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

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

3 жыл бұрын

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.

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

3 жыл бұрын

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

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

3 жыл бұрын

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

3 жыл бұрын

@@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

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

Жыл бұрын

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

@Limossol3922

Жыл бұрын

@@BoffixAccountancy thanks so much

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

3 жыл бұрын

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.

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

@BoffixAccountancy

3 жыл бұрын

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.