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userlh_gardenservice
Level 1

Paying myself as the owner of the business

Hi Community,

Clarification required please, slight brainfog for me and my accountant!?!?  I have QBO and the simple start version to be exact.  I run payroll for my one employee, same amount on monthly basis, NI, tax pension etc.  My main question is that of paying myself.  This isn't my only income, but I need to withdraw or top up my other income to cover all bills etc, (I have 2 x part-time jobs, risk spread etc) this amount can vary, if I need it month by month.  Have a weird link to retained earnings which is wrong! under some ruling, so need to undo this and make it all correct.

Hope that gives an outline, thinking instead of being owner and employee? I can make Owner withdrawls etc, Director payment, just want it all above board for legal and tax purposes.

Thanks in advance for reading and helping......

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