How to Pay Yourself Properly - Sole TRADERS UK

How to Pay Yourself Properly - Sole TRADERS UK

If you’re a sole trader looking for valuable insights and trying to manage your way through your business finances, then you are in the right place! In today’s video, we will talk about the important aspects of balancing your personal and business finances. As a sole trader, your business requires resources to operate effectively and you don’t want to face any issues in the future. So sit back and watch today’s episode as we will provide you tips and guidelines on how you can manage your finances accordingly as a sole trader.

Timestamps:
0:00 Intro
0:35 How to properly pay yourself as a sole trader in the UK?
1:37 Salary o Jobs? Which Payment Structure is Right For You?
2:46 How to Pay Yourself Through a Salary?
2:56 Step One: Register as An Employer with HMRC
3:12 Step Two: Set Up a PAYE Scheme
3:41 Step Three: Calculate Your Salary
3:55 Step Four: Process Your Payroll
4:17 Step Five: Record Your Salaries
4:33 Drawings
4:37 How to Pay Yourself Through Drawings?
4:50 Step One: Calculate Your Profit
5:05 Step Two: Decide on a Drawing Schedule
5:23 Step Three: Record Your Drawings
5:37 Step Four: Set Aside Money for Taxes and Other Business Funds
6:36 Frequently Asked Questions
8:20 Outro

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