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Van loan

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  • 14-04-2015 8:42pm
    #1
    cruiser202006
    Registered Users Posts: 366 ✭✭


    Dunno if this is the right place to post! Recently set up as a sole trader through the btwea and bought a van! Got a loan through credit loan to cover myself and cheque came through today. Was planning on paying off weekly through my personal bank account. Any problem with this or would be better going through business account and paying off through it? Don't want it coming back to bite me if I got an audit!!


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    #2
    NotaSheep
    Registered Users Posts: 85 ✭✭NotaSheep


    I like to keep things on my business account for transparency, but there is no problem with using personal account, as legally there is no distinction between you and the business as such, you are not separate legal entities - if you had a limited company, then yes, you would have to keep things strictly separate.


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    #3
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Pay it through your business. Interest is a legit tax deductible expense. If you pay if off from the business, you will reduce your tax burden. I would maybe get a separate personal account for the business, if you dont have a business account for it. Although bank give you a year free banking for a business. I just makes it easier to see your profit and expenses if everything is in one bank account separate from your personal one


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    #4
    cruiser202006
    Registered Users Posts: 366 ✭✭cruiser202006


    NotaSheep wrote: »
    I like to keep things on my business account for transparency, but there is no problem with using personal account, as legally there is no distinction between you and the business as such, you are not separate legal entities - if you had a limited company, then yes, you would have to keep things strictly separate.
    Thanks for the reply. Basically hoping to keep as much as possible in business account apart from paying for material and de odd fill of diesel! Selling car as not sensible to ave both at the moment so that will hopefully pay off half of loan so would probably only complicate things


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