Conducting Biz under Student Bank A/C

ballooba

Hi,

I do a few nixers to keep me in beer money, websites etc.

I registered a business name recently for the sneer.

If I get checks with Joe Bloggs T/A Virgin IT will AIB kick my hole???

i.e. will they make me open a business a/c and close my student a/c?

Thanks,

Steve.

ToxicPaddy

Say you're still a student doing work experience...

how will they know?

Tox

Victor

Just get everyone to write cheques to Joe Bloggs. In any case, any cheque can be lodged in any account.

It doesn't really matter as most students these days work. If setting up a business account, most banks will give you 1-2 years free banking anyway.

The objective of students accounts is to ensnare the bank into the your consciousness, it's a marketing gimmick and they aren't overly worried about you over-using the account. If nothing else, your money will be working for them and they might see future business from you.

ballooba

Says your name followed by T/A [company name here] on the check.

vector

ballooba,

are you issuing invoices?
are you declaring your nixer income to revenue?

eth0_

Originally posted by vector
ballooba,

are you issuing invoices?
are you declaring your nixer income to revenue?

Yeah you're right, it'd be dumb to tie in a business name to a student account that you're receiving untaxed nixer cash into! The revenue will catch you.

ballooba

Revenue? Is that some hip new club?

Nah, i'll just tell people on the invoices to make cheques out to moi.

eth0_

Originally posted by ballooba
Revenue? Is that some hip new club?

Duh. Revenue = revenue commissioners.
You have to file returns if you have a business name, don't you? I'd be careful if I were you.

subway_ie

Did you just register a business name, or did you actually form a private limited company? If you just registered a business name, then you're not obliged to file any returns, except for your income tax (any profits should be added to your gross income). If it's a Ltd. then you've got to file (some of?) your final accounts, and only pay corporation tax (about 12.5%?). I doubt you'd need to register for VAT or anything, your income probably wouldn't even be close.

The advice of a LC business student... open to corrections.

vector

Originally posted by subway_ie
Did you just register a business name, or did you actually form a private limited company? If you just registered a business name, then you're not obliged to file any returns, except for your income tax (any profits should be added to your gross income). If it's a Ltd. then you've got to file (some of?) your final accounts, and only pay corporation tax (about 12.5%?). I doubt you'd need to register for VAT or anything, your income probably wouldn't even be close.

The advice of a LC business student... open to corrections.

He said "Joe Bloggs T/A Virgin IT" which would be a CRO RBN not a LTD.
So Joe Bloggs is a sole trader, he needn't register for VAT unless he provides services over approx 10k or something (figures are on oasis.gov.ie or revenue.ie)

ballooba

Originally posted by eth0_
Duh. Revenue = revenue commissioners.
You have to file returns if you have a business name, don't you? I'd be careful if I were you.

Duh. It was a joke.

Jesus etho, what breakfast cereal are you eating lately.

I don't think it's agreeing with you.

eth0_

Originally posted by ballooba
Duh. It was a joke.

I know it was - just not very funny :OP To comedy school with you!