W
Winifred
Guest
I'm a sole trader in my second year of business, and this may seem shockingly ignorant but I understand that my turnover minus costs = profit, but is all the profit taxed at 20% ie my income tax rate?
I assumed that only the money I pay myself as a salary from my company would be taxed as income, I have separate personal & business accounts, credit cards etc.
Cheers!
I assumed that only the money I pay myself as a salary from my company would be taxed as income, I have separate personal & business accounts, credit cards etc.
Cheers!