My practice has now been trading for exactly a year, as of today (yay!). So I thought I'd look back at where the spoils went.
Now, you will all know my views by now. So I was (I admit) expecting a particular result. But it still took me by surprise:
These are the actual figures. Cross my heart. They consist of:
Me - this is the net cash received by me, i.e. the cash I have drawn from the business to live on minus the cash I put in to start it off with.
Staff - a simple one, their net salaries over the year.
Government - is the total due in respect of the year, including my own personal tax due for the year in question (based on the income ascribed to me under HMRC rules), the total PAYE and NI that I have paid to HMRC in respect of my staff's salaries, the total VAT I have paid for the year, and the official fees I have paid to HMG or its proxies on behalf of clients.
Note, there is no Corporation tax in there. None. Zero. I avoided it entirely by incorporating as an LLP. So, go on - call me a tax dodger. Accuse me of not making my fair contribution.
Go on. I dare you.