Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: PurefectWindowCleaning on April 12, 2012, 09:35:19 pm
-
I dont currently do this, as I just spend out of my business account when and how I please.
As I now employ, and need to be a bit more careful with money, im thinking of setting up a personal account (dunno who with... any reccomendations? ) and paying myself a wage then just letting the business account to take care of its self.
How do you go about it?
-
Shouldn't you not, had in place a personnel account already?? and other factors is how much do you need to live on?
And work out all that goes through your business account as expense and how much growth you want your business account to grow.
Personnel account for all your personnel expense to pay all or part of your bills if you use your home as part of your job etc.
Taken Payment out of your business account for your personnel use is classed as Drawings so no matter how much you pay yourself you will still need to work out your tax etc, whether its weekly pay or monthly pay.
Tax is 20% after you take off personnel allowance is roughly £622.00
Example: Drawings £1,800.00
Take off Personnel tax allowance £622.00
Total £1,178.00
20% Tax Taken out £235.60
Total £942.40
Add Allowance £622.00
Total Pay £1,564.40
Hope this is some help. A Tax Savers Account to put your Tax and NIC into. :) :)
-
I use a free site called payroo.com and have been using them for 6 years now with no issues at all.
It produces your payslips, P60's P45's etc and tells you exactly what is due to be paid to HMRC per month
and can do all of your online filing to HMRC for you at no cost.
-
or get a good accountant that does it all for you and advises you correctly and keeps you the right side of the law
-
Nah, just keep all cash collected in your back pocket ;) ;)
-
I just pay myself a wage weekly into my personal account by bacs simple