Keep business and personal money in separate accounts
Mixing personal spending with business receipts makes every return harder to prepare and to defend. A separate account is the simplest fix.
When course fees, client payments and household spending all pass through one bank account, every transaction has to be sorted by hand before a return can be prepared. Items get missed, and personal credits can be mistaken for income.
Why it matters
Your books are only as reliable as the account they are built from. A clean business account makes it easy to show which receipts are income and which payments are business expenses, if a question is ever raised.
What to do
Open a current account used only for the business. Route all client and platform payouts into it, and pay business expenses from it. Move money to your personal account as a single, regular transfer rather than spending directly from the business account.
If your accounts are already mixed, start the separation from the beginning of the next month. We can help sort the earlier period.
General information, current at the date shown. It is not advice on your circumstances; write to us before acting on it.