HOW TO PAY YOURSELF AS A SOLE TRADER OR LIMITED COMPANY!

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  • Опубліковано 23 сер 2024
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КОМЕНТАРІ • 15

  • @jaydeenegrubb2465
    @jaydeenegrubb2465 3 роки тому +2

    So.... My net profit as a sole trader should be income - expenses (not including drawings)
    Drawings should be included in my profit?

  • @Limossol3922
    @Limossol3922 Рік тому +1

    Hey, fantastic video! I have a question if you don't mind answering. If I register as self-employed, and move £20,000 to my sole trader business account to start my business, is that money still classed as a loan since we're not separate entities? Thank you :)

    • @BoffixAccountancy
      @BoffixAccountancy  Рік тому +2

      It's classed as capital introduced and has no tax impact!

    • @Limossol3922
      @Limossol3922 Рік тому +1

      @@BoffixAccountancy thanks so much

  • @ld0121
    @ld0121 4 роки тому +1

    Hi, great info again. Question... as a sole trader when I transfer money from my business bank account to my personal bank account and 'pay' myself would I mark that transaction as 'Personal' in QBSE?

    • @BoffixAccountancy
      @BoffixAccountancy  3 роки тому +1

      Hi Lee! Thank you for getting in touch and for the great question. You're quite right, you would just mark that transaction as personal.

  • @hustysemporium6359
    @hustysemporium6359 3 роки тому +1

    Hi Aaron if I'm not using QB's and using my own spreadsheet how do I document where I show the takings of drawings ? Also do I pay my taxes from my personal account from the drawings I've taken or do I pay it from the business account and how do I show that payment ?

    • @BoffixAccountancy
      @BoffixAccountancy  3 роки тому

      I'l ask Aaron if he'll cover these points in a future video!

  • @somanianands
    @somanianands 3 роки тому +1

    In dropshipping business, If I am sole trader, and I have 1k profit then can i show my rent and car expenses as expenses to business ? If I put fund to start business, can I withdraw without tax?

    • @BoffixAccountancy
      @BoffixAccountancy  3 роки тому

      Hi Anand! Thank you for the great question, we are actually planning to release a video in regards to what regular expenses can be claimed as a sole trader as there are a lot of rules and complexities. However, to address your last question, you can withdraw the start-up funds with no tax implications.

  • @markpreston6012
    @markpreston6012 3 роки тому

    Great vid, v. Intetesting. Thank you for taking the trouble to make it.
    I have a question on dividends from a ltd company. I know that you can only take dividends from a profit but does that mean you have to trade for a full year and show that profit before you can take any? Or can a directors loan account be used, with an overdraft maybe, based on predicted profits? Knowing that you would have to pay this income back if you failed to achieve it?

    • @BoffixAccountancy
      @BoffixAccountancy  3 роки тому +1

      Hi Mark! Thank you for getting in touch and it's always good to hear some positive feedback!
      In your circumstances, you are more than fine to take money out of the business (via a director's loan). You will not have to pay this amount back into the business until 9 months after your year end (without incurring additional tax), which should give you more than enough time to raise a profit for dividends or repay the money.

    • @markpreston6012
      @markpreston6012 3 роки тому

      @@BoffixAccountancy Hi, I see. Thats great news. Thanks for coming back so swiftly and so clearly. I've subscribed so may be asking more questions in due course, thnx again

  • @Oponu-Ayirada
    @Oponu-Ayirada 3 роки тому

    I recently set up a limited company with a friend. Can I also register and get paid as sole trader?

    • @BoffixAccountancy
      @BoffixAccountancy  3 роки тому

      Hi Gbenga,
      Thank you for getting in contact!
      From your previous comment we believe it would be most beneficial if you were to book in for a free consultation with one of the team. Please feel free to send over an email to Hello@boffix.com, and we will get you booked in.