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Farm Business
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Tax Question?
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<blockquote data-quote="gatepost" data-source="post: 6634482" data-attributes="member: 6605"><p>as above, what you have bought and sold again within your tax year will be reflected in your profit and loss account, the difference in purchase plus costs of turning into and delivering out as firewood will be profit however if you say bought 10 tons and only sold 5 within the year will mean that you have 5 tons at cost price on your balance sheet in other words like cash in the bank. hope that helps, sort of!</p></blockquote><p></p>
[QUOTE="gatepost, post: 6634482, member: 6605"] as above, what you have bought and sold again within your tax year will be reflected in your profit and loss account, the difference in purchase plus costs of turning into and delivering out as firewood will be profit however if you say bought 10 tons and only sold 5 within the year will mean that you have 5 tons at cost price on your balance sheet in other words like cash in the bank. hope that helps, sort of! [/QUOTE]
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