[johnny bravo]

Taking wage from account.    Do most just draw it out weekly or monthly

[AuRavelling79]

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.

[johnny bravo]

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

[The Jester of Wibbly]

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.

[Stoots]

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

[johnny bravo]

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

[Stoots]

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.