WORRYING QUERY??

[clockcrazy01]

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.

[bd6759]

You pay tax on the business profits, not the amount you take out the business.

Your personal drawings are not part of the P&L account. Thats is to say, you do not include them as a cost of the busienss. You can take out whatever you wish. If you were to record them properly, your drawings would be part of your capital account, which would be refected in the business balance sheet.

[clockcrazy01]

Hi. Thanks for responding to my query, I only asked because I know someone who is only allowed to take so much from her business account. However this individual earns much much more than I do so maybe a link there.. Any way thanks again for your time and help, I do appreciate it. I personally think and this is opinion only that all businesses should have an accountant... cheers

[SteLacca]

Does she work the same structure. e.g. you are sole trade, and she has incorporated a limited company? That would explain the differences (and the treatment in the accounts is different, too).