Making my money work for me.

[Material Girl]

I have a question.
Im assuming any money made form a business venture is mine, to do with what I want.

So, money goes into my business account, I tell the IR of profit and interest made on the money in the account, ... can I then take that money out and put it in a higher interest account that has nothing to do with my business?

Or am I totally wrong and the money has to stay in the business account?

[Eagle]

If you're a sole trader, whatever money you make you can do whatever you want with. Just remember to put enough aside for when the tax man comes.

[Peter Bowen]

The means of getting your money out depends on what legal entity you use but let your accountant figure that out.

Just have to ensure that you are not trading recklessly

Cheers

Pete

[Material Girl]

I have no accountant and will try not to have one as I assume they cost a fortune.
Whats a legal entity?

[Peter Bowen]

A legal entity is a limited liability company, a partnership, public company, trust etc

In this instance it might be penny wise and pound foolish not to pay for a little professional advice.

Cheers

Pete

[Eagle]

Speak with James: www.jamesesmith.co.uk