End of year accounts
I'm at the end of my first financial yr as a ltd company.
Although I pay an accountant, he's not available until Monday, and I'd like to get my head straight as soon as poss.
My yrs income was £80'000, and my expenditure was £55'000. That's after paying myself a wage and another employee, and all insurances etc.
So that leaves my company with a profit of £25'000. Of which I have taken £17'000 as a divedend. What tax does the company and myself pay on all of this. I know it's a bit of a crued way of looking at it, but does the company pay 20% on the £25'000 profit, and I pay NI on the £17'000 I took as Divedend.
I only want a rough guideline so I can sleep tonight without worrying I'm going to go bankrupt.
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