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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I've just set up a business and as yet have no income. I need

Resolved Question:

I've just set up a business and as yet have no income. I need to transfer some money from my personal account to my new business account (to cover business insurance and some other DD's). Is it best to transfer the money into the business account to do this, or should I pay direct from my personal account until I have income coming into the business account? Or does it not matter?!
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

If I were you and to keep things simple, you should transfer the money from your personal account into your business account so that it can be seen that the expenses you refer to will have been settled by the business. As long as there is an audit trail so that it can be seen where the money injected into the business came from you should have no problems.

Many people inject their own money into a new business to get it going and treat the money as capital introduced or a loan to your business which you can have repaid to you when circumstances allow.

I hope this helps but let me know if you have any further questions.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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