Business account for personal use???

hotblu

Hello,

Basically, I have 1 ccj (satisfied) and 2 defaults (outstanding) which means I only have a basic bank account. I am employed and self employed and managed to open a Business Current Account today and just want to know if I can use this business current account for both my business and personal use? I have managed to get a cheque gaurantee card and chequebook so would prefer to make this my main account. Any help would be greatly appreciated.

Thanks

Hotblu

jonesMUFCforever

You can but your accountant will probably tell you not to.
You need to keep records of your business activities for the Inland revenue to start with - having everything going through the one account will make it more difficult to differentiate between personal and business transactions.

If your accountant has to spend more time doing your books then his bill will be larger for you.

hotblu

jonesMUFCforever wrote: »

You can but your accountant will probably tell you not to.
You need to keep records of your business activities for the Inland revenue to start with - having everything going through the one account will make it more difficult to differentiate between personal and business transactions.

If your accountant has to spend more time doing your books then his bill will be larger for you.

I actually work for HMRC and do my accounts myself. So I guess what your saying is aslong as I am willing to make my life a little more difficult then it should be ok? I know it probably sounds stupid, but it's just so I can have/use a full debit card/cheque book.

Hotblu

Cranston_2

hotblu wrote: »

difficult then it should be ok? I know it probably sounds stupid, but it's just so I can have/use a full debit card/cheque book.

Hotblu

It your case, with the details supplied it sounds fine to me.

boredmarriedwithkids

hotblu...i'm in the process of setting my own co up and have an adverse rating..which is proving a bit of a problem who did you open the account with?

hotblu

boredmarriedwithkids wrote: »

hotblu...i'm in the process of setting my own co up and have an adverse rating..which is proving a bit of a problem who did you open the account with?

I have opened a Business Current Account with HSBC, it gives me free banking for 18 months (hopefully enough time to improve my credit rating).
I do have to point out I didn't fill out the application form. Basically I went into a branch for my sister to pay her credit card bill. Bumped into my old school friend (who is now a manager) and got chatting about my circumstances and credit history and he did all the work in opening the account. All I did was sign the paperwork.

Hotblu