Profit & Loss Account 3-Year Summary
Traditional InsuranceCustomer’s P&L ACCOUNT (edited) |
Synergy MicroCaptive™Customer’s P&L ACCOUNT (edited) |
||
| £ | £ | ||
| Insurance premium |
(300,000) |
Insurance premium |
(180,000) |
| Insurance premium tax (IPT) |
(15,000) |
Insurance premium tax (IPT) |
(9,000) |
|
|
Synergy admin fees |
(6,000) |
|
|
|
VAT on fees* |
(1,050) |
|
| CLAIMS/SMALL LOSS COSTS |
(5,000) |
CLAIMS/SMALL LOSS COSTS |
(35,000) |
| Interest received |
0 |
Interest received |
10,479 |
| TOTAL PRE TAX NET EXPENSES: |
(320,000) |
TOTAL PRE TAX NET EXPENSES: |
(219,521) |
| Corporation Tax Relief |
91,700 |
Corporation Tax Relief |
62,931 |
|
|
VAT recovery* |
1,050 |
|
| TOTAL 3-YEAR POST TAX NET COSTS |
(228,300) |
TOTAL 3-YEAR POST TAX NET COSTS |
(156,590) |
* VAT is applied to the Synergy administration fees. This illustration assumes VAT @ 17.5% and that the business in question can fully recover its VAT inputs. The illustration also assumes Corporation Tax Relief @ 30% in year 1 and 28% thereafter. Interest will be receivable at 25 bps below Base (assumed 5% pa above).