Hi, newbie here looking for some advice!
WhiDuring the summer I registered my sole trader business with CRO. I sell handmade jewellery. I have a full time job also, working in client services for a financial services company, so the business is very much a sideline.
I went to an accountant for the 'free consultation' and had a chat with him. He told me to set up a business bank account and said he believes I would be well able to do my accounts myself.
I'm pretty confident I will be able to do that too, so that's fine.
My question is this: the accountant told me to not dip in and out of the bank account, to take out chunks of a few hundred 'when I am going on holiday or similar'.
A friend of mine who has her own business and gets a friend to help her do her accounts, said that Revenue prefer if you take out regular amounts, even if it's a tenner a week to 'pay yourself a wage'.
Which advice is correct? I have a small amount in the account now and I am doing a Christmas fair this weekend and would like to use that money to cover the cost of the stall hire: should I withdraw the funds??
Any advice greatly appreciated, thanks!!
WhiDuring the summer I registered my sole trader business with CRO. I sell handmade jewellery. I have a full time job also, working in client services for a financial services company, so the business is very much a sideline.
I went to an accountant for the 'free consultation' and had a chat with him. He told me to set up a business bank account and said he believes I would be well able to do my accounts myself.
I'm pretty confident I will be able to do that too, so that's fine.
My question is this: the accountant told me to not dip in and out of the bank account, to take out chunks of a few hundred 'when I am going on holiday or similar'.
A friend of mine who has her own business and gets a friend to help her do her accounts, said that Revenue prefer if you take out regular amounts, even if it's a tenner a week to 'pay yourself a wage'.
Which advice is correct? I have a small amount in the account now and I am doing a Christmas fair this weekend and would like to use that money to cover the cost of the stall hire: should I withdraw the funds??
Any advice greatly appreciated, thanks!!