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Business account & personal use

  • 28-03-2017 10:17pm
    #1
    jimbis
    Registered Users, Registered Users 2 Posts: 1,358 ✭✭✭


    I've just set up a sole trader business account with BOI. I'll be starting my business in the next week or so and I'll be receiving the back to work allowance into that account as I haven't had a personal account for some years now.

    My question is, is their a problem with me using the business account for personal use? Like I'll obviously have to pay myself a wage but will I be okay to use the debit card for personal things?
    I will be setting up a personal account eventually but I'm just trying to keep costs down at the moment.


Comments

  • #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    Generally speaking, bad idea. All you are doing is making it harder to separate your personal/business expenses.

    The few euro it's going to cost you to run a separate personal account will probably offset your increased accountancy/book-keeping costs when things get into a mess.


  • #3
    jimbis
    Registered Users, Registered Users 2 Posts: 1,358 ✭✭✭jimbis


    Grand, thanks for the reply. Is it okay for me to use the account for personal use in the mean time though? Like legally?


  • #4
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,830 ✭✭✭Gloomtastic!


    Yes, it's fine to use your business account for personal use. Download the BOI app as well, it'll save you lots of hassle.


  • #5
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,830 ✭✭✭Gloomtastic!


    Yes, it's fine to use your business account for personal use. Download the BOI app as well, it'll save you lots of hassle.


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