Small business - takings by owner and taxes.

[Wouter van Marle]

Hi all,

As small business owner, I want to take some of the profits now and then
for own use. In accounting terms, this is not a salary (as what I pay to
my employee - this I can book directly as an expense), though it is
taken out of (usually) the bank account of the business, but it is not
an expense.

How to book these transactions properly?

Then I've a small issue with last year's tax. The 2005/06 tax year has
just ended (the fiscal year starts on 1/4); but I only just got the tax
payable over the '04/05 tax year. That should be an expense for the
previous year, however the payment will be done in this year of course.
Any easy way to correctly do this?

Wouter.