paypal

PM

Hi,

I am starting up an online business selling goods. I have a personal paypal account, haven't set up any business bank account yet.

So is it best I just change my personal account to a business account for now or should I set up a new one?

Any advice would be great.

phill99

Do you mean change your PayPal account or your back account.

Chai_2

Yes in theory,

I changed mine from a personal one to a business one with no problems. You may however want to open a new one so you can keep personal purchases such as ebay and the likes seperate for accounting purposes.

simplydevine05

I would recommend keeping things seperate. I have a personal Paypal account and a business one. I changed my personal one to business because it was already verified and then opened a new one. If that's what you're asking?

Mistral001

simplydevine05 wrote: »

I would recommend keeping things seperate. I have a personal Paypal account and a business one. I changed my personal one to business because it was already verified and then opened a new one. If that's what you're asking?

That seems like a good idea. Also remember there is no real need to open a business bank account as well, unless you are doing heaps of transactions connected with your business through it. It might keep things more organised for internal accounting but HMRC are interested in money going in and out of all accounts and not just the business account.

PM

Mistral001 wrote: »

That seems like a good idea. Also remember there is no real need to open a business bank account as well, unless you are doing heaps of transactions connected with your business through it. It might keep things more organised for internal accounting but HMRC are interested in money going in and out of all accounts and not just the business account.

Thanks to all for your input. My thoughts exactly, I rather open business accounts once I have established that I have regular income coming in for X amount. Right now it will be so small HMRC wont even be bothered, may take few months to really get of the ground.

I will look into opening a separate small business paypal account.