If you are the Director of a company (ie, a registered business with the Companies Register), operating by yourself, or in a partnership, you may pay yourself from the company in order to meet your day-to-day living costs. These are called "Director's Drawings", are taxed as income, and should not be deducted as a business expense.
You can operate as one of the following and take Director's Drawings:
Director of a company (a "registered" business): With Hnry, you can have all your Director's Drawings paid into your Hnry Account, and we'll take care of all your personal taxes and compliance on your behalf. We don't contribute to or file taxes on behalf of your company. However, we can put you in contact with a member of our Expert Services team, who can handle this for you. Just reach out to email@example.com for more info.
Director of a Partnership: If you operate as a partnership, you'll most likely split the Drawings you take among partners. With Hnry, you can have your share of the Director's Drawings paid into your Hnry account, and we'll take care of all your personal taxes and compliance on your behalf.
If you are the Director of a company, and you would like to use Hnry to process all your personal taxes, you can have your Director's Drawings paid directly into your Hnry Bank Account. All you'll need to do is to add your company as a Client in Hnry, and make sure you check the box on the Clients page that says "This Client pays Director's Drawings..."
N.B. You do not have to be registered as a company/business, or be the Director of a registered company/business in order to earn income independently. You can earn income through a business that is not a registered company. See our article here for more information.