Recent content by MJOMusic

  1. M

    Sole Trader Wages - (Drawings) - Am I taxed on what I take out for my wage?

    Hi, Yes the computer will be for sole use of the business - I'm currently working on an underpowered machine which will soon be outdated for what I need it for, so I'm looking to upgrade. Thanks for the insight - I'm looking into purchasing a lot of hardware for the business - desk...
  2. M

    Sole Trader Wages - (Drawings) - Am I taxed on what I take out for my wage?

    Excellent - really clearing this up for me :) One more question - as a computer is a fixed asset, will the sum of the purchase count as an expense? I'm just getting to grips with my software here and it is explaining to me that fixed assets such as computers are not subtracted from the gross...
  3. M

    Sole Trader Wages - (Drawings) - Am I taxed on what I take out for my wage?

    Hi there, Thanks for the reply :) I see - so any money that comes in is mine after tax and expenses. I don't have any other form of income - £5,000 was just an example figure. I've just graduated and am trying to pursue a career working for myself and getting use out of my degree. I've...
  4. M

    Sole Trader Wages - (Drawings) - Am I taxed on what I take out for my wage?

    Hi all, I'm currently starting up as a sole trader and I have pretty much everything in place. I have purchased accounting software to help with my accounts and I understand that I am taxed on what I earn - minus expenses. Anyway my question is this - say my company earned £5,000 and I...
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