Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: johnny bravo on September 10, 2025, 03:27:25 pm
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Taking wage from account. Do most just draw it out weekly or monthly
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Taking wage from account. Do most just draw it out weekly or monthly
As and when. I just try to keep my current account between about £250 and £750.
I put any transfers as household drawings.
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i see been just drawing said amount out atm weekly. Going to start transferring into personal and putting wage as reference Easier to see on Starling banking app
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At the end of each month, I transfer the calculated tax bill for the month into a dedicated saving account, ready for my time to pay up. The rest goes as a wage to my own personal account, just leaving £500 in the Business.
Simple.
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Take it you are Ltd ? i pay myself monthly from my company account, but im on PAYE.
If you are self employed, you have no wage so why would you need to put wage as a reference ? it makes no sense
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Soots
all customers Payments go into a Starling Business Account.
I have to take some money out to live on. They want to know where this money has gone . Thats classed as a wage. What do you live on
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Soots
all customers Payments go into a Starling Business Account.
I have to take some money out to live on. They want to know where this money has gone . Thats classed as a wage. What do you live on
Assuming you are a sole trader and not ltd you get turnover, take off your allowable expenses to get your net profit. Thats yours minus tax and n.i owed on it, that is your "wage".
Im not sure who needs to know where its gone, its your money if you are paying it into another account you are simply moving money about, your business isnt a seperate entity. It only matters where its gone if you are going to claim it as an allowable expense against tax.