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Quick question about pay and file

  • 13-10-2010 1:30pm
    #1
    dub biz
    Registered Users, Registered Users 2 Posts: 27 ✭


    Quick question about pay and file,
    I opened in December last year but didn’t pay myself a wage until after the New Year.
    So would my liabilities be nil or am I missing something??

    Thanks


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    It depends on the profits you earned in the period and not on when you took out money from the business.


    Kind Regards

    dbran


  • #3
    dub biz
    Registered Users, Registered Users 2 Posts: 27 ✭dub biz


    Thanks dbran.

    No profits as yet. Will probably make a loss this year being the first year trading. Started trading 1/12/2009 but I was taking a wage from February 2010


  • #4
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Is it a loss before or after the wage you pay yourself?


  • #5
    dub biz
    Registered Users, Registered Users 2 Posts: 27 ✭dub biz


    What period are we looking at? For the 2009 pay and file is it up to the end of 2009 or do you also look at 2010. If I took my wages out of it you would be looking a profit of approx 10k. Would have made a total loss up to end of July


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