Business bank/personal bank accounts

[stephynic]

Hi all
I have a personal & business bank account but just wondering what % you all pay yourselves into personal account??
I work on my own from home so no rent/rates/staff etc.
Should i just put everything in and out of pers or use business account?
My personal account not had much activity lately due to just using bus abd paying for shopping etc wit cash so worried my credit may be affected if dont show things thriugh personal!!!???
Please advise how u work this if similar situation?
Thanks.

 

[lynn amber]

I don't have a business account any more I use to but as a sole trader you don't need it legally, I don't give myself a wage my takings I put into a personal account every week, theres no real point in writing a wage into your accounts as you will just have to remove it to do your end of year anyway, as a sole trader all your profits are yours and what you do with that is up to you.

Sent from my LT30p using SalonGeek mobile app

 

[AuroraLoves]

I'm so glad to see this thread. I get so confused by what I am allowed to spend and on what. I do have a business account but I want to start taking money out as wages.

 

[EmJ]

The money is all yours anyway. I have two accounts, one for work which all my I coming money goes in and outgoings strictly for work. I transfer money over as and when I need it to my other account which I use for shopping etc

 

[hazeleyes]

I do what emj and Lynn Amber do. One personal account for my work one personal account for me! I transfer money to and from as and when!

 

[HelloSORRISO]

Hmm, I've gone through the Prince's Trust Enterprise Programme to set up my business as a sole trader. They give you the full lowdown on registering your business and officially trading, all the laws etc involved.

They advise that it doesn't matter if you are a sole trader, a partnership or a limited company, you must must MUST always keep a separate business bank account (this can be any account you use solely for business or an actual business account that states "so and so Trading as Beauty Blah blah" clinic or whatever) in case you are ever picked up by HMRC to have an audit done on your business. They say it becomes extremely messy when you have to sort through your personal account to figure out exactly what is business and what is personal if you misplace receipts or details in your book keeping and makes your accounts difficult. if you don't really take out a wage or anything I'd just put 40 a month or something into your personal account, for day 6 months to a year and then withdraw and put it all back into your business account.

Anything to show a steady cashflow really.


x HelloSORRISO x

 

[BlueJellyBaby]

Glad to get the clarification. I've just opened a separate personal account to use for my business. I wont need to pay wages or deposit cheques etc so this works out better.

Happy to know I wont need a business account, as they charge you for practically everything don't they?!

 

[Nat-Nat]

Yes it's scandalous! Which is what I tell Lloyds Bank every month when they try and sell me one!!

 

[HelloSORRISO]

They charge you for everything and on top of that, I'm pretty sure you have to pay a monthly fee too


x HelloSORRISO x

 

[BeautyNina]

I keep mine separate with a business and personal account. It's soo much easier when it comes to doing your tax return. Most banks offer business accounts which have no charges for the first year or two. I have mine with natwest and it's free for the first 2 years. I will probs just change banks once that period is up!

 

[EmJ]

Be careful when you come to end that natwest account... I had the same one free for 2 years and had so many problems trying to close it!! Ended up having to complain to the bank and get compensation as they were so awful. Have also had a lot of problems with them regarding my late fathers business account. I think the whole complaints team know me by now! Would never ever use them again xx