Bank account issue.

dougfunny

Is it legal to use a business bank account for personal use?

olly300

I wouldn't advise you to do so from a tax point of view.

If you mix business and personal accounts then HMRC if they did a tax investigation on you would have a right to go through all your personal accounts.

Just talk to your accountant about how your business account can loan you money.

borders_dude

dougfunny wrote: »

Is it legal to use a business bank account for personal use?

On a day to day basis?

That will get complicated!

jonesMUFCforever

Why would you want to?
It will cost you money either a charge on a % of turnover or so many pence per item.
Personal accounts in credit can be run for free.

orangeslimes

It is definitely not illegal. Though if you are running a limited company though it has serious tax implications and is definitely a no no.
And like people have said it costs more, makes stuff hard to follow etc. but if you are a sole trader and just talking about a couple of transactions it's not a big deal.

dougfunny

I have just ceased trading as a sole trader as i was getting sick of people not paying. dont need or want the responsibility. iv given it a go but its not for me. the only reason i ask about the account is that iv started a new job and want to get paid into that account. a few years ago i was ripped off by an ex and it got me into some financial trouble, im working my way through it and am coming out the other side, but i cant even get a basic account so wanted to use my old business account as my own, iv kept it in credit and manage it well, why should i still be punished for something that happened a long time ago, and 85% wasnt my fault!!