How much money can I withdraw each week towards petty cash/expenses and still avoid tax?
you can’t take a penny without a receipt , all your income and outgoings have to be justified for tax purposes. You can withdraw small amounts for ‘petty cash’ but be warned (as a former employer actually did this) if your filing system turns into three carrier bags in a cardboard box in the back room you will rue the day you let it go. Keep records of everything.Keep petty cash withdrawals small and reasonable and don’t fall for the show off stories you get to hear about tax abuse…they ALWAYS end up found out.
