FREQUENTLY ASKED QUESTIONS Here are some of our most frequently asked questions. Q. What am I taxed on? A. You will be taxed on the profits of the business, in addition to any other income received outside of the business. Q. When will my tax be due? (Sole Traders/Partnerships) A. Your tax is due on January 31st each year and is in relation to profits made up to April 5th in the previous year. Q. How much can I take out in Drawings? A. We would advise that during the early days of your business, that no more than 75% of the profit is taken in drawings, ensuring that the business is not drained of its’ funds. Q. Should I be trading as a Sole Trader/Partnership or a Limited Company? A. There are advantages and disadvantages to both. For more detailed advice please contact our offices on 01274 532580 If you have any further questions please don’t hesitate to Contact Us.