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Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

What is Better – Drawings or Wages?

January 31, 2018

Clients often ask which is the best way to pay themselves from their company – drawings or wages? Here is an explanation of the differences. Drawings Taking drawings from your business is not a tax deductible cost – you should be aware that you will need to put aside a bit of money for income tax as well. For example say you take $800 …

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How Can I Pay Myself From My Business?

There are a couple of ways to pay owners of a business and to account for the income tax on these. The most common way is the owner taking drawings – drawings are withdrawals from the business for personal use. The alternative is wages – the owner will become an employee of the business and PAYE will be deducted each payday like any other …

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How Much Can I Pay Myself from My Business?

People often ask if there’s a general rule about how much they can take from their business as ‘wages’. Our suggestion is to work backwards, especially when you are still in the early stages of business where cashflow is a bit up and down. If you can ensure there is enough money in the bank account to pay all business costs, loan repayments and …

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Understanding Current Accounts

One topic clients are often confused about is current accounts and we’re often asked to explain how these work. What are current accounts? They are how accountants record and report a business owner’s investment in their business (and / or rental property). When a business first begins the owner usually invests some money to buy assets and stock, pay rent, spend on advertising and …

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