Innovate North | Frequently asked questions
Licensed trade accountants in a number of specialist industry’s, Innovate North’s experienced professional accountants deal with a variety of distinctive licensed trades.
Licensed trade accountants, licensing, licensed, pub, inns, Northern England, North East, Specialist Accountants, Book-Keeping, industry, pub accounting, accounting, VAT Accounting, Management Accounts, Annual Accounts, Personal Taxation, Payroll/PAYE, Business Plans, Projected Accounts, Budget Preparation, Cash Flow Forecasting, Self Assessment, Lancashire, Derbyshire, Nottinghamshire, North Yorkshire, West Yorkshire, business, businesses, tax, taxation, taxed, taxes
16197
page-template-default,page,page-id-16197,ajax_fade,page_not_loaded,,wpb-js-composer js-comp-ver-4.2.3,vc_responsive
 

FAQs

What am I taxed on?

You will be taxed on the profits of the business, in addition to any other income received outside of the business.

When will my tax be due? (Sole Traders/Partnerships)

Your tax is due on January 31st each year and is in relation to profits made up to April 5th in the previous year

And my Drawings?

You are not taxed on your Drawings ( taking drawings does not affect your tax liability)

Can I introduce my Motor Vehicle as an asset of the business?

The introduction of a Motor Vehicle allows you to claim back the running costs. A Capital Allowance of 25% is also deducted from net profits although this is subject to a maximum of £3,000 in any year.

How much can I take out in Drawings?

We would advise that during the early days of your business, that no more than 75% of the profit is taken in drawings, ensuring that the business is not drained of its’ funds.

Should I be trading as a Sole Trader/Partnership or a Limited Company?

There are advantages and disadvantages to both. For more detailed advice please contact our offices on 01274 584 588.