Hi Everyone,
I am a small business and do self assessment tax returns (have no book keeper or accountant). I have a personal bank account and a business bank account.
Like everyone else I pay my tax end of Jan and end of july.
I am always honest and declare everything that I earn!
Now my query...
I do not pay myself a set amount of income per month for living expenses.. what I generally do is transfer whatever I want to transfer from my business account in to my personal account leaving ample amount of money in my business account.
Am I allowed to do this - that is, transfer whatever sums I want to transfer(when I want) over into my personal account. This is what I have always done.
Everything is accounted for and do I have an accurate record with receipts etc etc., I have nothing to hide. Turnover is between 40 and 50k and net profit is about 18-23k
Can someone advise me if this is okay?
I just see it has money earned and money that I have already paid tax on.
Thanks to all comments added.. I worry all the time about getting things right and not messing anything up!
Kind regards.
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