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Freelance business should I open a seperate bank a/c?

  • 04-02-2010 7:37pm
    #1
    techguy
    Registered Users, Registered Users 2 Posts: 2,236 ✭✭✭


    Hi,

    So, I've registered a business for myself and I plan on doing some freelancing in software/web development and general IT services.

    I've often read online that it's always a good idea to open a seperate bank account for your business. This helps in tracking payments/earnings/expenses etc. I agree.

    I've spoken with one person who would have a bit of experience from this and he just straight out said not to do it. His excuse was as simple as "it's cumbersome, awkward involves paperwork etc"..

    I couldn't disagree with his advice enough. I have several personal bank accounts and find it ok. They all offer online services and I find it a lot easier to manage cash than if it was all in account. Also, come self assesment, end of year tax time I imagine it would be "see above quote" to seperate personal/business finances.

    I called Bank of Ireland today and the are willing to give me a business a/c with lots of features etc free-of-charge for the first 2 years. If business survives it €15 p.m after that.

    My business is registered as a sole trader and I will not be charging VAT at the moment.

    Am I missing something re my pals advice?

    Thanks in advance..


Comments

  • #2
    BennyBlanko
    Closed Accounts Posts: 179 ✭✭BennyBlanko


    no, you're right.
    Keep it seperate.

    Best of luck by the way.


  • #3
    mattfinucane
    Registered Users, Registered Users 2 Posts: 81 ✭✭mattfinucane


    Yep, definitely, do it. Best of luck!


  • #4
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    You know what if your planning on keeping it fairly small, don't bother with the "business account", you probably don't need it the features. Everything you need is available with a personal account. You'll get better interest and wont pay the monthly fees.


  • #5
    techguy
    Registered Users, Registered Users 2 Posts: 2,236 ✭✭✭techguy


    Cool, thanks for the replies and best wishes guys.

    Ronans advice got me thinking. It will be small and simple for the next while so I think I may just run with a personal current account for the time being as long as I can get in in the business name or at least mention "t/a business name" on statements/checques etc.

    I'll leave the 2 year startup credit for when I have something a little more serious.

    Thanks.


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