New banking help

Discussion in 'Accounts & Finance' started by D.G Holdings and Procurement, May 16, 2011.

Thread Status:
Not open for further replies.
  1. D.G Holdings and Procurement

    D.G Holdings and Procurement UKBF Newcomer Free Member

    56 3
    I am a new online startup and have a question about basic banking structure for the benefit of my Self Employed accounts and tax return.

    Once i have registerred as Self Employed and i start trading is it necessary for me to have a business bank account?

    Currently I have a paypal business verified account for the secure receipt of payments, this is linked to a credit card specifically for business purchase and also a singular access savings account held solely for receivables and payables for the business. *there will be no other money going through this account other than what the business generates*

    Will this suffice as an initial start up banking structure?

    Thanks in advance for the answers

    Regards
     
    Posted: May 16, 2011 By: D.G Holdings and Procurement Member since: May 15, 2011
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    16,749 3,560
    As long as your busines tranactions are clearly identified you do not need a separate bank account.
     
    Posted: May 16, 2011 By: Scalloway Member since: Jun 6, 2010
    #2
  3. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    13,339 2,508
    Its a question which is often asked and, subject to restictions by your bank on using a personal account for business use, no but it makes your accounts much easier if you keep a seperate account solely for business use, and if you are subjected to a HM Revenue & Customs Enquiry/investigation if you use a seperate account for business they dont have the right to see your personal account.
     
    Posted: May 17, 2011 By: MyAccountantOnline Member since: Sep 24, 2008
    #3
  4. D.G Holdings and Procurement

    D.G Holdings and Procurement UKBF Newcomer Free Member

    56 3
    Like I say this account has no other cash-flow going through it and so all transactions will be from any revenue generated by the business.
     
    Posted: May 17, 2011 By: D.G Holdings and Procurement Member since: May 15, 2011
    #4
Thread Status:
Not open for further replies.