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Getting paid business income into a student account - problem for Revenue?

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  • 27-05-2007 5:04pm
    #1
    lola_run
    Closed Accounts Posts: 311 ✭✭


    I currently get paid into my student account (I was a student two years ago and plan to do another university course this autumn if I get accepted, so I haven’t bothered letting the bank know about my change of status, as it’s not really worth the bother).


    I receive my non-business income into another account, so I keep the personal and business sides separate. Will it pose a problem to the revenue that my clients have been transferring my payments into my student account and not a business account? Does the revenue actually need to see my bank statements at all? Is this something that only happens when one gets audited?


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    #2
    fintan
    Closed Accounts Posts: 647 ✭✭✭fintan


    It wont matter what type of account it is, just keep all the paperwork for your accountant.


  • Options
    #3
    lola_run
    Closed Accounts Posts: 311 ✭✭lola_run


    fintan wrote:
    It wont matter what type of account it is, just keep all the paperwork for your accountant.

    Well, I'm also the accountant as well as the business owner. Is this a problem for Revenue?


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    #4
    cold_filter
    Registered Users Posts: 744 ✭✭✭cold_filter


    I have a teenlink account, im now 25 and only received papers from AIB asking me did i want to upgrade to a student plus account!


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    #5
    kmick
    Registered Users Posts: 3,375 ✭✭✭kmick


    The Revenue are not bothered if you keep it all legal and pay your taxes on time and in full (or 90% etc). The only people who will get the hump are the bank especially if you use the account for an overdraft. The bank will probably not even notice unless you alert them to the fact you are no longer a student.


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    #6
    fintan
    Closed Accounts Posts: 647 ✭✭✭fintan


    lola_run wrote:
    Well, I'm also the accountant as well as the business owner. Is this a problem for Revenue?

    If you are qualified accountant you shouldn't be asking these questions :)

    Im guessing you mean you will be doing your own vat returns etc and will then have an accountant do your end of year accounts?

    Anyway, keep all your paperwork clearing showing what each lodgement and withdrawal is referring too.

    I would also advise talking to an accountant.


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