Personal account for business purposes?

moneymaker1982

Hi,

I'm in the process of setting up my own Corporate Clothing business, where i had the idea from Business Gateway to use a personal bank account as i am a sole trader and that this was perfectly do-able so i didn't need to incur any charges etc as in a business account. :rolleyes: However, deciding to register for VAT voluntarily because of the industry i am in, as i was registering for VAT they asked me for my account details which had to be in the name of the company. So, i called my bank requesting for a name change on one of my personal accounts or to open another in the name of the company. They said they couldnt open a personal bank account if they knew it was going to be used for business purposes. :mad: If it has to be in the name of the company, is there any way i can get past this? Any ideas?

Thanks

Caroline73_2

Open a business account? There are free ones available. I've had an Abbey account for nearly 3 years.

weeclick

I didn't know you could use your personal account for businesses - plus its tidier to have a business account and makes it more trustworthy for customers wanting to send cheques etc. (I know I wouldnt send a cheque to a personal bankd account if I thought I was buying something from a company)

Anyway, I started my business in January and went to Abbey striaght away - theyre free but they arent exactly fast on service, so as long as you don't mind waiting a few weeks/months the Abbey is your best bet!