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Financial (Income Tax (Income tax goes towards anyone who is employed, and…
Financial
Income Tax
Income tax goes towards anyone who is employed, and is an annual payment, which includes a percentage of someones overall salary.
Invoicing
This is when the costs of the purchases made are displayed to an individual. This is a confirmation of all the purchases made by someone.
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National Insurance
Employees will usually pay national insurance, which is about 12% of someones salary.
Overheads
This is the usual expenses that a business have to pay for in order to run. This includes paying for the land that their building is on and any other bills that any business may need to pay.
Funding Finance Options
Businesses will have a range of options to choose from when funding a game, and they may choose the one which they think will be most effective. This can range from Investors, bank loans and crowdfunding.
Pensions
Companies will need to save money for employees which will go towards their pension, meaning that they get the money when retired.
Expenses
Staff is a huge expense of the project. they take up around 70% of the budget. The other main expenses is the equipment (hardware/software) and offices.
Use Of Accountants
Accountants are important to a business because they will do the calculations of all the financing, meaning that they will be able to work out useful information like how much budget is left etc...
Personal Insurance
When an employee is employed, the employer will have to pay for insurance for these individuals, they usually pay around 80% of the insurance.
Accounts
Monitoring purchases is important because it is a form of planning with the budget and will reduce the chance of bankruptcy
VAT
Whenever a purchase is made, there will be an additional cost to the product. Value added tax adds another 20% cost on top of the base price of the product.
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