Originally Posted by jhen1230
Hi All,
I am getting confused with the £18,600 financial requirement.Is it gross income or net profit for self employed?
Been advised that it is the net profit that counts.Is it true?
I cannot see any business or anyone unless they are very rich to have £18,600 left in their bank account after paying for housekeeping,taxes,utility bills etc.
Please...,,,,,, Please...,tell me it is not a net profit.
Nett profit is what you have left after paying your company expenses, and nothing to do with house keeping or utility bills. In effect it's what you or your accountant have declared to the tax man that you've earned in that financial year.
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