Profit and loss
How this statement is worked out
Under the Flat Rate Scheme, VAT due is the flat-rate VAT on your takings less any capital-asset reclaim.
A dividend needs enough profit after tax across every year so far, a dated voucher for each shareholder and a board minute. This figure is only this period's.
Money the director has already taken on the loan account is not deducted here: its tax cost shows as the s455 line, and a dividend can be used to clear the loan. s455 is repaid by HMRC once the loan is cleared.
Bank balances, and what the company owns and owes, belong on a balance sheet, which isn't built yet.
A loss gives £0.00 of Corporation Tax and is not carried forward or back.
Same dates last year: no records
| Line | 1 April to 11 November 2026 |
|---|---|
| Invoiced sales | £95,325.00 |
| Sales income | £0.00 |
| Trading income | £95,325.00 |
| Bank interest received | £81.50 |
| Other income | £81.50 |
| Income | £95,406.50 |
| VAT due | £11,943.43 |
| VAT due follows the payments you filed on, so a payment that crosses the period boundary sits in a different period from its invoice. | |
| Staff costs & salaries | £7,994.84 |
| Equipment (capital) | £2,400.00 |
| Motor & travel | £1,360.90 |
| Use of home as office | £1,222.80 |
| Accountancy & professional fees | £1,050.00 |
| Sundry expenses | £1,050.00 |
| Software & subscriptions | £870.40 |
| Training | £420.00 |
| Insurance | £312.00 |
| Telephone & internet | £252.00 |
| Marketing & advertising | £180.00 |
| Office supplies & postage | £141.60 |
| Subsistence | £18.50 |
| Expenses | £17,273.04 |
| 3 bank lines in these dates aren't matched to an expense yet, so they aren't in Expenses. | |
| Expenses include £2,000.00 of capital purchases, deducted in full in the year bought, as the Corporation Tax estimate does. Your asset register spreads the cost, charging £388.89 of depreciation over the same dates, so profit after depreciation would be £1,611.11 higher. | |
| 1 sales receipt of £240.00 isn't allocated to an invoice, and you have invoices still open, so it may be counted twice in Trading income. It can't be allocated in a filed VAT quarter. | |
| Profit before tax | £66,190.03 |
| Taxable profit | £66,190.03 |
| Corporation Tax |
£13,790.36
at 25% less marginal relief, due 1 January 2028 |
| Estimate, before your accountant's adjustments. | |
| If those receipts are already in your invoices, Corporation Tax is £13,726.76. If not, it is £13,790.36. This is an estimate; the VAT figure is as on your returns. | |
| Profit after tax | £52,399.67 |
| Director's loan tax (s455) | £511.51 |
| Keep for tax | £14,301.87 |
| Available before dividends | £51,888.16 |