question about small business bank account

hollyblue

Registered User
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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!!
 
Is that not what the bank a/c is for - to cover your expenses and lodge receipts.
Revenue like to see wages coming out so you are not paying yourself under the counter.
As you have a full time job you probably wont take as much wage and thats o.k
You can take out as much as you want for wages as long as you put it down to wages.
 
Thanks for your reply, it seems so obvious but I just want to make sure what I'm doing is right! Thanks again!
 
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