is a joint a/c allowed for self employed

lorraine
lorraine Registered Posts: 404 Dedicated contributor 🦉
in General accounting discussion
I would just like some clarifycation of my thoughts really. If a self employed person has a joint a/c with her boyfriend who is not related to the business at all, this was the only means to getting the bank a/c. The bank a/c is in the name of herself and her boyfriend t/as company name. The only transactions go through the bank are only related to the business, and the boyfriend has no involvement with the a/c apart from having his name on it so to speak.

My understanding is that this is allowable as it is only for the business transactions.

Hope someone can help clear my mind....

Comments

  • BIG WAL
    BIG WAL Registered Posts: 133 Dedicated contributor 🦉
    Don't see any problem with this. The purpose to my mind of a business bank account is to keep the business income and expenditure seperate from personal transactions. This makes it easy to reconcile with business paperwork.

    I've had people mixing up their business and personal money by using a personal account, and even one or two who used their parner's personal account. I'm sure there's nothing illegal in that, but it's hell to check anything, and will create problems in case of an investigation much later on.
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    From a 'legal' standing there's no problem with it..

    As said above tho, it's a pain in the *** when you're trying to do accounts & there's hundreds of personal transactions through the bank..

    If they are using it only for business then it won't be as bad..
  • lorraine
    lorraine Registered Posts: 404 Dedicated contributor 🦉
    They have said it's just for business so shouldn't be a pain.... hopefully.

    Thank you both for your replies, you have helped clear my mind!
  • monkeypuzzle47
    monkeypuzzle47 Registered Posts: 134 Dedicated contributor 🦉
    yeah, yeah, thats what they all say. yawn.
  • lorraine
    lorraine Registered Posts: 404 Dedicated contributor 🦉
    ok so i better watch out! lol
  • lorraine
    lorraine Registered Posts: 404 Dedicated contributor 🦉
    monkeypuzzle47 wrote: »
    yeah, yeah, thats what they all say. yawn.

    Oh no don't say that! I hope not! lol
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    lorraine wrote: »
    Oh no don't say that! I hope not! lol

    and thats when they remember to keep all the bank statements and your not chasing them for induvidule ones lol
  • JodieR
    JodieR Registered Posts: 1,002 Beyond epic contributor 🧙‍♂️
    or the delightful new client I met last week who'd burned all his bank statements on a fire because 'he doesn't like paperwork'!!
  • lorraine
    lorraine Registered Posts: 404 Dedicated contributor 🦉
    JodieR wrote: »
    or the delightful new client I met last week who'd burned all his bank statements on a fire because 'he doesn't like paperwork'!!

    Can't believe that! lol
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    JodieR wrote: »
    or the delightful new client I met last week who'd burned all his bank statements on a fire because 'he doesn't like paperwork'!!

    lol o yes the "lets not keep the paperwork for over a year"

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