Confused business account, new business

[Beauty biz]

Hi

I have been open 2 weeks and at the moment I'm a cash only buisness till I get chip and pin working. Do I put all my takings into the buisness account then transfer to my personal account my wage that I want to pay myself ? Sounds dumb i no in just new to everything x

 

[souz]

hun, no offensive but these are the things you should have sorted before you started trading??

if you can afford to pay yourself a salary to start then yes go ahead from your business bank account making sure you are keeping record of this and dont forget to pay the relevant tax and ni for the amount....

contact business link, they do free courses in how to set a business up and accounts etc

hope this helps x

 

[Beauty biz]

I'm seeing a accountant tomorrow. I'm waiting for chip and pin to get sorted and I will be fine. I was unsure that's all

 

[Beauty biz]

And thought I would be able to do accounts myself .

 

[souz]

its best to keep your accounts simple and yes you can do them yourself....even if you have an accountant its best to know how to do things as then your in control and not just listening to what someone else is telling you!!

good luck x

 

[Steph86]

Yes u can do that, they prefer u to do that then they can see what u have earnt/paid yourself. You can do ur accounts yourself, its abit of a headache but u just have to keep EVERYTHING in order and have the time to work everything out.

If this is ur only income check out the tax free allowance for 2012/2013 as you don't need to pay tax on that amount, anything after that is 20% tax.

NI u can opt to pay 2.50 a week if u aren't earning enough to pay it fully so u aren't missing any contributions... (Only suggesting this as u said u have only been trading for 2 weeks and may/may not earn a lot) xx