Where to find total company earnings

CPTM

If I had a LTD company, and I needed to show what the companies total gross earnings were for 2018 before any costs, what would I ask for from my accountant?

daheff

I think what you are looking for is Sales (Turnover) figure? That is all earnings before any costs.

On its own, its not a particularly useful number.

CiboC

Ask for the total income figure for 2018.

Turnover is sales, but that may not reflect total income if there were (for example) earnings from investments.

CPTM

Thanks - this is a very basic company (for IT contracting) with one director (me) and zero costs other than my salary. I am applying for a mortgage, and I have the following problem:

I know my company earned 100k (for example)
I drew down a salary of 60k
There's 40k left in the company account

I showed the bank through my p60 that I had 60k drawn down, but they want to see proof that the overall earnings for the company was 100k for the year. Is there a turnover figure on any of the year end tax returns documents?

Stratvs

If your accountant has 2018 finalised the total income will be in the financial statements that you’d have signed. The turnover and any other other income of the company also go on the corporation tax return (CT1) that’s filed with Revenue. Tell your accountant what the bank want, they’ll be used to this and know exactly what to give you.

mlsekin

It’s the net profit figure you need .This is added to the directors renumeration (which should be the same figure as your P60) to get total income allowable for the mortgage .

You are better to get your accountant just to send you your accounts and bring them to the bank for review as other items can be added too like directors pension .