Monday, September 07, 2009
Following on from my last post..
Corporation Tax was something we both knew about, but didn't think it would be quite so unpleasant.
It's a tax on taxable profit, and we thought that as in our first year's trading we hadn't really made a profit, this wouldn't affect us too much. Ah...but 'taxable' profit is different to normal profit isn't it, so things like our stock holding were counted as assets. This meant that we'd effectively made quite a healthy profit and were therefore liable to a stonking great tax bill.
And I do mean stonking.
We're paying 3 months rent as well this month, and of course our accountants, who were the bearers of the bad tax news need paying also.
Spare some change guvnor'
alternatively you publishers could offer us extra discounts and extended credit, and customers could decide now's the best time to buy all those books you've been promising yourselves. Oh, and all you schools who owe us money from the end of last term, maybe now's the time to find a pen that works.
Or you could send us your spare change.
In happier news, Katie and I are expecting our second baby on February 20th. So nothing else matters really.