refreshment income from spurs game(kiosks)

[seagullondon]

£100,000

ill give you £100,000 if you come back to team c/r

 

[Herr Tubthumper]

Exactly 100k to go with the crowd of exactly 17k

 

[Hillian1]

In a few years we can ask 'what happened to the spurs kiosk money ?'

 

[8ace]

In a few years we can ask 'what happened to the spurs kiosk money ?'

 

[Return of the Rev]

In a few years we can ask 'what happened to the spurs kiosk money ?'

 

[Return of the Rev]

ill give you £100,000 if you come back to team c/r

if you pay me in pies i'm back!

 

[See-Goals]

Sooooooooo, this is dull.

 

[kingcole]

No you don't you pay TAX on your taxable PROFIT ie Turnover less costs less allowances

So much miss information here!

Turnover, income, takings, what's rung thru the till = THE SAME THING!

Profit = THE SAME THING minus The costs to the business: Raw materials (food?) Staff, premises hire, lights, wather etc.

There are 3 types of tax to pay:-

There is corporation tax. This is charged as a percentage of the 'PROFITS'
There is VAT: The turnover figure will include 20% VAT which has to be paid, regardless of any profit, minus any VAT paid.
Alcohol Duty: The rates vary for beers, wine and spirits, but like VAT this is also paid, regardless of any profit made.

Your statement suggested that tax is only paid on taxable profit. This is not true. It's a shame but there are more taxes than plain old corporation tax!

 

[BensGrandad]

Why is everybody getting hot under the collar as to whether this is termed as turnover or income both of which they would be paying Input VAT on, which in this case is approx £16,666 leaving a balance of £83,333 out of which comes the operating expenses which would probably be in the region £30,000 leavinga gross profit of some £53,000 or thereabouts, which is still a very healthy situation to be in.

Corporation Tax would not be paid until the end of the trading year after every expenses has been paid and the Alcohol Duty is taken at source by the suppliers socan be ignored. For the general appraisal of the trading situation of the kiosks all bar the cost of goods, staff wages, heat and light etc can be ignored until the actual accounts are compiled and submitted.

 

[Dunk]

I reckon £100,000 = 15,385 'pie and a pints' at £6.50 each.
50p (roughly) is VAT on the pint. 70p (roughly) on the pie leaves £5.40 after tax.
So £83000 after VAT.
Take off £40,000 for the cost of buying the stuff leaves £43,000 profit before tax.
Take off 26% corporation tax you get £31,820.

So I reckon if the food and drink receipts were £100k, Brighton get about £30k cash.

Please be aware that all these figures are pretty much made up.

 

[cyanide-sid]

If you`re Pompey you don`t pay tax on turnover or profit or income or anything else.

 

[Davey Boy Smith]

Please be aware that all these figures are pretty much made up.

That's what my accountant says!

 

[Nottseagull]

Yes, income and profit are simillar,

Errr.... no they're not. Unless you are a Financial Advisor, that is.

In a few years we can ask 'what happened to the spurs kiosk money ?'

 

[Gazwag]

So much miss information here!

Turnover, income, takings, what's rung thru the till = THE SAME THING!

Profit = THE SAME THING minus The costs to the business: Raw materials (food?) Staff, premises hire, lights, wather etc.

There are 3 types of tax to pay:-

There is corporation tax. This is charged as a percentage of the 'PROFITS'
There is VAT: The turnover figure will include 20% VAT which has to be paid, regardless of any profit, minus any VAT paid.
Alcohol Duty: The rates vary for beers, wine and spirits, but like VAT this is also paid, regardless of any profit made.

Your statement suggested that tax is only paid on taxable profit. This is not true. It's a shame but there are more taxes than plain old corporation tax!

I was taking the more simplistic view of a business, not necessarily BHAFC, which may be a partnership, Company or an individual - two different types of tax but tax on profits all the same.

I ignored VAT as not all businesses are required to pay vat.

Incidentally, BHAFC would not pay Alcohol duty itself, this would have already been paid.

All I was doing was pointng out Income and Turnover was basically the same thing, which is different from profits.

 

[Lincoln Imp]

Blimey this is hard work."No you don't"? - er, yes you do pay tax on income. This could also be called profit.

The OP said 'income'. I was simply asking whether they meant profit, or turnover. Income is more associated with profit.

Sorry, but a business doesn't pay tax on its income. It pays tax on what is left of its income after deductable expenses. My business has an in income of several hundred thousand pounds a year but that's not profit and it's not what I pay tax on.

 

[Triggaaar]

So much miss information here!

Right back at ya.

Turnover, income, takings, what's rung thru the till = THE SAME THING!

Well I respectfully disagree.

Although these terms aren't identical, and it does vary slightly when talking about individuals and business, basically:
Gross income = revenues - expenses = gross profit
Net income = revenues - expenses - taxes = net profit

Errr.... no they're not. Unless you are a Financial Advisor, that is.

Ah well, be dull if we all agreed.

 

[The Wookiee]

Why is everybody getting hot under the collar as to whether this is termed as turnover or income both of which they would be paying Input VAT on, which in this case is approx £16,666 leaving a balance of £83,333 out of which comes the operating expenses which would probably be in the region £30,000 leavinga gross profit of some £53,000 or thereabouts, which is still a very healthy situation to be in.

Corporation Tax would not be paid until the end of the trading year after every expenses has been paid and the Alcohol Duty is taken at source by the suppliers socan be ignored. For the general appraisal of the trading situation of the kiosks all bar the cost of goods, staff wages, heat and light etc can be ignored until the actual accounts are compiled and submitted.

Rep added

 

[beorhthelm]

Although these terms aren't identical, and it does vary slightly when talking about individuals and business, basically:

i think the confusion here is due to not recognising that individuals have income while businesses have revenue or turnover.

 

[Triggaaar]

i think the confusion here is due to not recognising that individuals have income while businesses have revenue or turnover.

It doesn't help that companies also use the term income, operating income etc.

What's the difference between revenue and income? - Business - Answer Desk - msnbc.com

What is income? definition and meaning