government tax you on and also is the net profit what needs to be entered into tax credit renewal form if you are self employed or is it the Gross Profit that needs to be entered?
Kind Regards
Also..... is Gross Profit every penny a business makes without any deductions made? and is Net Profit the amount you end up with when you deduct expenses from the Gross profit?
Gross Profit - Expenses= Net Profit <----and is this what the government tax you on and also is the net profit what needs to be entered into tax credit renewal form if you are self employed or is it the Gross Profit that needs to be entered?
Kind Regards
0
Comments
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It is your Net profit if you are a sole trader1 Sealed Pot Challenge # 1480
2 Stopped Smoking 28/08/2011
3 Joined Payment A Day Challenge 3/12/2011
4 One debt vs 100 days part 15 £579.62/ £579.62New challenge £155.73/£500
5 Pay off as much as you can in 2013 challenge!£6609.20 / £75000 -
Ok thanks, but is Net Profit the figure after deductions?cutestkids wrote: »It is your Net profit if you are a sole trader
Kind Regards0 -
Yes it is.No One I Think Is In My Tree.:cool:0
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