Business Account Help Needed Please

[Ravenfire]

If I have two businesses how can I put them through one set of books and do I need a business account or can I just have an account in my own name to put all my business money through? Whats the benefit of a business account?

 

[Joyous]

If the two businesses are separate trades it's best to keep separate books as the Revenue will want separate calculations for the profits of each trade. That being said, there is nothing to stop you having a number of different trades either as a sole trader or a limited company.

Banks do not take kindly to people running a business through a personal account. If it becomes apparent from the flow of funds through your account that a trade is being carried on then they may well start charging you. They don't like to be deprived of their bank charges.

Regards

Joy

 

[Ravenfire]

Thanks for your help Joy.

How do I know with my parents website what I can use as an expense? Presumably the hosting would be, what about the domain name? Not sure if there is anything else I could offset as an expense on that is there?

Im going to have fun keeping one book let alone two!!! Would I be better to use a programme such as quickbooks is that what that is meant for?

Toni