Managing your Finances: Profit and Loss

  • Profit & loss accounts are a summary of 12 months of business transactions
  • It provides a ‘bottom line’, clearly showing the profit – or loss – a business has created
  • There are numerous benefits to creating profit and loss accounts – including making it quicker and easier to fill out VAT returns
  • Profit & Loss and tax accounts have different rules and guidelines depending on if you’re self employed or a limited company
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Last reviewed: 10 months ago

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Spring North is a member-based charity consortium covering Central and West Lancashire, Pennine, Morecambe Bay, and the Fylde Coast. 

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