business question

Permabanned
Joined
14 Jun 2005
Posts
291
ive been very busy past few years djing at various clubs e.t.c. but now went mobile and doing events all over the place, now is it a legal requirement to have a business bank account or can i use my personal account? because i have trouble getting one you see :(

any ideas?
 
Soldato
Joined
18 Oct 2002
Posts
4,892
Using a personal account is no problem, as long as you can easily identify which transactions are personal and which are business. From a practical point of view, I would suggest that means an account separate from your current account with few, or preferably no personal transactions bar your own drawings. This will make things easier for you, an accountant should you have one and the tax when they do an inspection.

I can't see why you would have any problem getting a basic business bank account with no overdraft though, even with a poor credit rating it should be quite easy.
 
Associate
Joined
1 Nov 2003
Posts
1,154
Location
Maidstone, Kent
I don't think it's a legal requirement to have a business bank account, but you need to keep hold of all your receipts, inovices and expenses just in case the VAT man comes knocking.
 
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