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igniheat
Level 1

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

 
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Best answer July 06, 2019

Accepted Solutions
BettyJaneB
QuickBooks Team

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

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!

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2 REPLIES 2
BettyJaneB
QuickBooks Team

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

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

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

@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

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