I love working for myself and wouldn’t change it for anything. But, like with anything in life, there are ups and downs. Today I want to share with you 7 things I wish someone had told me about before becoming self-employed. §to help fell more prepared when you take the leap and start working for yourself.
Taxable profits are used to calculate tax. Adjustments need to be made to trading profits because certain expenses are treated differently for tax purposes. These types of expenses include: Depreciation Entertainment
Trading profits are the amount of money left over after deducting all your business expenses from your business income. They are shown on a profit and loss account for a specific period of time (normally one year).
The VAT threshold is set each year as part of the UK Budget. Over the last three years, we have not seen any changes to the threshold. But it has been changing over the years. Here is a summary of the VAT threshold History.