New mobile business-wage

[rippersroo]

Hi geeks,
I will be starting out as a lash tech very soon, going mobile.
I've just read a few threads about bank accounts personal/business etc.
I think as I'm on my own, going mobile, providing just lashes I will be ok without a business account.
However I wondered how you girls go about a wage?
Do you keep hold of cash all week and take a wage and bank the rest or how do you work out how much you take?
If it all goes in your personal account surely you use what you need for stock and the rest is for personal use?
Also I don't know if this is too personal to ask but if anyone can give me an idea of how much they earn a month/week if they do lashes only this would be really appreciated.
I want to make a living out of this along with a (very) part time job-1 day a week!
Thanks x

 

[LMA]

I don't keep separate accounts. I'm still in my first year of trade so haven't made any money yet anyway!
Best thing to do in any case though is keep track of your expenses and money you take in. I keep track on excel putting all my spends on one sheet then appointment info on another with a record of mileage I do and cost to client and any tips... X

 

[rippersroo]

Thankyou LMA!
Think you're my fav geek you're so helpful! 👏🌟

 

[HayHair84]

Hi
I have 2 accounts (none business).

One is my current account but personal at one bank & then another current account at another bank (this one isnt business but I pay any monies into it from my business for stock etc.

I keep all my monies with me all week, at end of the week I'd separate rent due & any tans, shellac or Hopi ear candles that I have done that week, I take a percentage out & put that into the non business acc to cover stock, I pay myself whatever is left over.

I keep hold of all expenditure & all income.

Hope this helps
xx

 

[Nat-Nat]

Sorry if I make this sound complicated but I have a Barclays account that all my bills rent etc come out of. I have a Lloyds account that I pay my beauty takings into and use to buy beauty stock. Every Monday morning I pay a set amount from Lloyds to Barclays as my wage. I also have a Nationwide account that I pay a monthly amount from Lloyds into for tax return!

Maybe a long winded way round but it works for me lol!

Oh and just to make things more complicated when I sell a gift voucher I put the money taken into another account and don't put into my business account until it's claimed so I don't feel I'm working for nothing!

Reading this back I know it sounds crazy but it works for me!!!

 

[rippersroo]

Thanks for your reply I do understand it!
How do you work out what you take for a wage and your tax return though?
When I do start earning how will I know how much to keep for tax? I don't want a nasty big amount that I can't pay all at once and would love to keep saving small amounts you do.
X

 

[carly.smith.333]

When i worked for myself a few years ago, i put 40% of all my takings into one account (personal, but i called it my business a account) and then pay myself the 60%. From the 40% i paid my rent, stock etc and any left over would just grow to help with anything else that might crop up

 

[Nat-Nat]

I added up my outgoings and divided by 4 to give myself a weekly wage. I put the same amount into my tax account every month, sometimes it maybe more that I need sometimes less but I know it will balance out come Jan when it's time to pay the dreaded bill!!!

 

[Cholo]

Don't forget! You should save 30% of anything you earn to cover tax and NI.

 

[rippersroo]

Thanks for your replies this is really helping get my head around things before I start! ☺️

 

[WilsonBarberCo]

I write myself a cheque from the account I use for business, to my personal account. That way, I have a solid record of my drawings. I just do this as and when I need some money- I try to leave as much as possible in the account for my business! Hope this helps!

 

[rippersroo]

Thanks. So I could get a second account and call it a business account but not get an actual official business account? Would I be able to get it with the same bank, as in can you have 2 current accounts?
I'm with barclays and the only other bank near me is Lloyd's but I had trouble with them before so wonder if I could get another regular account just for my business stuff? X

 

[Nat-Nat]

Yes that's right. I think you can get multiple accounts with the same bank too. I'm sad I like to see all the cards lol !

 

[BannerPenguin]

You can have more than one account with the same bank but if you don't have an official business account and use it as such if you ever got caught out (unlikely I know) there will ramifications.

I'm guessing they will close the account and fine/back date any fee's you would of paid.

 

[ButterflyRoom]

Hi, older post I know but if you haven't sorted your accounts yet, just to say I'm with Barclays and have two personal accounts and it's absolutely fine one for personal one for business, I was completely upfront with them when I opened the second account and they actually advised it, they said I didn't need a business account unless I needed other business services they could help with ie. cash machine, advice etc.


🌸