What does Gross turnover mean as opposed to income?

Answer 1

gross turnover is money earned before expences are taken out, your income is what is left after expences are deducted

Answer 2

Gross Turnover

Answer 3

I presume you are looking at a set of accounts.

Gross turnover = sales [so selling 5 widgets for £5 means your gross turnover is £25]

For accounts, income is more a US term. It basically means profit before tax.

Also income is what you earn (on a personal basis).

If you are trying to fill out a tax return and trying to work out what gross turnover and income are then I suggest you read the notes and various HMRC guides, or speak to a tax accountant as this is then very complicated.

Answer 4

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RE:
What does Gross turnover mean as opposed to income?

Answer 5

gross turnover means what you earn before tax and national insurance and any other moneys is taken out, income is what you actually have into your own pocket after all that is taken out

Answer 6

The gross turnover is the total turnover before expenses are subtracted. It is all the money a business has received without subtracting its costs. The net income is what you receive after all your turnover costs are subtracted. It is the net profit.

Answer 7

Hey,

Gross turnover is the money before deductions.

God bless

Answer 8

gross turnover means your wage before tax and NI, your income is what you have left

Answer 9

gross income means a total income or total amount of money which you having in a given period of time before any deduction like tax, personal income tax, insurance....etc..

Answer 10

It is the total amount that a business sells in any tax year, before any expenses , tax, wages,V.A.T. etc is deducted from it. What is left after deductions is the profit or income.