How to open account for my author pen name?

Penname

I am about to launch books under a pen name that I need to keep separate from my other writing work. I want a bank account where my debit card, cheque book and all payments coming into or going out of my account to state ONLY my Pen name. I don't want REAL NAME trading as PEN NAME. I bank with Lloyds but after spending two hours on the phone with them and four different departments - two said this was possible and two said it wasn't so I'm no clearer.

I saw an earlier thread on here - now closed - where someone else wanted the same as me and they were able to sort it but they didn't mention which bank they went to for this.

Do any of you have an experience or advice on this?

msallen

I certainly don't know, but I strongly suspect this would be a no-no with regard to all the money laundering regs. Could you perhaps form a company called the same as your pen name and get a business account for the company.

agrinnall

If you can do it what would stop anyone else opening an account under an alias? I simply don't believe it's going to happen with the AML regime that banks have to abide by these days.

DigForVictory

Company incorporated at accountant's address. Still going to combine real & pen names to a google search unless engulfed in a blinking expensive shell structure, but bank account in penname only going to happen if pen name is a company.
You will also need to figure the tax position, which is best left to an Honest Accountant. Penname can live without the stain of tax avoison...
Best of luck!

teddysmum

Wouldn't payments go to the publishers, who would know your real name anyway ?

Carrot007

teddysmum wrote: »

Wouldn't payments go to the publishers, who would know your real name anyway ?

Potentially.

Maybe this is niche erotica sold direct from a website and they want to distance themselves from it. (Just off the top of my head).