- Jan 7, 2006
- Reaction score
- Australia NSW
LOL it doesn't work like that.
You don't take a wage ... the business profits ARE your wage.
You seem to be contradicting yourself.So we have £12 turnover take away £4.80 (or more) = £7.20
Lets say you pay yourself (the owner min wage) = £5.35
Leaves you with = £1.85 to cover all the TAX, insurance, energy bills, equipment, stock, consumables, your own nat ins contributions, your mortageg, your food, your kids clothes, your petrol etc etc
I realise things work differently in different countries, & different people do things differently.
I do take a wage from my business (actually would be less then minnimum wage). Business expenses are paid from my salon's account, personal expenses from my personal ones. Personal assets may come into account when it comes to creditors, but business assets belong to the business & effect things differently.