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Term in notes

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Term in notes

  • This topic has 1 reply, 2 voices, and was last updated 1 month ago by JillyB.
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  • December 16, 2022 at 6:07 am #674727
    maximus07
    Participant
    • Topics: 407
    • Replies: 398
    • ☆☆☆☆

    Can you tell what exactly the term ‘trading profit of the self-employed’ means? Actually, I am not good at english. According to me, it means a small independent business like a shop. My earnings from my shop is trading profit of self-employed. Am I correct?

    December 17, 2022 at 2:57 pm #674810
    JillyB
    Moderator
    • Topics: 0
    • Replies: 179
    • ☆☆

    you are self employed if you run your own business and yes a shop would be a small business. As the business is trading it will make a profit.

    If you work at the shop but it is owned by someone else then your earnings are as an employee and you will recevie a wage for the work you do.
    I hope this explains.

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