by mighty on Wed Nov 23, 2011 6:42 pm
Just going through my 1st years corporation tax return and I have a question.
When calculating my turnover in profit and loss, do I include tax on labour which I have already been deducted, even though I didn't receive it?
I assume it is thus, though it seems that i will be paying tax on tax this way.
turnover = (all income received at bank + tax deducted for labour content of invoices by main contractors) - flat rate vat paid
Sorry if this appears dumb..