HMRC Benchmarking

Long been a tool for the financially-savvy, even HMRC are at it, now.

They have sophisticated data at their disposal and they are starting to use it to work out whether your reported net profit ratio is within their expectations for your trade sector.

They will not tell us what these expectations are, but I have found out that taxi drivers are expected to report between 29 and 49% net profit ratios, whilst pharmacists are expected to be between 71 and 89%.

Very handy information.