Thanks mate.MPH80 wrote:AIUI - it's box 76 - the 'taxable profit'.apinan wrote:is this the figure to look for on the self assessment ?
http://www.hmrc.gov.uk/forms/sa103f.pdf
net profit or loss , at number 47 on the assessment.
so i know what to look for.
If you read the guidance for sole traders (https://www.gov.uk/government/uploads/s ... 140324.pdf) it specifically uses that phrase.
For everyone else's benefit - the difference with sole trader is that the company and the person are one and the same thing.
So if the company earns X - the person also earns X. But the sole trader has expenses they can offset against their profit - mobile phone/transport etc. Those all come out before tax.
As such - the taxable income is the critical thing for a sole trader to put them on the same level as an employed person. E.g. it's the amount of money before the personal allowances are considered.
For a company director - it's actually easier to distinguish how much they are earning because it's the amount of money taken from the business directly by that individual and since there are payslips and dividend vouchers to see - it's easy.
Will have a look when I get password to HMRC 'so site