How Do You Pay Yourself as a Sole Trader? (UK) | 2025

Self employed and wondering how you pay yourself? Watch this.

In this video Dan runs you through how you pay yourself as a sole proprietor / self employed person (UK).

Watch on! Topics include:

00:00 Introduction
00:13 How to actually pay yourself as a self-employed owner
00:26 How to categorise self employed wages in the records
00:48 Do you need a business bank account as a sole trader
01:37 Making Tax Digital for Income Tax
01:50 How to speed up your book-keeping
02:19 If you have a HMRC investigation
02:42 Is the business money all yours?
03:04 Planning for your personal tax bill
03:18 How much money to leave in the account
03:43 Tax return error to avoid
04:24 HMRC penalties

You can sign up to Xero’s Accounting Software with a great discount here: www.heelanassociates.co.uk/xero

If you have any questions or thoughts on this, please comment below.

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Web: https://www.heelanassociates.co.uk Call: 02392 240040 Email: [email protected] #accounting #smallbusinessuk #tax

Note: As always, these videos are educational and should not be considered financial advice. Seek professional advice on your specific situation. Various links here may contain businesses in which we are a partner and therefore we receive a small commission if you buy via those links.