I am looking to start my own small business and am confused about the best way to pay myself. I understand from my profit I will have to pay Corporation Tax, but what about tax on my earnings?
Also how much should I budget for accounts and book keeping?
2006-10-30 02:46:02 · 5 answers · asked by theslug 1 in Business & Finance ➔ Small Business
That depends on whether you are a Sole Trader or a Limited Company. If you go Limited (which is usually best) then you pay yourself a small wage but take higher dividends.
The Book keeping will be charged at an hourly rate, so it depends how much paperwork your accountant has to sort out.
2006-10-30 02:50:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Contact the Small Business Administration and they can give you specific advice based on your business at no cost to you.
2006-10-30 02:50:10 · answer #2 · answered by Anonymous · 1⤊ 0⤋
For cheap internet advertising, and advertising on a vehicle to travel around UK and Europe from £150 for 24 months, email me for more details info@theminiad.co.uk
Good Luck
2006-10-30 03:05:42 · answer #3 · answered by ? 1 · 0⤊ 0⤋
I go by the 10%, 10%, 80% rule. 10% to the community or charity or if you go to church tithe. 10% to you and 80% toward all and any bills and to invest back into your business or toward other investment. Works for me.
2006-10-30 06:14:13 · answer #4 · answered by Laura S 4 · 0⤊ 0⤋
Go to H&R block and ask them for a workbook. It has saved my tuckus and it was free because I let them do my taxes too.
2006-10-30 02:53:33 · answer #5 · answered by Kacky 7 · 0⤊ 0⤋