How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your Tax Question Here...
TonyTax is online now

I've just set up a business and as yet have no income. I need

This answer was rated:

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?!


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 and other Tax Specialists are ready to help you