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Hello everyone,
I acknowledge that, from an accounting point of view, it does not matter which account the invoices are paid from. However, I have not found any practical examples of how everyone deals with shared costs, for example. And I do have a number of reservations.
For example, do you transfer the amounts for fixed costs (e.g. telecoms, electricity, water, etc.) to your business account every month, so that the tax authorities cannot access your private account? Or is this a bit overkill?
Have you put the telecom subscription in the business’s name so that you can recover the vAT? Or do you just include it in the costs (whether paid with the private or business account, see first point 🙂 )What about the mortgage and fire insurance on the house? This is a recurring expense that comes from the private account. Have you had this transferred to the business account so that the tax authorities cannot access the private account?
Ultimately, I think my questions boil down to the following: How bad is it that the tax authorities have a chance to look into our private account? In any case, we have nothing to hide… Is it more of a privacy issue, or what is all the fuss about?
I am curious to hear what the community has to say about this.