I know it is a complicated matter but I need a few basic % figures to finish a basic business plan.
I am looking at buying a business in spain that is a current going concern with my wife and 2 children and have most of the figures, gross profit (after stock) excluding all else
and current Social security figures, community charges etc.
What I have been trying to work out the past couple of days is what can I deduct from the Gross profits before calculating any tax’s and which Tax’s are payaple as a self employed business.
Would repaying an Investor be deductable?
Would putting by for the renewable Lease be a tax deduction?
Would I have to pay Income tax and Business Tax? or only one.
example:
Gross profits pa 126,000 Euros
Running costs pa (utilities etc) 3,500 Euros
Rent pa (incl 16% iva) 24,360 Euros
Lease (saving)pa 9,500 Euros (10 year renewable)
I am not looking for someone to do all the calcs for me, just some help with what tax’s are payable % wise and after which deductions.
Insidently we would be renting accomodation for a while so I am not sure if this is also Tax deductable.
I have done Alot of reading and searching just seems to be deciding with Tax would be aplicable and the percentages that has me stuck.
Any and all help greatly apreciated.
Thank you!
