Working out your business costs
If you run a business the chances are you'll have costs that you need to cover.
These might include things like:
- The amount of money you spend on a van or car, including lease hire, petrol, tax, insurance and servicing
You’ll need to add up these costs and insert the total amount into the income calculator.
If you pay for things at different intervals (for example if you buy petrol every week but only pay your accountant once a year) you’ll need to change some of these figures so that they're all weekly, monthly or yearly. To do this, follow these calculations:
- To change a weekly figure into a monthly one take the weekly figure and times this by 52 (the number of weeks in the year) and then divide this by 12 (the number of months in the year)
- To change a monthly figure into a yearly one take the monthly figure and times this by 12 (the number of months in a year)
- To change a monthly figure into a weekly one take the monthly figure and times it by 12 (the number of months in a year) and then divide this by 52 (the number of weeks in the year)
Self employed and need help with personal debts?