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Can an owner withdraw his salaries from his self-employed business?

Can an owner withdraw his salaries from his...

Can an owner withdraw his salaries from his self-employed business?

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29th Feb 2016 15:20

Wowza. Lots of information given.

 

A self-employed person cannot pay themselves a salary. They can withdraw what they want from the business, this is known as drawings. Of course, they will be taxed on profits and not drawings.

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29th Feb 2016 15:23

You need to be clearer

Nobody can answer definitively because it's not clear what your question is.

Is the business a limited company? What do you mean by salaries?

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By Tarique
29th Feb 2016 15:47

Salaries from self employed business and not from ltd company?

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29th Feb 2016 15:26

Yes

they will take it as a dividend via PAYE

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29th Feb 2016 15:34

You may find this a useful planning tool (onlookers may wish to avail themselves of the "Look Inside" facility):

http://www.amazon.co.uk/The-Book-Answers-Carol-Bolt/dp/0553813544

I also have one of these:

http://www.amazon.co.uk/Crystal-Ball-Glass-Display-Stand/dp/B000WVFUE8/r...

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By MJShone
01st Mar 2016 08:13

You get more for your money with these Portia

http://amazon.co.uk/Crystal-Handles- Mabel-Drawer-Kitchen/dp/B009W476HU/ref=sr_1_4?ie=UTF8&qid=1456819676&sr=8-4&keywords-crystal+drawer+handles

 

You get 6 crystal balls for less than a fiver! I've bought them for all of my team.  Trouble is, a that price, there are always some duff ones in he pack.

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29th Feb 2016 15:32

Eh?

Salary from self-employed business?

Dividends via PAYE?

Where do we start, and who is volunteering?

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29th Feb 2016 15:35

Never volunteer (courtesy of the book of answers).

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By Tarique
29th Feb 2016 15:45

salaries from self employed business not from ltd company

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29th Feb 2016 16:02

Then no

As cheekychappy already said, there's no such thing as an owner getting a salary from a self employed business. As a concept it doesn't even make sense.

The money in a self employed business already belongs to the owner, there is no withdrawl required.

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29th Feb 2016 17:11

Watch business loans

As a general rule money moving from a personal business account to a private account has no tax consequences .HOWEVER if business is financed by borrowing and sum drawn exceeds owner's capital, so that [in Revenue eyes]business borrowings are financing living expenses, then there will be a restriction of relief for interest paid

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29th Feb 2016 17:14

And never eat the yellow snow.

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29th Feb 2016 17:26

Pfft!

What can one say ?

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By Tarique
29th Feb 2016 19:06

?

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29th Feb 2016 20:04

At the noise up!!
Your surely at the wind up.

You posted about mortgages for a client earlier which i thought must have been a wind up but now........ Do you actual charge people money for your "services"???

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