[windowinfo]

Just somthing me and a mate were discussing the other night, He puts all the takings from the week into the bank then pays himself a regular wage!! and business bank ballance is also growing well,
However I take the proffits from the day (after minimal expenses) as my wage, no business account all personal banking, am I missing something here! or do i need to rush down to see my small business adviser?
   
HOW DO YOU DO YOURS ?!?

[leapstallbuildings]

Just somthing me and a mate were discussing the other night, He puts all the takings from the week into the bank then pays himself a regular wage!! and business bank ballance is also growing well,
However I take the proffits from the day (after minimal expenses) as my wage, no business account all personal banking, am I missing something here! or do i need to rush down to see my small business adviser?
   
HOW DO YOU DO YOURS ?!?

At the end of the week I gather up all the cash and cheques.  I then throw it up in the air.  What stays up is theirs and what comes down is mine.

[GWCS]

from my takings I take 30% as a wage.

the following 70% goes to the business.

This is then divided into 3

1) To save for anything expensive such as a new van, new equipment (expensive pole, van system).

2) Goes towards replacement tools, consumables, motoring expenses, insurance etc

3) Goes towards tax bill at the end of the year and accountant costs.

what ever is left from the end of the year from number 3 - i take myself as a bonus.  

[pingu]

I review my account every Tuesday evening....and pay my tax account what is owed to it...as that money is not mine and will never be...so 19% vat and then 23% for income tax....what ever is left is then wages and the remaing is put in my savings account.

Every now and then I do need to take some out of savings to make up a shortfall but only had to do that a couple of times this year...

Cheers
Dave.

[Sunshine/Cleaning]

I do it the same way as your mate, the advantage is that you have a regular income and if on holiday you still get the same. Plus it helps me save for tax and other costs. If you just take the profit and have that as your income, if you have say 6 blinding weeks you end up living up to that but if you then have a few bad weeks you feel skint. I guess your mate does the same as me and every now and then gives himself a bonus.

[Sapphire Window Cleaning]

I put EVERYTHING into the bank account and have a standing order every Friday for my wages.
If at the end of the year I have a good amount left in the bank I will pay myself a bonus.



Matt

[windowinfo]

Nice one fellas,
Maybe a little more thought to be applied my end.
Thanks again,
 Tom.

[matt]

Just somthing me and a mate were discussing the other night, He puts all the takings from the week into the bank then pays himself a regular wage!! and business bank ballance is also growing well,
However I take the proffits from the day (after minimal expenses) as my wage, no business account all personal banking, am I missing something here! or do i need to rush down to see my small business adviser?
   
HOW DO YOU DO YOURS ?!?

At the end of the week I gather up all the cash and cheques.  I then throw it up in the air.  What stays up is theirs and what comes down is mine.

that'll work great 

[JRDEasiReach]

For now i just put everything into the bank and get kept on the wifes wage only for now though

[sparklebright]

I put everything in the bank account, and pay for stuff with a debit card from that account. And pay myself as much as i can each month.

Then I forget to do my accounts until October, and spend November and December trying to scratch together the money for my corporation tax bill.

[gordonswindows]

Well done Sparkle

You and all the rest

[Tosh]

I tend to just muddle along!  I pay a Standing Order to the tax man each month based on what I think my tax bill will be, divided by 12, and then spend everything else.

I really should give this some more thought too, but for the past three-or-so years I've paid the standing order I've never struggled with my tax bill; I learned that mistake during my first years of window cleaning.

[Sunshine/Cleaning]

I tend to just muddle along!  I pay a Standing Order to the tax man each month based on what I think my tax bill will be, divided by 12, and then spend everything else.

I really should give this some more thought too, but for the past three-or-so years I've paid the standing order I've never struggled with my tax bill; I learned that mistake during my first years of window cleaning.

Ahhh, those were the days Tosh. I also pay a SO for my tax bill, helps no end.

PS. Do you remember those Unger rubbers you sent me the ones that were too hard to use. I never did get round to complaining on your behalf and eventually through them out the other month.
Do you want a refund for your postage??

Bear

[Tosh]

I tend to just muddle along!  I pay a Standing Order to the tax man each month based on what I think my tax bill will be, divided by 12, and then spend everything else.

I really should give this some more thought too, but for the past three-or-so years I've paid the standing order I've never struggled with my tax bill; I learned that mistake during my first years of window cleaning.

Ahhh, those were the days Tosh. I also pay a SO for my tax bill, helps no end.

PS. Do you remember those Unger rubbers you sent me the ones that were too hard to use. I never did get round to complaining on your behalf and eventually through them out the other month.
Do you want a refund for your postage??

Bear

Bear,

Yes, I'll have a refund of my postage charges.  Thanks.  This was about five years ago, and I think I paid about £20 to send them.  Add onto that the cost of interest compounded at about 6% per year, then that's £30 you owe me.

 

[Sunshine/Cleaning]

I tend to just muddle along!  I pay a Standing Order to the tax man each month based on what I think my tax bill will be, divided by 12, and then spend everything else.

I really should give this some more thought too, but for the past three-or-so years I've paid the standing order I've never struggled with my tax bill; I learned that mistake during my first years of window cleaning.

Ahhh, those were the days Tosh. I also pay a SO for my tax bill, helps no end.

PS. Do you remember those Unger rubbers you sent me the ones that were too hard to use. I never did get round to complaining on your behalf and eventually through them out the other month.
Do you want a refund for your postage??

Bear

Bear,

Yes, I'll have a refund of my postage charges.  Thanks.  This was about five years ago, and I think I paid about £20 to send them.  Add onto that the cost of interest compounded at about 6% per year, then that's £30 you owe me.

 

It was £3.73 I'll offer you a fiver! 

[Tosh]

Have a few pints on me, Bear.

 

[Sunshine/Cleaning]

I think you said that at the time.  hic