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V

Vestor

Free Member
Jul 30, 2011
42
6
  • #1
    I just started a web shop and am wondering is it legal to trade using a personal bank account or do I have to get a business bank account?

    I just don't like the looks of the fees on business ones but if we have to do it then we have to do it!

    Any advice on legality/technicalities of being a sole trader and running an online shop and banking. I'm assuming as long asI display my trading name (myself) its ok regardless of the domain name etc?
     
    V

    Vestor

    Free Member
    Jul 30, 2011
    42
    6
  • #4
    I'm doing web design and running my own webshop at the same time.

    Can this both be done under same account? What should i call myself or say that I do?

    Web shop designer / owner trader

    I suppose? Sounds a bit vague though reckon thats OK?
     
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  • #6
    I would say that if you are going to use the one account you need to need to be more careful about managing your account because mixing personal and business money can b more complex and you don't want to end up in a situation where you are spending "business" money as "personal" money that isn't all yours until you have paid your taxes and all your other bills ... It is definitely possible but you will find it easier if you tackle the pitfalls from the start..
     
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    B

    BusinessTeam

  • #7
    Good evening,

    It might be worth looking at Santander Business Banking, they offer free business banking for small businesses.

    Based on what you have outlined in your post I would suggest you look for a seperate account to keep things simple.

    Best wishes

    Richard
     
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    A

    archiecom

  • #10
    hi
    i I have been a sole trader for 25 years and have always used my personal bank account for my business and have never incurred charges and been questioned by my bank.
    I mean what can they do, get the bank police on to you.
    if they did I would threaten to leave and take my business elsewhere.just say nothing and carry on trading.
    if at some stage they realise , at that point you can open up a business aaccount,till then carry on free.
     
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