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Drawings

Drawings are usually taken by sole trader or partnership business in respect of a salary payment to the owner.  Drawings have to be recorded by the business, although there is no need to declare the total drawings on a personal tax return for taxable income purposes.

Drawings are not taxable but represents the profit element that is withdrawn by the owner.  Owners of sole trader or partnership businesses should not taken out PAYE wages from their business.

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