Whether you have rental income or run a business, many transactions will go through bank accounts. Many will use a personal bank account to receive rental income and pay expenses, and these transactions will go through alongside all the personal transactions. This means trawling through and possibly coding up hundreds of transactions if the bank is linked to accounts software. We therefore highly recommend that you use a separate bank account for business transactions or rents, and a separate credit card too if you make business payments by card.
It is possible to open a combined bank account and prepaid debit card which also has accounting features built in.
You can still take money out of the business account by transferring it to private accounts as and when you need to.
If you still combine personal and business transactions in a bank account talk to us now. This could reduce the amount of work needed too to prepare your accounts and tax returns.
