Business accounts

[simon]

Hello

I am self employed and also have a part time job


I have been using my personal bank account for both my incomes

My part time job pays me straight to my account

My self employed job is cash which I pay in to the account each week.

I have my own registered accountant who deals with my tax and NI ect

I have been doing this for over 3 years.

And suddenly the bank pulled me when I went to pay in some cash.

They said to me that I must open a business account...and they refused to let me pay in any cash to my account. They also said they are flagging my account..what ever that means..

Question is do I need a business account ??

I could just use another bank account....

Cheers

eskbanker

Chances are that by using a personal account for business purposes you'll be breaching the Ts & Cs of the account, check them to see if this is the case. Likewise, if you're thinking of opening a different personal account, check that use for business is permitted (it usually won't be).

Or just open a business account like you're supposed to!

jonesMUFCforever

You COULD use another bank account but run the risk of this happening again.
I must be honest and say I don't rate your accountant if he has not advised you to keep your personal and business affairs separate.

Why don't you want to open a business account?
You will get x months free banking (and you can go from bank to bank for years without being charged)plus any bank charges are a legitimate business expense which you can offset to reduce your profits and tax.

I don't understand the mindset of someone who wants to bank for free whilst charging customers for work?