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shortwaist's avatar
shortwaist
Member
1 year ago
Solved

Newbie Sole Trader - do I create Pay Runs?

Hi there - brand new to running my business (digital sewing patterns sold online) that went from no-future fun hobby to successful trade and my only source of income in the last year. Teaching myself...
sole trader
  • Mike_James's avatar
    Mike_James
    1 year ago

    Hi shortwaist , drawings are not income, so you must not create a pay run for them. No confirmation of payment is required. The net profit is your income, and goes into your tax return.

    Good luck with your business!

Mike_James's avatar
Mike_James
Ultimate Cover User
1 year ago

Hi shortwaist , drawings are not income, so you must not create a pay run for them. No confirmation of payment is required. The net profit is your income, and goes into your tax return.

Good luck with your business!

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