Starting new business

Clarson · Mar 24, 2018

Hello everyone. I have the equipment to get started and now I need to get a Bank account. Can anyone tell me if I should get a business account or can I run everything through my personal. Thanks

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Dave B · Mar 24, 2018

As a sole trader personal account is fine however business acxount is a lot more hmrc friendly as you can differentiate between personal and business

Most banks will give you 18 months with no charges also

Cookie · Mar 24, 2018

Dave B said:
As a sole trader personal account is fine however business acxount is a lot more hmrc friendly as you can differentiate between personal and business

Most banks will give you 18 months with no charges also

Not sure what you mean by HMRC friendly....??? I just opened a separate personal account for the business. No point in paying out for something you can get for free.

Dave B · Mar 24, 2018

I mean you can keep work and personal seperate which is easier if ever investigated

Personal is ok if seperate but your bank may get funny in future

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