Sole trader and current account?

GriffinA · 6 April 2017 at 11:01AM

Hello - I'm coming to the end of my 'free' business banking with NatWest and am looking at the charges that I'll incur EVERY time I use my card or make a transaction.

I've read that HMRC do not require a sole trader to have a business account but I'm struggling to find a bank that will allow me to use a current account.

Has anyone had any success in finding a bank that will let you do this?

Many thanks.

bengalknights · 6 April 2017 at 12:04PM

Usually you just use your own account and hope they dont notice.

Although in this case probably best you switch to another free provider

GriffinA · 6 April 2017 at 12:35PM

Yep - I think you're right!

paddyrg · 6 April 2017 at 7:51PM

Revolut have started offering real banking along with prepaid cards, currency exchange, etc., Might be worth a look?

gingerdad · 7 April 2017 at 1:35PM

move to another business bank account with free banking - we are currently with Yorkshire with 23 months free banking

gingerdad · 7 April 2017 at 1:39PM

http://www.ybonline.co.uk/business/small-business/freebanking/

ladysharpey · 11 April 2017 at 5:12PM

I have a normal current account with HSBC that I use for my business stuff. I also understood it was OK to do that?

WhyNot? · 12 April 2017 at 12:09AM

ladysharpey wrote: »

I have a normal current account with HSBC that I use for my business stuff. I also understood it was OK to do that?

I don't mean this to sound rude, but I am really intrigued by your post. Could you perhaps explain how you understood

You must not use your account for
business purposes.

https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/personal-banking-terms-and-conditions-and-charges.pdf (page 21 - General terms)

to mean it was ok to do that???

bris · 12 April 2017 at 12:17AM

Banks make a lot of money from businesses, so much in fact they can subsidise consumers free overdrafts etc. I don't know any banks who offer free business banking, if there was we would all be using it wouldn't we?

trailingspouse · 16 April 2017 at 4:41PM

How much do they charge over and above the standard account fee?

We have been with Barclays for 6 years now - we are charged £5.52 a month for having the account, but nothing for any of our transactions. All incoming funds are electronic transfers, and all outgoing amounts are either electronic or using the company debit card. There is no charge for any of these.

Sole trader and current account?

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