View Full Version : paying in / taking out

28-08-2008, 11:44 AM
i am new to all this and am getting quite confused about lots of things but..one more thing is paying expenses from my money which is in different account to my business account which my fees will go in to.
as i have only just started all my setting up fees etc went out of my current account, and still are doing. my fees however will be going in to a business account, which i will then need to take straight out to pay my bills (elec, gas, water tesco etc).
is it this all ok? am i doing things right or wrong?

28-08-2008, 12:43 PM
I just use the one account, but I don't see why there would be any problems which accounts you are using, as far as i know its none of there business??

All you need to keep a record of for your accounts for the tax man, are you incoming/outgoings each week.

So you will need to record all money paid to you & of course all money spent on your business.

I use the NCMA acconts book - really simple once you know what your doing. :)

As for what bank account you use, i'm sure if i'm wrong somebody will be along soon & correct me :blush:

Chatterbox Childcare
28-08-2008, 04:19 PM
I use one account as business accounts charge fees.

As long as your records are straight you know how much you have earned and that is what the inland revenue want to know about.

I wouldn't worry about too many accounts although it does make it clearer sometimes

28-08-2008, 04:57 PM
i have an abbey business account as it doesnt charge anything, well unless your paying in loads which would be good but not happeniing now! if only!
i will stick to what i am doing then