I have started a cake business , my annual income for the past year was 130K, how do I go about preparing an Inc statement? Do I take all the Sales less all the related exp to calc the Profit, or do I have to do a cash book & bank recon & then calculate the business profit.
I assume I will pay tax on the profits only , what about my drawings each month?
How do I register the uif & paye of my business on efiling?
thanx