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July 6, 2019
Solved

If tranfering my wages from my business account to personal(sole trader). how do i record it as a wage so quick books still deducts my tax. rather than an expense

  • July 6, 2019
  • 2 replies
  • 10 views
No text available
Best answer by BettyJaneB

Hi there, @igniheat.

 

I'm here to help you achieve your goal in recording your wage into QuickBooks Online. You may want to reach out to an accountant or to HMRC on how best to record this. As you are a sole trader most likely you will be advised to record any wages you take as drawings.

 

You can always reach back out to me if you have any questions about this. I want to ensure you're taken care of. More power to your business!

2 replies

BettyJaneB
Level 9
July 6, 2019

Hi there, @igniheat.

 

I'm here to help you achieve your goal in recording your wage into QuickBooks Online. You may want to reach out to an accountant or to HMRC on how best to record this. As you are a sole trader most likely you will be advised to record any wages you take as drawings.

 

You can always reach back out to me if you have any questions about this. I want to ensure you're taken care of. More power to your business!

Rustler
Level 15
July 7, 2019

@BettyJaneB 

@igniheat 

 

NO

In the UK, it is the same in the US, a sole trader does NOT have a salary.  When a sole trader takes funds from the business, it is an equity draw.

 

@igniheat 

this link explains it

https://www.bytestart.co.uk/sole-trader-tax-guide.html