miwahni (miwahni) wrote,

  • Mood:

None so blind.

Tell you what, I reckon that it should be compulsory for anyone considering going into business for themselves to learn how to read and interpret a profit and loss statement, balance sheet, and tax return. Just so I don't have to spend half an afternoon explaining WHY I have to use the net taxable income and not the turnover, or the gross income, when working out affordability. And WHY taking drawings over two times the net profit is a Bad Thing, and will eventually result in 1) cash flow issues, which leads to 2) no more business. And WHY I need to consider the two hire purchase contracts as debts which reduce disposable income, even though they're reported on the balance sheet. No, I am not double-dipping *sigh*. And the one-off govt tax break for business machinery expenditure does NOT give you extra income, it simply reduces your tax liability....
Tags: stupidity, work

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