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How do you pay yourself as a salon owner?

SalonGeek

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Ll09

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Joined
Feb 11, 2021
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Uk
Hey, so I’ve been lurking in here for around 12 months and finally joined!
I’ve worked in the industry for over 20 years always being employed. I’ve now set up on my own as a sole trader with my own premises.
I’m fine with everything apart from what do I pay myself? I’ve completely drawn a blank so whatever advice you guys have, I want it all! 😂
Thanks 😊
 

Holly1991

Well-Known Member
Joined
Jun 17, 2020
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Leicestershire
As a sole trader all profits made are technically yours And taxable after you reach the personal tax allowance, it really depends on how well you budget for things you may have to pay in the future, I’m a sole trader and personally I try to pay myself a set amount a week Just incase I have to pay a big unexpected bill, and if I do need to take anything extra out for myself, it makes no difference as the money I didn’t pay myself as a wage is still added to my personal tax allowance and taxed accordingly
 

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