PROFIT AND LOSS BASICS! (KNOW YOUR NUMBERS)

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  • Опубликовано: 30 окт 2024

Комментарии • 20

  • @mikeemarinas1350
    @mikeemarinas1350 2 года назад +1

    Thank you so much! this has been very helpful to me get the basics of SPL. I find it more easier to study my Final Accounts Preparations!

  • @DavidWilliams-ff7xg
    @DavidWilliams-ff7xg Год назад +1

    As an ice cream business am I correct in thinking we would claim the cost of the ice cream van against profits as an Annual Investment Allowance in full in year 1? Or should it be depreciated over time (my limited understanding is that HMRC will ignore depreciation when calculating tax)? Grateful for any clarity you can provide. These videos are excellent btw.

    • @HeelanAssociates
      @HeelanAssociates  7 месяцев назад

      Sorry we missed this one! This may help HOW MUCH TAX CAN YOU CLAIM BACK ON A VAN? SELF-EMPLOYED SPECIAL
      ruclips.net/video/DlfpBCtbO10/видео.html

  • @szidoniadaniel6939
    @szidoniadaniel6939 4 года назад +2

    Thanks for the informative video. I have a question. If you are a full-time employee and earn let's say £20 000. And you want to start a photography business on the sides just part-time, you need to buy all the equipment in the beginning. So let's say you spend £4 000 on this equipment. What if in the first year you don't make any money? Are you able to close a year in minus? Or if the next year you earn some can you roll over that £4 000 expenses? Thank you :)

    • @HeelanAssociates
      @HeelanAssociates  4 года назад

      Yes and it’s not unusual. In fact I think every photography business we’ve had as a client ends in a tax loss in year one!
      Totally fine to make a loss. You can carry losses forward for tax purposes, or actually if you are a sole trader you can do some cool stuff with losses with the tax you paid in your main job.

  • @cameronhall5426
    @cameronhall5426 3 года назад +1

    Love this. Thank You

    • @HeelanAssociates
      @HeelanAssociates  3 года назад

      Glad you found it useful!

    • @cameronhall5426
      @cameronhall5426 3 года назад

      Most informative and well explained video on line. 👊🏻👊🏻

  • @sherocoffeeclub347
    @sherocoffeeclub347 2 года назад +1

    This is very helpful

  • @simonlambert6891
    @simonlambert6891 3 года назад +1

    If you get towards the end of the financial year and you bought a lot of stock (for future sales) do these purchases count against profitability or are they just added to your balance sheet? Thanks

    • @HeelanAssociates
      @HeelanAssociates  3 года назад +1

      If you haven’t sold them sit on your balance sheet, have a watch of this one ruclips.net/video/meiBmOjQh0k/видео.html

    • @simonlambert6891
      @simonlambert6891 3 года назад

      @@HeelanAssociates thank you 🙂

  • @liamlynch5863
    @liamlynch5863 2 года назад +2

    Great vid! Quick question, for sales, I presume that is sales excluding VAT?

    • @HeelanAssociates
      @HeelanAssociates  2 года назад

      Yes, VAT is ignored by default in accounting -reporting (UK). Glad you enjoyed vid.

  • @Stephie_L
    @Stephie_L 3 года назад +1

    Very helpful :) For self employed do you need to upload receipts of all your expenses (equipment bought etc) or just the invoices for any sales you made? Thanks

    • @HeelanAssociates
      @HeelanAssociates  3 года назад +1

      It’s mainly for if they tax people need to see proof. You should keep both expenses and any invoices

  • @sword2die755
    @sword2die755 4 года назад +2

    cool