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Sole Trader Accounts Question

  • 13-06-2012 2:28pm
    #1
    LFC5Times
    Closed Accounts Posts: 1,217 ✭✭✭


    Hi,

    Can someone explain exactly what a sole trader would have to pay tax on.

    Lets say for example - I'm the sole trader.

    Sales - 300,000
    Cost of Sales - 150,000

    Expenses:
    Wages - (My wage and wage of two other staff) - 100,000

    Profit: 50,000

    Is it OK to include the wages of the sole trader in the wages section? Along with the wages of two employed staff?

    Thanks in advance


Comments

  • #2
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    LFC5Times wrote: »
    Hi,

    Can someone explain exactly what a sole trader would have to pay tax on.

    Lets say for example - I'm the sole trader.

    Sales - 300,000
    Cost of Sales - 150,000

    Expenses:
    Wages - (My wage and wage of two other staff) - 100,000

    Profit: 50,000

    Is it OK to include the wages of the sole trader in the wages section? Along with the wages of two employed staff?

    Thanks in advance
    Your wages are not allowed as an expense. They must ho to drawings along with any other non business expenses.


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