Paying Utility Bills From Business Account?

2016-08-30 8:06 pm
Hey ,
Can i pay my utility bills&rent&telephone bill from my self employed business account in the UK ? i just want to pay a bills NOT other personal expenses

Thanks in advance

回答 (7)

2016-08-30 8:09 pm
In the colonies, that's a bad practice referred to as, "co-mingling of funds," and can be used to, "pierce the corporate veil." Just transfer the money to your personal account and pay bills from there.
2016-08-30 10:28 pm
Yes you can, this will show in your accounts as Drawings.
It is your money you know.
UK
2016-09-02 5:23 am
In the Us you would simply pay your bills and take that as a draw from the company. You have to do what you have to do when you are broke.
2016-09-02 12:27 am
Yes.
2016-08-31 10:55 pm
Your business would then need to report those payments as Expenses, and justify why company money was used for personal expenses....

You might end up paying tax on that money twice!
2016-08-31 12:44 am
If the bills are for your residence they are personal bills. Otherwise pay them the same as other business expenses.
2016-08-30 10:41 pm
As long as they are 'business' related....yes.
2016-08-30 8:21 pm
In Canada yes. (sole proprietorship)

I would assume it would be the same in the UK little reason why using money in a business account to pay for things is any different to transferring a large sum of cash and then using that to pay the same bills. The only problem could arise really if you or your accountant cant differentiate the differance between business expenses and personal.

Now can this be poor practice and perhaps inure even more baking fees, possibly. but with a sole proprietorship and being self employed I don't see any legal issues.


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