I may be wrong but my understanding is under a sole trader structure:
Your earnings from wages (such as from a job) and earnings from business activities are combined to calculate tax, therefore there are no drawings as such as it is all under the one umbrella (yourself).
Under a company strucuture:
Profit is taxed under the company, then the owner can take out drawings, these are then taxed again under personal income tax.
I'm probly wrong, but can somenoe show me where I'm wrong.
_______________________
Online diamond store reviews-Engagement ring guide
Your earnings from wages (such as from a job) and earnings from business activities are combined to calculate tax, therefore there are no drawings as such as it is all under the one umbrella (yourself).
Under a company strucuture:
Profit is taxed under the company, then the owner can take out drawings, these are then taxed again under personal income tax.
I'm probly wrong, but can somenoe show me where I'm wrong.
_______________________
Online diamond store reviews-Engagement ring guide
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