Hi,
My question is regarding how contractor expense needs to be reported in the Company Tax return.
Description of the main business is IT consulting services with Industry code 70000.
It is a small business with average revenue between 400k - 500K annually.
Company has sub contracted consultants to perform the day today primary work which results in generation of the core revenue. These contractor expenses alone adds up to about 70% to 80% of the company's total expenses.
Should this expense be reported as 'Cost of Sales' or 'Contractor Sub contractor expense' in the company tax return?
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