I have opened a separate current account at an other bank for my sole proprietor as a secondary occupation. This is recommended for tax purposes.
What about the money I earn? Can I transfer my profit to my ‘real’ personal current account each year? Do I need to record this somewhere?
This transaction has no impact on income or expenses, so you can transfer the money to your private account without any problems. It is best to use a description that clearly states that this is your profit from the financial year. Then there can be no doubt about it.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.
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