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SW requesting Trading,P&L accounts - any equivalent?

  • 10-12-2020 10:07am
    #1
    Tax_baffled
    Registered Users, Registered Users 2 Posts: 8 ✭


    Hi,

    Social Welfare have requested a trading, profit and loss account for my self employment. I do a very small amount of work each month for which I make a tax return via a form11 (eg. I earn say €700 a month and that figure never changes from month to month). The last time I remember doing a trading, profit and loss account was in my leaving cert 25 years ago!

    What exactly am I meant to produce here does anyone know?


Comments

  • #2
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,289 ✭✭✭✭Mrs OBumble


    Do a spreadsheet with headings Income, Expenditure and Drawings and titled for the financial year.

    Put an entry for each month under income, and list your income. Put a total on the bottom.

    Put entries for any costs you incur under expenses. Put a total in the bottom.

    Drawings = total income minus total expenditure.


    Is this a proper P&L? No
    Is is good enough for Welfare in this situation? I've found it is.


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