Net profit/ net profit after tax for self employed

DARAY · Post by **DARAY** » Sat Aug 13, 2011 9:32 am

Hello all, I submitted my tier 1 renewal. I am self employed. I claimed points on my profit after tax ( after outgoings and tax)and not profit before tax(after outgoings) Is this correct? If no what are the likely implications.

DARAY · Post by **DARAY** » Sat Aug 13, 2011 2:31 pm

Can someone please shed more light to this grey area. In the section 93 of the policy guidance it says net profit after tax and outgoings and I have seen several poeple in the forum using net profit before tax. Which one is correct

AccountantMatthew · Post by **AccountantMatthew** » Mon Aug 15, 2011 9:26 am

Re: question, Appendix A states this:

25. Where the earnings are the profits of a business derived through self-employment or other business activities:

(a) the earnings that will be assessed are the profits of the business before tax......

With self employed businesses, when doing accounts, the profit & loss account only goes as far as net profit before tax.

DARAY · Post by **DARAY** » Mon Aug 15, 2011 9:37 am

I made my account up to profit after tax. And claim earnings on profit after tax. Will this be a problem? What are the likely implication at HO

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Net profit/ net profit after tax for self employed

Net profit/ net profit after tax for self employed