As with anything in life you have the freedom of choice however also be aware that with every choice you make there is a consequence. In this instance you have the choice to either take care of your business compliance responsibilities yourself or to engage the services of a professional such as ourselves.
Let’s take a look at each option.
As a new start-up or new part time business owner do not fall into the bad habit of co-mingling your finances with your personal money. While it may be the easiest, most convenient and cheapest way of operating, it can have its drawbacks – especially further down the line. As a new business owner you need treat your business as a business, regardless of whether it’s a part-time venture or not; while setting up a separate bank account could mean additional bank fees and expenses, if you don’t you could be storing up a lot of hassle for yourself in the future.
All our clients will vouch that keeping their business spending completely separate from their personal account ensures manageability.
