Any soletraders using personal bank accounts for their business dealings?

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Mark T Jones

Mark T Jones

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  • #3
    Technically the t & Cs of your personal account will probably prohibit you from using it for business.

    I've heard of a few cases where banks have acted on it, but that is a tiny minority

    TBH, with banks being a complete PITA about opening new business accounts, it will probably be your best option, at least until you get things rolling.

    Be sure to clearly identify business transactions
     
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    fisicx

    fisicx

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  • #4
    TwoInc said:
    I'm debating whether to create a separate business account - it would be good to get the takes of some other sole traders.

    Thanks
    Click to expand...
    No debate. Always separate the two.
     
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    bodgitt&scarperLTD

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  • #5
    Used my personal account from day one, must be ten years now. Turning over around £200k.

    What’s funny is that NatWest when I opened a business account wouldn’t give me an overdraft- but suggested that I applied for a BBL. So I did. Took the money and put it in the personal account.
     
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    Mark T Jones

    Mark T Jones

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  • #6
    bodgitt&scarperLTD said:
    Used my personal account from day one, must be ten years now. Turning over around £200k.

    What’s funny is that NatWest when I opened a business account wouldn’t give me an overdraft- but suggested that I applied for a BBL. So I did. Took the money and put it in the personal account.
    Click to expand...
    Lloyds bank actually guided my wife on how to do this.
     
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    Paul Kelly ICHYB

    Paul Kelly ICHYB

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  • #7
    As stated - use a separate account with a different bank.

    You can set them up in minutes nowadays.
     
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    MyAccountantOnline

    MyAccountantOnline

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  • #8
    TwoInc said:
    I'm debating whether to create a separate business account - it would be good to get the takes of some other sole traders.

    Thanks
    Click to expand...

    The majority of the sole trade clients my firm has use a separate bank account for business transactions.

    Not all of those use a separate business bank account but do use another account solely for business which I know is generally a breach of bank conditions.

    It saves alot of time and hassle having a separate bank account solely for business transactions.
     
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    TwoInc

    TwoInc

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  • #10
    MyAccountantOnline said:
    The majority of the sole trade clients my firm has use a separate bank account for business transactions.

    Not all of those use a separate business bank account but do use another account solely for business which I know is generally a breach of bank conditions.

    It saves alot of time and hassle having a separate bank account solely for business transactions.
    Click to expand...
    Would you say that on the whole, the majority do have a business bank account?
     
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    MyAccountantOnline

    MyAccountantOnline

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  • #11
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