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The total value of all sales.
The cost of items purchased to sell.
The cost of wages.
The cost of all admin and any other costs.
The total value of all other income.
Note: These calculations are only for illustrative purposes and are not a substitute for professional advice.
Why not get in touch with Quarter Chartered Accountants today for more information.
Experts have warned that recent higher than anticipated government borrowing figures have increased the prospect of Chancellor Rachel Reeves raising taxes at the next Budget.
Chancellor Rachel Reeves has confirmed that the annual tax-free ISA allowance won't be reduced from £20,000.