How can I pay myself from my business?

There are several ways to pay the business owner.

Drawings: Drawings are any money, goods or services take from the business for personal use. As drawings is not a tax-deductible cost, you should put aside some money for income tax payable.

Wages: The owner will become an employee and receive wages on a regular basis, just like any other employee. PAYE will be deducted from wages every month. However, sole trader cannot become an employee of itself.

Please ask your assigned accountant to find out the best way to pay your-self from your business.