Business account & personal use

jimbis

I've just set up a sole trader business account with BOI. I'll be starting my business in the next week or so and I'll be receiving the back to work allowance into that account as I haven't had a personal account for some years now.

My question is, is their a problem with me using the business account for personal use? Like I'll obviously have to pay myself a wage but will I be okay to use the debit card for personal things?
I will be setting up a personal account eventually but I'm just trying to keep costs down at the moment.

Graham

Generally speaking, bad idea. All you are doing is making it harder to separate your personal/business expenses.

The few euro it's going to cost you to run a separate personal account will probably offset your increased accountancy/book-keeping costs when things get into a mess.

jimbis

Grand, thanks for the reply. Is it okay for me to use the account for personal use in the mean time though? Like legally?

Gloomtastic!

Yes, it's fine to use your business account for personal use. Download the BOI app as well, it'll save you lots of hassle.

Gloomtastic!

Yes, it's fine to use your business account for personal use. Download the BOI app as well, it'll save you lots of hassle.