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Drawings (or salary, wages, etc)

With a traditional approach, drawings is when money is taken out of a business. This is important to understand where money goes between the business and to when it becomes owned by an individual.

Self employment however doesn’t have an element such as drawings, salaries or wages – instead any money which is left over when expenses have been calculated are yours as a self employed individual is different to a business entity.

You may move money from your business bank account to your personal one, however there’s no need to register or log this as the money would already ‘be yours’ due to self employment being a personal entity.

Updated on February 17, 2023

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