Just trying to figure out what sort of business to register and I have a question with regard to taxation of the business and the individual who runs the business....
If I have a sole proprietorship do I pay taxes on the businesses taxable income as well as taxes on any drawings or is there only one tax payment?
If it is a stupid question then my apologies... this is all new territory for me!
One more question: if the sole proprietorship is allowed to pay Turnover Tax, do I have to pay one amount for turnover tax as well as tax on drawings?
I guess I just need to know whether drawings is a seperate tax when one runs a sole proprietorship.