Jurisdiction(s):
United Kingdom

Key definition

Profits definition

What does Profits mean? Profits describes the net surplus generated by a business or asset after deducting relevant costs, used to assess performance, tax liabilities, distributions and damages. The precise meaning is context‑specific. For corporation tax in the UK and Ireland, legislation provides that a company’s profits include both income and chargeable gains (capital gains), not just trading results. Key distinctions include: - Accounting profit: measured under applicable GAAP. - Taxable profits: accounting profit adjusted by statute (for example, disallowables, capital allowances, losses and group relief). - Distributable profits: profits available for lawful dividends under companies legislation (UK Companies Act 2006, Irish Companies Act 2014), broadly the company’s...

Building effective relationships with business colleagues: practical guidance for in-house lawyers on understanding pressures, addressing misconceptions, securing timely engagement, and enhancing visibility, communication and commercial credibility

Published by a LexisNexis In-house Advisor expert

Practice notes

This Practice Note provides practical guidance and pointers for in-house lawyers on how to cultivate, build and enhance relationships with individuals within the business.

Understanding the pressures which they are under

Whether you prefer to describe those you work with as your ‘clients’ or ‘business colleagues’, the first step in building a relationship is to view matters from their perspective and appreciate their viewpoint.

time pressures and demanding deadlines
targets relating to sales, Profits and Costs
Corporate governance obligations
a competitive market landscape
regulatory demands
the introduction of new processes or procedures
limited experience within the role, sector or industry

The commercial environment is unforgiving. If we fail to recognise and understand the pressures our business colleagues face, or neglect to work with them in ways that help to ease them, all sides may end up exasperated or demoralised, which, in turn, does not foster strong relationships or the perception of you as an effective business partner.

To properly and fully grasp what matters in their world, you need to understand your business’s strategy and the factors that influence that strategy. For guidance, see Practice Note: Understanding business strategy...

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Web page updated on 21/05/2026

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