[Question] Some Business Finance Advice

[Red Pepper]

Hi All

I would like to find out something regarding my business account and personal account.

What are the complications if I pay my salary into my business account? (I am employed part time as well)

Will this be seen as business income or will it be seen as liability and will it be taxed or will it be seen as equity?

Regards
Jacques

[HR Solutions]

If you invoice your "salary" from you business, then yes, but otherwise I wouldn't.

[Dave A]

What are the complications if I pay my salary into my business account? (I am employed part time as well)

Will this be seen as business income or will it be seen as liability and will it be taxed or will it be seen as equity?

The risk is it may be questioned as to whether it should have been business income that you have "hijacked" for yourself.

I agree with HR above - keep your business and personal finances separate as much as possible.

[Red Pepper]

Thanks for the advice. I will keep it separate.

If I however pay for items for business purposes can I claim it back?

[Dave A]

If I however pay for items for business purposes can I claim it back?

Absolutely

Although for some items fine print applies.