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Sam
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Category: Tax
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I am a small business owner & this year have had to borrow

Customer Question

I am a small business owner & this year have had to borrow £10000 to live on as the business could not make enough to pay me. However, my Accountant has just done accounts & on paper I show £62000 profit for the business - last year I showed £42000 profit on paper & got a tax bill of £12000. I managed to borrow on credit cards & use an ISA to pay it & my Accountant managed to get £4000 refunded & cancellation of a further payment of £4000 of tax in July2013. I am now terrified that because the 2012 profit on paper is £62000 I will get an enormous tax bill I have no way of paying. I really do not know what to do please help!
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your question


Do you have any reason to think this net profit figure is wrong? Is it what you expected, and why do you state this is what your profit is on paper, ?? I assume this is the amount you had left over if you drew nothing from the business through the year?

 

Please expand on your position

 

Thanks

 

Sam

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