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Sole trader

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  • 03-08-2007 7:20pm
    #1
    whitelove
    Registered Users Posts: 7 ✭


    Do you know what is the best way to take cash from your own business. Wages, cheques, e t.c. Which is less taxable?


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    #2
    eoinhealy
    Closed Accounts Posts: 131 ✭✭eoinhealy


    whitelove wrote:
    Do you know what is the best way to take cash from your own business. Wages, cheques, e t.c. Which is less taxable?

    As far as I know, you pay tax on all your income (minus expences)that is recorded in your books. So no matter how you use your profits you just pay tax on your profits which is you income.


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    #3
    Thomas_S_Hunterson
    Closed Accounts Posts: 6,151 ✭✭✭Thomas_S_Hunterson


    As a sole trader, there is no "business" as such, at least no seperate legal entity. You are operating in a private capacity as an individual. There for all money made less expenses is taxed as standard income,i.e. at 20% and 42%


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