beautician12345
Well-Known Member
If you own a salon, as I am hoping to, could you just confirm (or correct me) about how I'm working out tax and profit...
EG (These are made up figures - obviously!!!!!!)
Rent £10,000
Salary for Therapist A £20,000
Salary for Therapist £30,000
Electricity £1000
Gas £2000
Rates £3000
Phones £4000
Products £5000
Total outgoings for year = £75,000
Revenue for year £100,000
So, am I taxed on the £25,000 profit?
Apologies if I am being a dumbo!!
EG (These are made up figures - obviously!!!!!!)
Rent £10,000
Salary for Therapist A £20,000
Salary for Therapist £30,000
Electricity £1000
Gas £2000
Rates £3000
Phones £4000
Products £5000
Total outgoings for year = £75,000
Revenue for year £100,000
So, am I taxed on the £25,000 profit?
Apologies if I am being a dumbo!!