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  • FIRST POST
    jacu2010
    Can I put business money into an ISA?
    • #1
    • 3rd Nov 10, 12:29 PM
    Can I put business money into an ISA? 3rd Nov 10 at 12:29 PM
    I'm a sole trader with a small business.
    To date I have not taken any income from the business but am slowly building up a cash cushion.
    But, by doing that, I'm getting quite a large balance in the current account I use for my business and want to move some of that cash into a savings account so that I get a better rate of interest on it until such time as I either use the money to make further business purchases or decide to take some/all of it as income (in which case I'd declare it and pay tax on it in the usual way).
    Can I put that "spare" business cash into an ISA?
    I see that I'll be using up my personal allowance (5100 per annum) with business money, but am unlikely to use up my allowance with 'personal' money this year so not too bothered by that.
    Does it matter though, that the same ISA would contain some 'personal' money and some 'business' money? Or, would it be better to have a separate ISA for the business money so the two pots did not get mixed?
    Are there tax rules that say you cannot put business money into an ISA?
    I'm thinking that as long as I keep good records of where the business money is stored it shouldn't be a problem.....but have a sneaking suspicion that there might be rules against this but can't find any information about it.

    Anyone know?
    Thanks
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